Headline Inflation

Bicol Region retained its headline inflation or overall inflation at 3.7 percent in April 2024. This brings the regional average inflation from January 2024 to April 2024 at 3.4 percent. In April 2023, inflation rate was higher at 6.8 percent.

Main Contributors to the Headline Inflation

The top three commodity groups contributing to the April 2024 overall inflation were the following:

     a. Food and non-alcoholic beverages with 88.1 percent share and 3.26 percentage points;
     b. Transport with 9.0 percent share and 0.33 percentage point; and
     c. Restaurants and Accommodation services with 6.8 percent share and 0.25 percentage point.  

Food Inflation

Food inflation at the regional level slightly declined to 7.6 percent in April 2024 from 7.7 percent in the previous month. In April 2023, food inflation was lower at 7.5 percent.

Main Drivers to the Downward Trend of Food Inflation

The deceleration of food inflation in April 2024 was mainly brought about by the slower annual increment in cereals and cereal products, which includes rice, corn, flour, bread and other bakery products, pasta products, and other cereals at 24.2 percent during the month from 26.5 percent annual increase in the previous month. In addition, fruits and nuts index recorded a 1.8 percent annual increment during the month from 5.8 percent in March 2024.

Moreover, lower annual growth rates were noted in the indices of the following food groups during the month:

     a. Meat and other parts of slaughtered land animals, 2.7 percent from 3.6 percent;
     b. Milk, other dairy products and eggs, 1.0 percent from 2.1 percent;
     c. Sugar, confectionery and desserts, -5.5 percent from -5.1 percent; and
     d. Ready-made food and other food products, nec, 5.2 percent from 5.4 percent.

On the contrary, slower annual declines during the month were observed in the indices of the following food groups:

     a. Fish and other seafood, -2.3 percent from -5.2 percent;
     b. Oils and fats, -8.5 percent from -8.7 percent; and
     c. Vegetables tubers, plantains, cooking bananas and pulses, -4.1 percent from -9.2 percent.

Main Contributors to the Food Inflation

Food inflation shared 86.5 percent or 3.2 percentage points to the overall inflation in April 2024. The top three food groups in terms of contribution to the food inflation during the month were the following:
     a. Cereals and cereal products, which includes rice, corn, flour, bread and other bakery products, with 101.7 percent share and 7.7 percentage points;
     b. Meat and other parts of slaughtered land animals, with 4.9 percent share and 0.4 percentage point; and
     c. Ready-made food and other food products nec, with 2.4 percent share and 0.2 percentage point.