Table 1. Year-on-Year Inflation Rates: Philippines, MIMAROPA, and Romblon: All Items (2018=100)

Source: Philippine Statistics Authority, Retail Price Survey of Commodities

The headline inflation rate of Romblon further slowed down to 1.0 percent in September 2024, compared to the 3.2 percent computed in the previous month. Compared to the previous year, the inflation rate is also lower than the registered 9.7 percent in September 2023. The average inflation for the year was registered at 4.8 percent.  

The inflation trend in September 2024 was primarily brought by the slowing down of the year-on-year growth rate in the indices of the following commodity group such as:   
•    Food and Non-alcoholic Beverages, 0.3% (82.1% share to inflation trend)  
•    Alcoholic Beverages and Tobacco, 3.4% (1.3% share to inflation trend)  
•    Clothing and Footwear, 0.8% (0.6% share to inflation trend)  
•    Furnishing, Household Equipment, and Routine Maintenance of the House, 0.2% (4.8% share to inflation trend)  
•    Health, 0.4% (1.7% share to inflation trend)  
•    Transportation, -3.5% (7.3% share to inflation trend)  
•    Information and Communication, -0.2% (0.3% share to inflation trend)  
•    Education Services, 0.0% (0.0 share to inflation trend)  
•    Restaurant and Accommodation Services, 5.5% (1.6% share to inflation trend)  
•    Personal Care, and Miscellaneous Goods and Services, 1.3% (0.2% share to inflation trend)

On the other hand, Housing, Water, Electricity, Gas and Other Fuels  (3.9%) and Recreation, Sports and Culture (3.9%) showed faster inflation rate compared to its previous month’s rate. Meanwhile, Financial Services (-11.1%) remained at its previous month’s rate.

In the past 12 months, the highest inflation rate was observed in the month of October 2023 computed at 8.2 percent while the lowest was observed in September  2024 at 1.0 percent (Figure 1).

Figure 1. 1-Year Monthly Inflation Rate of Romblon: October 2023 – September 2024

Source: Philippine Statistics Authority, Retail Price Survey of Commodities

Table 2 shows that the month-on-month price index for all items in the province shows no change with 0.0 percent (131.9 to 131.9). It shows that Recreation, Sport an Culture registered the highest increment with reference to the price situation in the previous month, increased by 1.4 percent (122.3 to 124.0). It was followed by the observed price situation of House, Water, Electricity, Gas and Other Fuels with 0.5 percent (117.3 to 117.9), Health with 0.2 percent (126.3 to 126.5), Personal Care, and Miscellaneous Goods and Services with 0.2 percent (122.4 to 122.6) and Alcoholic Beverages and Tobacco with 0.1 percent (196.4 to 196.6).

On the other hand, commodity groups that showed decreased indices include Transportation with -1.3 percent (136.0 to 134.3), Information and Communication with -0.2 percent (108.2 to 108.0) and Furnishing, Household Equipment, and Routine Household Maintenance with -0.1 percent (136.9 to 136.7).  Meanwhile, there is no observed month-on-month changes in average prices of Food and Non-alcoholic Beverages (135.3), Clothing and Footwear (125.6), Education Services (104.8), Restaurant and Accommodation Services (148.7) and Financial Services (88.9).

Table 2. Consumer Price Index by Commodity Group for All Income Households (2018=100)

Source: Philippine Statistics Authority, Retail Price Survey of Commodities

The average monthly CPI for all income households in the province in September  2024 was recorded at 131.9, increased by 1.0 percent from the price level on the same month of the past year (130.6).

Source: Philippine Statistics Authority, Retail Price Survey of Commodities

Meanwhile, Figure 2 shows the Consumer Price Indices of different commodity groups in September 2024. The commodity group of Alcoholic Beverages and Tobacco registered 196.6, the highest value of the CPI in the province during the period. It was followed by Restaurant and Accommodation Services (148.7) and Furnishing, Household Equipment and Routine Maintenance of the House (136.7).

Purchasing Power of Peso

CPI is further used in the computation of Purchasing Power of Peso (PPP). PPP measures the “true” value of money using a given base year.  

 

In September 2024, the PPP was calculated to have a value of P0.76 on the average, which means that P1.00 in 2018 is only worth 76 centavos. Also, on the average, an individual needs P131.90, or P31.90 more, to buy the same basket of goods that was worth P100.00 in 2018.

(SGD) JOHNNY F. SOLIS  
Chief Statistical Specialist