Source: Retail Price Survey of Commodities for the Generation of Consumer Price Index Philippine Statistics Authority
Transport commodity group index fell to 2.4 percent this month from 4.9 percent last month, marking a lower year-on-year decrease. This was the primary factor contributing to Masbate's inflation down shift. While Housing, Water, Electricity, Gas and Other Fuels decreased to 6.0 percent from 6.4 percent in July 2024, followed by Education Services commodity group which also went down to 0.1 percent from 3.7 percent.
Furthermore, for the month of August 2024, the following commodity groups/services recorded an annual decline:
a. Health, 1.0 percent; and
b. Information and Communication, 8.6 percent;
Conversely, this month there were recorded yearly growth in the following commodity groups/services:
a. Food and Non-Alcoholic Beverages, 6.7 percent;
b. Alcoholic Beverages and Tobacco, 7.3 percent;
c. Clothing and Footwear, 2.3 percent;
d. Furnishings, Household Equipment and Routine Household Maintenance, 10.7 percent;
e. Recreation, Sport and Culture, 11.9 percent;
f. Restaurants and Accommodation Services, 4.9 percent; and
g. Personal Care, and Miscellaneous Goods and Services, 5.1 percent.
While the reported year-on-year rate in the indices Financial Services remained unchanged.
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. The provincial rate of food inflation increased to 6.8 percent in August 2024 compared to 6.7 percent in July 2024. The main cause of the August 2024 increase in food inflation was the annual growth rate of meat and other parts of slaughtered land animals which rose to 2.9 percent from –0.8 percent the previous month. Next is fish and other seafood which grew to -2.7 percent from -4.3 percent, and fruits and nuts which increased to 5.0 percent this month from 1.7 percent the previous month.
The following commodities also showed higher annual growth rates during the reference month:
a. Milk, other dairy products and eggs, 3.3 percent;
b. Oils and fats, -2.4 percent;
c. Vegetables, tubers, plantains, cooking bananas and pulses, 5.1 percent; and
d. Ready-made food and other food products n.e.c, 10.6 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), 16.6 percent; and
b. Sugar, confectionery and desserts, -8.9 percent.
Source: Retail Price Survey of Commodities for the Generation of Consumer Price Index Philippine Statistics Authority
With little fluctuations in the CPI (Consumer Price Index), Masbate's PPP (Purchasing Power of the Peso) was stable at 0.77 due to the instability of prices and the rising tendency of the inflation rate. (See Figure 4 and Table 1)
Source: Retail Price Survey of Commodities for the Generation of Consumer Price Index Philippine Statistics Authority
