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Release Date :
Reference Number :
2024 - 047

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

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 remained at 5.6 percent in May 2024. Compared to the previous year, the inflation rate is also lower than the registered 6.9 percent in May  2023.  Meanwhile, the province’s year-to-date slowed down to 6.2 percent compared to last month’s 6.4 percent.  

The sustained inflation rate for the month indicates that no changes in the overall year-on-year rate of change of prices of goods and services in the province in May 2024. An acceleration in the inflation rate of some commodity groups in May 2024 was observed such as:    
•    Food and Non-alcoholic Beverages, 7.7% (67.3 share to overall inflation)    
•    Housing, Water, Electricity, Gas and Other Fuels, 3.6% (11.6% share to overall inflation)    
•    Information and Communication, -0.2% ((0.1%) share to overall inflation)

On the other hand, there was an observed slowing down of the year-on-year growth rate in the indices of the commodity group such as:     
•    Alcoholic Beverages and Tobacco, 8.2% (2.9% share to overall inflation)    
•    Clothing and Footwear, 4.0% (2.6% share to overall inflation)    
•    Furnishing, Household Equipment, and Routine Maintenance of the House, 5.5% (4.0% share to overall inflation)    
•    Health, 2.1% (1.0% share to overall inflation)    
•    Transportation, -0.1% (0.1% share to overall inflation)    
•    Recreation, Sports and Culture, 4.0%, (1.0% share to overall inflation)    
•    Restaurant & Accommodation Services, 8.6%(7.8% share to overall inflation)    
•    Personal Care, and Miscellaneous Goods and Services, 2.3% (2.0% share to inflation trend)

On the other hand, Education Services (2.6%) and Financial Services (-11.1%) remained at their previous month’s rate.

In the past 12 months, the highest inflation rate was observed in the month of September 2023 computed at 9.7 percent while the lowest was observed in April and May 2024 at 5.6 percent (Figure 1).

Figure 1. 1-Year Monthly Inflation Rate of Romblon: June 2023 – May 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 creased by 0.1 percent (132.8 to 132.9). It also shows that Alcoholic Beverages and Tobacco registered the highest increment with reference to the price situation in the previous month, increased by 1.2 percent (194.8 to 197.2). It was followed by the observed price situation of Information and Communication Technology with 0.6 percent (108.0 to 108.7), House, Water, Electricity and Other Fuels with 0.4 percent (116.7 to 117.2), Recreation Sports and Culture with 0.4 percent (120.5 to 121.0), Restaurant and Accommodation Services with 0.4 percent (147.2 to 147.8), and Clothing and Footwear with 0.2 percent (125.2 to 125.4).

On the other hand, commodity groups that showed decreased indices include Food and Non-Alcoholic Beverages with -1.1 percent (137.6 to 137.5), Furnishing, Household Equipment and Routine Maintenance of the House with -0.7 percent (138.0 to 137.1), Health with -0.5 percent (126.5 to 125.9), Transportation with -0.4 percent (136.8 tp 136.2), and Personal Care an Miscellaneous Goods and Services with -0.2 percent (121.6 to 121.4). Meanwhile, there is no observed month-on-month changes in average prices of Education Services, and Financial Services.

The average monthly CPI for all income households in the province in May 2024 was recorded at 132.9, increased by 5.6 percent from the price level on the same month of the past year (125.8).

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

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

Source: Philippine Statistics Authority, Retail Price Survey of Commodities

Meanwhile, Figure 2 shows the Consumer Price Indices of different commodity groups in May 2024. The commodity group of Alcoholic Beverages and Tobacco registered 197.2, the highest value of the CPI in the province during the period. It means that the commodity group increased its average prices by 97.2 percent from its 2018 prices. It was followed by Restaurant and Accommodation Services (147.8) and Food and Non-alcoholic Beverages (137.5).

Source: Philippine Statistics Authority, Retail Price Survey of Commodities

 

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.

 

May 2024, the PPP was calculated to have a value of P0.75 on the average, which means that P1.00 in 2018 is only worth 75 centavos. Also, on the average, an individual needs P132.80, or P32.80 more, to buy the same basket of goods that was worth P100.00 in 2018.

 

(SGD) JOHNNY F. SOLIS    
Chief Statistical Specialist

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