Summary Inflation Report Consumer Price Index (2018=100) February 2024

1.   Caraga

The headline inflation in Caraga slowed down to 2.7 percent in February 2024,  from 2.8 percent in January 2024 and 8.3 percent in February 2023. (Table A and B and Figure 1)

Among the 13 commodity groups, the downtrend of the overall inflation in February 2024 was mainly brought about by the heavily weighted housing, water, electricity, gas and other fuels at -5.4 percent from -3.5 percent in the previous month. This was followed by furnishing, household equipment and routine household maintenance with an inflation rate of 2.5 percent from 3.2 percent in the previous month. The third primary driver in the downtrend of headline inflation in February 2024 was alcoholic beverages and tobacco, which recorded at 8.3 percent inflation rate from 8.8 percent in January 2024.

Other commodity groups that contributed to the downtrend in the February 2024 headline inflation were as follows:
a.) clothing and footwear, 4.1 percent; b.) health, 1.2 percent;
c.) personal care, and miscellaneous goods and services, 5.0 percent; and d.) recreation, sport & culture, 5.4 percent

On the other hand, the increasing inflation rate of the overall inflation for the income group was brought by food and non-alcoholic beverages at 6.1 percent compared to
5.3 percent in the previous month. This was followed by transport with an inflation rate of -0.5 percent from -1.0 percent from the previous month. The third and fourth primary driver in the uptrend of headline inflation was information and communication, and restaurants and accommodation services, which recorded an inflation rate of 1.4 and
3.3    percent, respectively, compared to the previous month.

Furthermore, maintained inflation rates were observed in the income group of education services and financial services with 1.7 percent and -0.3 percent, respectively.

Food inflation at the regional level increased to 6.3 percent in February 2024, from 5.6 percent in January 2024. In February 2023, food inflation was higher at 10.5 percent.

The acceleration of the food commodity inflation was primarily influenced by the higher year-on-year growth rate observed in the food group of cereals and cereal product (ND) at 25.0 percent from 22.50 percent in the previous month. The cereals and cereal products (ND) food group includes rice, corn, flour, and other cereals which also contributed to the increase in the food commodity group. This was followed by vegetables, tubers, plantains, cooking bananas and pulses (ND) with an inflation rate of -14.6 percent from -18.5 percent in the previous month. Further, the third food group that recorded a higher inflation rate is the fish and other seafood with a -0.8 percent from -1.0 in the last month. (Table D)

On the contrary, the following food groups have lower inflation rates during the month:

a.    Meat and other parts of slaughtered land animals (ND), -2.3 percent;
b.    Milk, other dairy products and eggs (ND), 8.4 percent;
c.    Oils and fats (ND), -3.1 percent;
d.    Fruits and nuts, 5.0 percent;
e.    Sugar, confectionery and desserts (ND), -8.7 percent; and
f.    Ready-made food and other food products n.e.c (ND), 4.9 percent

1.    Provinces and Highly Urbanized City (HUC)

The deceleration of inflation rates in Caraga was attributed to the decreasing inflation rate of the provinces excluding Dinagat Islands and Surigao del Sur with an increasing inflation rate of 6.1 and 4.8 percent, respectively. Among all the provinces and HUC’s, the main contributor to the downtrend is the City of Butuan with 1.6 percent compared to the 2.6 percent in the previous month. Then followed by Agusan del Sur at 3.1 percent from   the 3.4    percent in the previous month. In addition, Agusan del Norte also registered a decreasing inflation rate at 2.2 percent from 2.7 percent, respectively. Lastly, the province that recorded a maintained inflation rate was Surigao del Norte which recorded 0.8 percent.

Note:
 

CPIs and inflation rates by province and selected city are posted on the PSA website (http://openstat.psa.gov.ph/).
 

ROSALINDA C. APURA, D.M.
Regional Director
PSA RSSO XIII (Caraga)

For the Regional Director:

SGD. PRESA P. VILLARINA
Supervising Statistical Specialist/ OIC