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

1.    Caraga

The headline inflation in Caraga slowed down to 2.8 percent in January 2024, from 4.1 percent in December 2023 and 8.1 percent in January 2023. (Table A and B and Figure 1)

Among the 13 commodity groups, the downtrend of the overall inflation in January 2024 was mainly brought about by the heavily weighted food and non-alcoholic beverages at 5.3 percent from 7.1 percent in the previous month. This was followed by housing, water, electricity, gas, and other fuel with an inflation rate of -3.5 percent from -0.7 percent in the previous month. The third primary driver in the downtrend of headline inflation in January 2024 was transport, which recorded at -1.0 percent inflation rate from -0.6 percent in December 2023.

Other commodity groups that contributed to the downtrend in the January 2024 headline inflation were clothing and footwear; furnishing, household equipment and routine household maintenance; recreation, sport, and culture; financial services; and personal care, and miscellaneous goods and services which registered the lower inflation rates during the month at 4.2 percent, 3.2 percent, 5.7 percent, -0.3 percent, and 5.2 percent, respectively, compared with their previous month’s inflation rates.

On the other hand, maintained inflation rates were observed in the following commodity groups during the month:

a.    Alcoholic beverages and tobacco, 8.8 percent;
b.    Health, 1.4 percent;
c.    Information and communication, 1.1 percent;
d.    Education services, 1.7 percent; and
e.    Restaurants and accommodation services, 3.2 percent

Food inflation at the regional level dropped to 5.6 percent in January 2024, from 7.2 percent in December 2023. In January 2023, food inflation was higher at 10.8 percent.

The deceleration of the food inflation was primarily influenced by the lower year-on-year growth rate observed in Vegetables, tubers, plantains, cooking bananas and pulses at -18.5 percent from 0.1 percent in the previous month. This was followed by meat and other parts of slaughtered land animals with an inflation rate of -1.5 percent from 0.6 percent in the previous month. (Table D)

Further, the following food groups have also recorded a lower increment during the month:

a.    Corn, 6.8 percent;
b.    Flour, bread and other bakery products, pasta products, and other cereals, 5.2 percent
c.    Milk, other dairy products and eggs, 9.1 percent; 
d.    Oils and fats, -2.5 percent; 
e.    Sugar, confectionery and desserts, -6.9 percent; and
f.    Ready-made food and other food products N.E.C., 5.4 percent.

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

a.    Rice, 28.9 percent;
b.    Fish and other seafood, -1.0 percent; and
c.    Fruits and nuts, 8.5 percent.

2.    Provinces and Highly Urbanized City (HUC)

The deceleration of inflation rates in Caraga was attributed to the decreasing inflation rate of all the provinces excluding Butuan City with a maintained inflation rate of 2.6 percent. Among all the provinces, the main contributor to the downtrend is the province of Agusan del Sur at 3.4 percent compared to the 5.1 percent in the previous month. Then followed by Surigao del Sur at 3.8 percent from the 5.7 percent in the previous month. In addition, Surigao del Norte and Dinagat Islands also registered a decreasing inflation rate at 0.8 percent and 3.9 percent, from 2.3 percent and 6.7 percent, respectively. Lastly, Agusan del Norte recorded an inflation rate of 2.7 percent from 3.2 percent in December 2023

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

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