Masbate’s headline inflation rate stands at 3.4 percent

The headline inflation rate of Masbate stands at 3.4 percent, marking a decrease compared to the previous 3.9 percent in October 2024. The month of July 2024 had the highest recorded inflation rate between November 2023 and November 2024. 

Source: Retail Price Survey of Commodities for the Generation of Consumer Price Index Philippine Statistics Authority

The heavily weighted Food and Non-Alcoholic Beverages commodity group index is currently having the highest share to the decrease of Masbate’s Inflation Rate, from 3.3 percent to 2.1 percent this month. Followed by Restaurants and Accommodation Services which showed an overall decline from 4.7 percent to 3.5 percent in November 2024, while the Clothing and Footwear commodity group index dropped as well, from 1.8 percent in October 2024 to 1.6 percent. (See Figure 2)

Additionally, in November 2024, Recreation, Sport and Culture commodity group also showed a year-on-year decrease, from 11.9 percent to 11.4 percent.

On the other hand, this month showed annual growth in the following commodity groups:

a. Alcoholic Beverages and Tobacco, 7.8 percent; 

b. Housing, Water, Electricity, Gas and other Fuel, 6.4 percent;

c. Furnishings, Household Equipment and Routine Household Maintenance, 10.1 percent; 

d. Health, 0.3 percent; 

e. Transport, 1.7 percent; 

f. Information and Communication, 6.7 percent; and 

g. Personal Care, and Miscellaneous Goods and Services, 6.1 percent.

While the reported year-on-year rate in the following indices remained constant:

a. Education Services, 0.0 percent; and 

b. Financial Services, 0.0 percent.

Source: Retail Price Survey of Commodities for the Generation of Consumer Price Index Philippine Statistics Authority

Masbate’s food inflation dropped to 1.6 percent 

The provincial rate of food inflation dropped from 3.0 percent last month to 1.6 percent this November 2024. The year-on-year decrease rate of cereals and cereal products (including rice and corn) is from 8.6 percent to 4.7 percent this month, it is the primary reason for the downtrend of food inflation in Masbate. Followed by fish and other seafood which lowers from -4.0 percent to -7.6 percent, and fruits and nuts which declined from 4.7 percent in September 2024 to 1.4 percent in November 2024. (See Figure 3) 

During the reference month, milk, other dairy products and eggs likewise displayed year on-year decrease, from 4.1 percent last month to 2.9 percent this month.

Source: Retail Price Survey of Commodities for the Generation of Consumer Price Index Philippine Statistics Authority

Due to the changes in the Consumer Price Index (CPI) brought on by price swings and the declining trend of the Inflation Rate (IR), Masbate’s Purchasing Power of Peso (PPP) fell to 0.76. (See Figure 4 and Table 1)

Source: Retail Price Survey of Commodities for the Generation of Consumer Price Index Philippine Statistics Authority