Summary Inflation Report Consumer Price Index Bottom 30% Income Households (2018=100) April 2024

A.    Caraga

1.    Overall Inflation

The region’s inflation rate for the bottom 30% income household increased further to 5.3 percent in April 2024 from 4.4 percent in March 2024. This bring regional average inflation for this income group from January to April 2024 to 4.4 percent. In April 2023, inflation rate was posted higher at 7.3 percent. (Figure 1, Table A, and B)

The main driver to the upward trend of the overall inflation for this income group in April 2024 was the higher year-on-year growth rate of the heavily-weighted food and non-alcoholic beverages at 9.4 percent during the month from 7.7 percent in the previous month. Also contributed higher annual increments during the month in the indices of housing, water, electricity, gas and other fuels at -5.8 percent from -6.2 percent in March 2024.

On the contrary, slower annual growth rates were noted in the indices of the following commodity groups during the month:

a.    Alcoholic beverages and tobacco, 3.7 percent from 6.0 percent; 
b.    Clothing and footwear, 3.1 percent from 4.4 percent; 
c.    Furnishings, household equipment, and routine household maintenance, 3.4 percent from 3.7 percent;
d.    Recreation, sport and culture, 6.3 percent from 8.2 percent; and
e.    Restaurants and accommodation services, 2.7 percent from 3.7 percent.

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

a.    Health, 2.4 percent;
b.    Transport, 0.6 percent;
c.    Information and communication, 1.6 percent;
d.    Education services, 2.2 percent;
e.    Financial services, -0.4 percent; and
f.    Personal care, and miscellaneous goods and services, 4.7 percent. 

2.    Food Inflation

Overall food inflation for the bottom 30% income households at the regional level moved at a faster pace to 9.8 percent from 7.8 percent previous month’s rate. In April 2023, food inflation was observed at 7.6 percent. (Table D)

The upward trend in the food inflation in April 2024 was mainly influenced by the higher year-on-year growth rate in fish and other seafood at 0.4 percent during the month from -7.9 percent in the March 2024. This was followed by vegetables, tubers, plantains, cooking bananas and pulses posted at -3.6 percent from -7.5 percent in the previous month. In addition, ready-made food and other food products index recorded a faster annual increment of 8.5 percent from 6.4 percent in March 2024.

Other food groups contributed to the upward trend in the April 2024 inflation were meat and other parts of slaughtered land animals and sugar, confectionery and desserts, at -2.2 percent and -8.9 percent, from -2.5 percent and -10.4 percent, respectively.

On the contrary, lower inflation rates were recorded during the month in the indices of the following food groups:

a.    Cereals and cereal products, 24.4 percent from 26.0 percent;
b.    Milk, other dairy products, and eggs, 5.9 percent from 7.0 percent; and
c.    Oils and fats, -1.1 percent from -0.7 percent.

Meanwhile, the index for fruits and nuts remained the same at 8.4 percent.

B.    Provinces and Highly Urbanized City (HUC)

In April 2024, three provinces and one HUC contributed in the uptrend of the overall inflation for the bottom 30% income households in the region. The main contributor to the uptrend was registered in Surigao del Norte at 3.7 percent from 1.0 percent in the previous month. Then followed by Agusan del Norte and Agusan del Sur, at 5.1 percent and 5.8 percent, from 2.7 percent and 5.0 percent, respectively. In addition, Butuan City (HUC) also contributed an upward trend to the overall inflation in the region, at 3.1 percent from 2.8 percent.

On the other hand, Surigao del Sur and Dinagat Islands registered a decreasing growth rates to 7.6 percent and 6.1 percent, from 8.5 percent and 8.7 percent respectively.

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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)