Source: Retail Price Survey of Commodities for the Generation of Consumer Price Index Philippine Statistics Authority
The upward shift of the inflation in Masbate was mainly driven by a higher year-on-year increase in the index of Housing, Water, Electricity, Gas, and Other Fuels commodity group, which jumped to 6.4 percent this month from 3.9 percent the previous month. The heavily weighted Food and Non-alcoholic Beverages commodity group rose to 6.5 percent from 6.3 percent, while Furnishings, Household Equipment, and Routine Household Maintenance increased to 10.0 percent from 7.9 percent in June 2024. Additionally, the following commodity groups/services reported an annual increase throughout the month of July 2024: a. Clothing and Footwear, 2.2 percent;
b. Transport, 4.9 percent;
c. Information and Communication, 8.8 percent;
d. Recreation, Sport and Culture, 6.4 percent; and
e. Personal Cate, and Miscellaneous Goods and Services, 3.7 percent.
On the contrary, there were annual decreases was reported in the following commodity groups/services this month:
a. Alcoholic Beverages and Tobacco, 6.9 percent; and
b. Health, 1.6 percent; and
While the reported year-on-year rates in the indices for the following commodity groups/services remained unchanged:
a. Education Services, 3.7 percent;
b. Restaurants and Accommodation Services, 3.6 percent; and
c. Financial Services, 0.0 percent.
Source: Retail Price Survey of Commodities for the Generation of Consumer Price Index Philippine Statistics Authority
Food inflation in the Province of Masbate rises to 6.7 percent.
In July, the provincial food inflation rate rose from 6.6 percent to 6.7 percent over the previous month. The annual growth rate of Fish and other seafood increased to -4.3 percent from -6.5 percent last month, which was the primary driver of the July 2024 food inflation hike. Then followed by Vegetables, tubers, plantains, cooking bananas, and pulses, which increased to 3.9 percent this month from 2.9 percent the previous month, and Meat and other parts of slaughtered land animals, which increased to -0.8 percent from -1.0 percent.
The following commodities also showed higher annual growth rates during the reference month:
a. Milk, other dairy products and eggs, 1.7 percent;
b. Oils and fats, -5.0 percent; and
c. Ready-made food and other food products n.e.c, 9.7 percent.
Meanwhile, the following food items showed an annual decline during the month:
a. Cereal and cereal products (which includes rice, corn, flour, bread and other bakery products, pasta products, and other cereals), 19.4 percent;
b. Fruits and nuts, 1.7 percent; and
c. Sugar, confectionery and desserts, -7.5 percent.
Source: Retail Price Survey of Commodities for the Generation of Consumer Price Index Philippine Statistics Authority
Because of price volatility and the inflation rate's upward trend, Masbate's PPP (Purchasing Power of the Peso) remained steady at 0.77, with minimal changes in the CPI (Consumer Price Index). (See Figure 4 and Table 1)
Source: Retail Price Survey of Commodities for the Generation of Consumer Price Index Philippine Statistics Authority
