Masbate’s headline inflation increased to 3.5 percent

Masbate’s headline inflation rate jumped to 3.5 percent from 3.4 percent in November 2024. Between December 2023 and December 2024, the highest recorded inflation rate occurred in July 2024, while the lowest was in November 2024. (See Figure 1)

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

             Philippine Statistics Authority

During the reference month, Food and Non-Alcoholic Beverages commodity group index contributed the most to the increase in Masbate’s inflation rate, which rose from 2.1 percent to 2.3 percent this month. Followed by  commodity group index contributed the most to the increase in Masbate’s inflation rate, which rose from 2.1 percent to 2.3 percent this month. Followed by Transport with a year-on-year gain from 1.7 percent in the previous month to 2.6 percent in December 2024, and the Clothing and Footwear commodity group index which also increased, from 1.6 percent in November 2024 to 2.0 percent this month. (See Figure 2)

Meanwhile, the following commodity groups also contributed to the uptrend of Masbate’s IR:

     a. Housing, Water, Electricity, Gas and other Fuels, 6.5 percent; and

     b. Information and Communication, 6.8 percent.

On the other hand, the following commodity groups showed annual decrease rate:

     a. Alcoholic Beverages and Tobacco, 7.1 percent;

     b. Health, 0.2 percent;

     c. Recreation, Sport and Culture, 11.3 percent; and

     d. Personal Care, and Miscellaneous Goods and Services, 5.6 percent.

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

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

      b. Education Services, 0.0 percent;

      c. Restaurants and accommodation services, 3.5 percent; and

      d. Financial Services, 0.0 percent.

Food inflation in Masbate rises to 1.8 percent

Food inflation in Masbate rises from 1.6 percent last month to 1.8 percent this December 2024. The year-on-year increase rate for fish and other seafood is from -7.6 percent to -4.7 percent this month, which is the key cause of Masbate’s rising food inflation. Followed by fruits and nuts which increases from 1.4 percent to 7.0 percent, and sugar, confectionery and desserts which also go up from -10.5 percent in November 2024 to -8.1 percent in December 2024. (See Figure 3)

The following food groups demonstrated a decline in their year-on-year rate during the reference month:

     a. Cereals and cereal products, 2.9 percent:

     b. Milk, other dairy products and eggs, 2.3 percent;

     c. Oils and fats, -3.3 percent; and

     d. Vegetables, tubers, plantains, cooking bananas and pulses, -0.1 percent.

Minimal 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) maintains at 0.76. (See Figure 4 and Table 1)