The headline inflation rate at the regional level slightly accelerated to 3.0 percent in November 2024, from the 2.6 percent in the previous month. In the same reference month of the previous year, the index posted at 4.8 percent. The main contributors to the uptrend of average inflation for all income households were food and non-alcoholic beverages (3.8 percent inflation); transport (-1.2% inflation); and restaurants and accommodation services (5.8 % inflation).

Likewise, the following commodity groups exhibited a higher annual gain in the average inflation for the month of November 2024:

•    Alcoholic Beverages and Tobacco (2.6% inflation),
•    Clothing and Footwear (1.4% inflation),
•    Furnishings, Household Equipment and Routine Household Maintenance (2.4% inflation),
•    Information and Communication (1.0% inflation),
•    Recreation, Sport and Culture (3.7% inflation), and
•    Personal Care, and Miscellaneous Goods and Services (1.7% inflation).

The commodity group of Housing, Water, Electricity, Gas and Other Fuels was the only one which showed a slowdown in November 2024, with 3.2 percent.

Meanwhile, Health (2.2% inflation), Education Services (1.7% inflation), and Financial Services (-0.9% inflation) retained their previous month’s inflation rate.

The region’s food index accelerated to 3.9 percent in November 2024, from 3.3 percent in the previous month. However, the food inflation rate was lower by 1.3 percentage points, relative to November 2023. Meanwhile, the uptrend in the November 2024 food index was mainly attributed to meat and other parts of slaughtered land animals (11.5% inflation), and vegetables, tubers, plantains, cooking bananas and pulses (3.7% 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 (4.7% inflation); milk, other dairy products and eggs (-1.0% inflation); oils and fats (-1.2% inflation); and ready-made food and other food products not elsewhere classified (3.2% inflation).

PURCHASING POWER OF PESO

The purchasing power of Peso (PPP) in the MIMAROPA Region retained at Php 0.75 in November 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 / JPR