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 1.0 percent in October 2024, the same rate recorded in the previous month. Compared to the previous year, the inflation rate is lower than the registered 8.2 percent in October 2023.
The steady 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 October 2024. However, an acceleration in the inflation rate of some commodity groups in October 2024 was observed such as:
• Housing, Water, Electricity, Gas and Other Fuels, 4.6% (79.0% share to overall inflation)
• Information and Communication, -0.1% (-0.2% 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, 2.6% (4.9% share to overall inflation)
• Clothing and Footwear, 0.7% (2.4% share to overall inflation)
• Furnishing, Household Equipment, and Routine Maintenance of the House, -1.3% (-1.2% share to overall inflation)
• Health, 0.2% (0.5% share to overall inflation)
• Transportation, -3.6% (-27.0% share to overall inflation)
• Recreation, Sports and Culture, 2.7% (3.5% share to overall inflation)
• Restaurant & Accommodation Services, 4.1%(19.7% share to overall inflation)
• Personal Care, and Miscellaneous Goods and Services, 1.0% (4.7% share to overall inflation)
Meanwhile, Food and Non-alcoholic Beverages (0.3%), Education Services (0.0%) 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 December 2023 computed at 8.1 percent while the lowest was observed in September and October 2024 at 1.0 percent (Figure 1).
Figure 1. One-Year Monthly Inflation Rate of Romblon: November 2023 – October 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 decreased by 0.5 percent (131.9 to 131.3). It also shows that the indices of most commodities remained at their previous month’s level except Food and Non-alcoholic Beverages with -1.0 percent (135.3 to 134.0), Recreation, Sports and Culture with -0.2 percent (124.0 to 123.8), and Transportation with -0.1 percent (134.3 to 134.2).
Meanwhile, there is no observed month-on-month changes in average prices of Alcoholic Beverages and Tobacco (196.6), Clothing and Footwear (125.6), Housing, Water, Electricity, Gas and Other Fuels (117.9), Furnishing, Household Equipment, and Routine Maintenance of the House (136.7), Health (126.5), Information and Communication (108.0), Education Services (104.8), Restaurant and Accommodation Services (148.7), Financial Services (88.9), and Personal Care and Miscellaneous Goods and Services (122.6).
The average monthly CPI for all income households in the province in October 2024 was recorded at 131.3, increased by 1.0 percent from the price level on the same month of the past year (130.0).
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 October 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).
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.
In October 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 P131.30, or P31.30 more, to buy the same basket of goods that was worth P100.00 in 2018.
(SGD) JOHNNY F. SOLIS
Chief Statistical Specialist
