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

Headline Inflation

The headline inflation in the province of Agusan del Sur further decreased to 3.4 percent in January 2024 from 5.1 percent in December 2023. This is 1.7 % lower as compared to previous month of last year. Inflation in January 2023 was higher at 8.7 percent. The average inflation for the whole year stood at 3.4 percent since this is the first in the year. (Table A and Figure 1)

The provincial headline inflation is higher compared to the regional headline inflation in January 2024 at 2.8 percent and similar with the country’s inflation for the same month at 2.8 percent.

Year-on-Year Changes of the Consumer Price Index

The decrease in the inflation of the province was mainly brought about by the lower annual increase in the indices of food and non-alcoholic beverages, (5.1) percent; housing, water, electricity, gas and other fuels, (0.9) percent; personal care, miscellaneous goods and services, (6.0) percent; alcoholic beverages and tobacco, (9.7) percent; Furnishings, Household Equipment and Routine Household Maintenance, (4.0) percent; information and communication, (2.7) percent and financial services, (1.4) percent.

On the other hand, annual indices in the commodity groups on clothing and footwear, (7.2) percent; health, (4.3) percent and recreation, sport and culture, (8.7) percent went up in comparison with its inflation rate in the previous month last year.

The rest of the commodity groups either retained their previous month’s inflation rates or had zero percent annual growth rate.

Food Index

For the food index, it decreased to 5.1 percent in January 2024 from 8.3 percent in December 2023. In January 2023, food index was higher at 12.7 percent. The decrease was due to the lower annual indices of vegetables, tubers, plantains, cooking bananas and pulses at 17.2 percent; fish and other seafoods, 0.5 percent; cereals and other cereal products, (18.6) percent; meat and other parts of slaughtered land animals, 0.7 percent; milk and other dairy products and eggs, (8.8) percent and sugar, confectionary and desserts, (10.9) percent;
Meanwhile, the indices of fruits and nuts and ready-made food and other food products n.e.c registered higher annual increases.

Note: CPIs and inflation rates in the province are posted at the PSA website (http;//openstat.psa.gov.ph/)

(Sgd.)DEMETRIO T. DEJOLDE JR.
Supervising Statistical Specialist, OIC