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

A.    Caraga

1.    Headline Inflation

The headline inflation for all income households in Caraga increased further to 3.4 percent in April 2024, from 3.0 percent in March 2024. This bring regional average inflation from January to April 2024 to 3.0 percent. In April 2023, inflation rate was higher at 6.2 percent. (Table A and B and Figure 1)

Among the 13 commodity groups, the main driver to the uptrend of the overall inflation in April 2024 was primarily influenced by the heavily-weighted food and non-alcoholic beverages at 7.4 percent during the month from 6.3 percent in March 2024. The faster annual growth rate of the housing, water, electricity, gas and other fuels at -3.6 percent in April 2024 from -4.1 percent in the previous month also contributed to the uptrend of the overall inflation. (Tables C)

In addition, higher inflation rate was also noted in information and communication index at 1.7 percent during the month from 1.6 percent in in March 2024.

In contrast, the following commodity groups registered lower inflation rates during the month:

a.    Alcoholic beverages and tobacco, 3.8 percent from 5.9 percent;
b.    Clothing and footwear, 3.1 percent from 4.0 percent;
c.    Furnishings, household equipment and routine household maintenance, 
2.5 percent from 2.7 percent;
d.    Recreation, sport and culture, 4.9 percent from 6.0 percent;
e.    Restaurants and accommodation services, 2.3 percent from 2.8 percent; and
f.    Personal care, and miscellaneous goods and services, 4.6 percent from 4.7 percent.

The indices of the rest of the commodity groups retained their respective previous month’s annual growth rates were observed in the following:

a.    Health, 1.3 percent;
b.    Transport, 0.2 percent;
c.    Education Services, 1.7 percent; and
d.    Financial Services, -0.3 percent.

2.    Food Inflation

Food inflation for all income households at the regional level increased to 7.6 percent in April 2024, from 6.5 percent in March 2024. In April 2023, food inflation was lower at 7.4 percent.

The acceleration of the food commodity inflation in April 2024 was mainly brought about by the higher year-on-year growth rate observed in the food group of fish and other seafood at -1.2 percent from -5.5 percent in the previous month. This was followed by vegetables, tubers, cooking bananas and pulses with an inflation rate of -2.3 percent from -6.9 percent in the previous month.

Moreover, higher annual increments were also observed in the food group of ready-made food and other food products, which was recorded at 7.4 percent during the month from 5.8 percent in March 2024. (Table D)

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

a.    Meat and other parts of slaughtered land animals, -2.0 percent from -2.2 percent;
b.    Oils and fats (ND), -1.2 percent from -2.8 percent; and
c.    Sugar, confectionery and desserts (ND), -7.7 percent from -8.4 percent.

On the contrary, lower annual growth rates were noted in the indices of the following food groups:

a.    Cereals and cereal products, 23.7 percent from 25.4 percent;
b.    Milk, other dairy products, and eggs, 5.4 percent from 6.4 percent; and
c.    Fruits and nuts, 7.6 percent from 7.9 percent. 

B.    Provinces and Highly Urbanized City (HUC)

In comparison with the annual growth rates in April 2024, Surigao del Norte recorded the highest contribution in the uptrend of the overall inflation in the region, at 2.6 percent from 1.0 percent in the previous month. Then followed by Agusan del Norte at 3.5 percent from 2.4 percent in the previous month. Furthermore, Agusan del Sur ranked third in the uptrend with an inflation rate of 4.1 percent from 3.8 percent. While, Butuan City (HUC) also contributed acceleration in the overall inflation in the region, at 1.4 percent from 1.1 percent. On the contrary, Surigao del Sur and Dinagat Islands registered lower growth rates in the overall inflation, at 4.7 percent and 5.2 percent, from 5.4 percent and 6.9 percent, respectively.

Among the five provinces and one HUC, Dinagat Islands registered the highest inflation rate at 5.2 percent while Butuan City (HUC) registered the lowest inflation rate at 1.4 percent in April 2024. (Table A)

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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)