The headline inflation rate at the regional level slightly accelerated to 2.6 percent in October 2024, from the 2.5 percent in the previous month. In the same reference month of the previous year, the index posted at 5.8 percent. The main contributors to the uptrend of average inflation for all income households were food and non-alcoholic beverages (3.2 percent inflation); and transport (- 3.2 % inflation). 
 

INFLATION RATE BY COMMODITY GROUP

On the other hand, the following commodity groups exhibited a lower annual gain in the average inflation for the month of October 2024:

•    Housing, Water, Electricity, Gas and Other Fuel (4.2% inflation)
•    Restaurants and Accommodation Services (4.1% inflation),
•    Recreation, Sport and Culture (3.1% inflation),
•    Health (2.2% inflation),
•    Personal Care, and Miscellaneous Goods and Services (1.6% inflation)
•    Furnishings, Household Equipment and Routine Household Maintenance (1.5% inflation), and
•    Clothing and Footwear (1.3% inflation).

Meanwhile, Alcoholic Beverages and Tobacco (2.4% inflation), Education Services 1.7% inflation), and Financial Services (-0.9% inflation) retained their previous month’s inflation rate.

INFLATION RATE BY FOOD GROUP

The region’s food index accelerated to 3.3 percent in October 2024, from 3.0 percent in the previous month. However, relative to October 2023, the food inflation rate was lower by 4.2 percentage points. Meanwhile, the uptrend in the October 2024 food index was mainly attributed to vegetables, tubers, plantains, cooking bananas and pulses (-5.1% inflation); meat and other parts of slaughtered land animals (5.6% inflation); and fruits and nuts (9.3% inflation).

On the other hand, the annual indices of the following food items were lower compared to the annual figures from the previous month: rice (9.7% inflation); flour, bread and other bakery products, pasta products, and other cereals (1.7% inflation); milk, other dairy products and eggs (-0.2% inflation); ready-made food and other food products not elsewhere classified (3.3% inflation).

PURCHASING POWER OF PESO

The purchasing power of Peso (PPP) in the MIMAROPA Region retained at Php 0.75 in October 2024. The PPP registered at Php 0.77 in the same month of the previous year. As a result, the amount of goods that can be presently purchased by consumers was fewer compared to when the PPP was higher. 

(SGD) LENI R. RIOFLORIDO
Regional Director

MLLM / OHG / APAR / TJMD