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

Headline Inflation

The headline inflation in the province of Agusan del Sur slowed down to 3.4 percent in May 2024 from 4.1 percent in April 2024. This is 0.7 % lower as compared to preceding month of this year. Inflation in May 2023 was higher at 6.7 percent. The average inflation stood at 3.6 percent for the first five months of this year. (Table A and Figure 1)

For comparison, the provincial headline inflation is at the same rate as the regional and is lower as compared to the national headline inflation in May 2024 at 3.4 percent and 3.9 percent, respectively.

Year-on-Year Changes of the Consumer Price Index

The downtrend in the inflation of the province was mainly brought about by the lower annual increments in the indices of housing, water, electricity, gas and other fuels, (-5.4) percent. This was followed by personal care and miscellaneous goods and services, (3.8) percent. Lower annual increments were also observed in the indices of the following commodity groups during the month:

a)    furnishings, household equipment and routine household maintenance, (0.9) percent from (2.3) percent;
b)    food and non-alcoholic beverages, (8.3) percent from (8.4) percent;
c)    alcoholic beverages and tobacco, (0.2) percent from (1.7) percent;
d)    clothing and footwear, (2.8) percent from (3.4) percent; 
e)    health, (2.5) percent from (3.1) percent;
f)      information and communication, (2.9) percent from (3.3) percent
g)     recreation, sport and culture, (5.9) percent from (6.6) percent.

Compared with the inflation rate of the previous month, higher annual increment was noted in the index of transport, 0.4) percent from (-1.3) percent.

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 increased to 8.9 percent in May 2024 from 8.8 percent in April 2024.  In May 2023, food index was lower at 6.8 percent. 

The increase was due to the higher annual indices of corn, ready-made food and other food products n.e.c, oil and fats, meat and other parts of slaughtered land animals, sugar, confectionary and desserts and vegetables, tubers, plantains, cooking bananas and pulses.

Meanwhile, the indices of rice, fish and other seafoods, milk and other dairy products and eggs and fruits and nuts registered lower annual indices. 

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

(Sgd.)DEMETRIO T. DEJOLDE JR.
Chief Statistical Specialist