Summary Inflation Report Consumer Price Index All Income Households (2018=100) March 2024

A.    Caraga

1.    Overall Inflation

The headline inflation for all income households in Caraga increased to 3.0 percent in March 2024, from 2.7 percent in February 2024 and 7.3 percent in February 2023. (Table A and B and Figure 1)

Among the 13 commodity groups, the main driver to the uptrend of the overall inflation in March 2024 was mainly brought about by the heavily weighted housing, water, electricity, gas and other fuels at -4.1 percent from -5.4 percent in the previous month. This was followed by food and non-alcoholic beverages at 6.3 percent compared to 6.1 percent in the previous month. The third primary driver in the uptrend of headline inflation in March 2024 was transport, which recorded at 0.2 percent inflation rate from -0.5 percent in February 2024.

Other commodity groups that contributed to the uptrend in the March 2024 headline inflation were as follows:

a.    Furnishings, household equipment and routine household maintenance, 2.7 percent;
b.    Recreation, sport and culture, 6.0 percent;
c.    Information and communication, 1.6 percent; and
d.    Health, 1.3 percent.

On the other hand, lower inflation rates were noted in the indices of the following commodity groups during the month:

a.    Alcoholic beverages and tobacco, 5.9 percent;
b.    Clothing and footwear, 4.0 percent;
c.    Restaurants and accommodation services, 2.8 percent; and
d.    Personal care, and miscellaneous goods and services, 4.7 percent.

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.

2.    Food Inflation

Food inflation for all income households at the regional level increased to 6.5 percent in March 2024, from 6.3 percent in February 2024. In March 2023, food inflation was higher at 9.6 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 vegetables, tubers, plantains, cooking bananas, and pulses (ND) at -6.9 from -14.6 percent in the previous month. This was followed by cereals and cereal products (ND) with an inflation rate of 25.4 percent from 25.0 percent in the previous month. Further, higher annual increments were also observed in the food group of fruits and nuts (ND), which was recorded  at 7.9 percent during the month from 5.0 percent in February 2024. (Table D)

Other food groups that contributed to the upward trend in the March 2024 inflation were as follows:

a.    Ready-made food and other food products n.e.c. (ND), 5.8 percent;
b.    Meat and other parts of slaughtered land animals (ND), -2.2 percent;
c.    Sugar, confectionery and desserts (ND), -8.4 percent; and
d.    Oils and fats (ND), -2.8 percent.

On the contrary, lower annual growth rates were noted in the food groups of fish and other seafood (ND); and milk, other dairy products, and eggs (ND) at -5.5 percent and 6.4 percent, respectively.

B.    Provinces and Highly Urbanized City (HUC)

In March 2024, all provinces recorded higher inflation rates for all income households relative to their respective inflation rates in the previous month. The main contributor to the uptrend was registered in Agusan del Sur at 3.8 percent from 3.1 percent in the previous month. Then followed by Surigao del Sur at 5.4 percent compared to the 4.8 percent from the previous month. Surigao del Norte ranked third with an increasing inflation rate of 1.0 percent from 0.8 percent. Moreover, Dinagat Islands and Agusan del Norte also registered an increasing inflation rate at 6.9 percent and 2.4 percent,   from
6.1 percent and 2.2 percent, respectively.

On the contrary, only Butuan City (HUC) registered a decreasing inflation rate at 1.1 percent from 1.6 percent in the previous month.

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)