Table 1. Year-on-Year Inflation Rates (%) in the Philippines and MIMAROPA Region, 
by Province/Highly Urbanized City (HUC)
(2018=100) 

Figure 1. Year-on-Year Inflation Rates (%) in MIMAROPA: 
May 2023 to May 2024
(2018=100)

The headline inflation rate at the regional level increased to 4.6 percent in May 2024, from the 4.4 percent in the previous month. In the same reference month of the previous year, the index posted at 7.2 percent. The main contributors to the uptrend of inflation were transport, with 0.3 percent inflation, food and non-alcoholic beverages, with 5.6 percent inflation; housing, water, electricity, gas and other fuels, with 5.1 percent inflation.

 

INFLATION RATE BY COMMODITY GROUP
 

Moreover, a faster growth was observed for Information and Communication, with 0.6 percent inflation, and Restaurants and Accommodation Services, with 7.1 percent inflation.

On the other hand, the following commodity groups exhibited a lower annual gain in May 2024:
•    Alcoholic Beverages and Tobacco, 4.9 percent;
•    Clothing and Footwear, 2.9 percent;
•    Furnishings, Household Equipment and Routine Maintenance of the House, 2.7 percent;
•    Health, 3.1 percent;
•    Recreation, Sport and Culture, 5.2 percent; and
•    Personal Care, and Miscellaneous Goods and Services, 3.0 percent;

Meanwhile, the following commodity groups retained their previous month’s inflation rate:
•    Education Services, 2.6 percent; and
•    Financial Services, -0.9 percent.

INFLATION RATE BY FOOD GROUP

The region’s food index accelerated to 5.9 percent in May 2024, from 5.8 percent in the previous month. In May 2023, the food inflation rate was higher at 9.5 percent. Moreover, the uptrend in May 2024 food index was mainly contributed by fish and other seafood at 0.3 percent inflation and meat and other parts of slaughtered land animals,3.1 percent inflation.

PURCHASING POWER OF PESO

The Purchasing Power of Peso (PPP) in the MIMAROPA Region retained at Php 0.76 in May 2024. The PPP registered at Php 0.79 in May 2023. As a result, the amount of goods that can be presently purchased by consumers was fewer compared to when the PPP was higher. 

Figure 4. Purchasing Power of Peso in MIMAROPA Region: 
May 2023 to May 2024
(2018=100)