December 3, 2023

The inflation rate in the Cordillera eased to 3.9 percent in May from 4.3 percent in April this year.

Philippine Statistics Authority-Cordillera Director Villafe P. Alibuyog reported the inflation in May is also lower compared to the 6.9 percent inflation rate recorded in May 2022.

Alibuyog said the downward trend of inflation in the region was primarily brought about by the indicators of transport, which registered 0.6 percent last month from 4.1 percent in April among 13 commodity groups.

This was followed by the food and non-alcoholic beverages index with 7.1 percent, from 7.2 percent in the previous month and housing, water, electricity, gas and other fuels with 0.3 percent, from 0.4 percent in April.

Lower inflation rates during the month were also noted in the indices of health, 3.9 percent from 4.3 percent; personal care and miscellaneous goods and services, 4.8 percent from 5.0 percent; alcoholic beverages and tobacco, 9.1 percent from 9.5 percent; clothing and footwear, 4.3 percent from 4.4 percent; and information and communication, 0.1 percent from 0.2 percent.

Higher inflation rates were observed in furnishings, household equipment and routine household maintenance, 4.6 percent from 4.5 percent; and recreation, sport and culture, 5.2 percent from 5.1 percent.

Education and restaurants and accommodation services indices, on the other hand, retained their previous month increments with 0.6 percent and 6.7 percent, respectively.

The annual rate in the financial services index also retained its annual rate of zero percent.

Main contributors in the April inflation rate were food and non-alcoholic beverages with 66.2 percent share or 2.6 percentage points; restaurants and accommodation services with 6.9 percent share or 0.3 percentage points; and personal care, and miscellaneous goods and services 5.4 percent share or 0.2 percentage points.

Among the pro-vinces and highly urbanized city, Mountain Province registered the highest deceleration in the region with 4.5 percent from 6.4 percent in April, or 1.9 percent slower than the previous month.

Apayao followed with 6.1 percent from 7.5 percent of the previous month or 1.4 percent slower.

Also recording a slower inflation rate in May are Abra, 4.6 percent; Kalinga, 4.1 percent; and Baguio City, 3.0 percent.

Benguet and Ifugao recorded an increase in inflation with 3.8 percent and 4.4 percent, respectively.

Food inflation continued to decelerate to 7.1 percent in May from 7.4 percent in April. In May 2022, food inflation was lower at 6.8 percent.

The primary driver of the food inflation’s downward trend was the lower annual growth in the index of vegetables, tubers, plantains, cooking bananas, and pulses with 11.5 percent from 13.5 percent in April.

This was followed by milk, other dairy products and eggs with 15.8 percent from 17.2 percent; and rice with 2.5 percent from 2.2 percent.

Lower inflation rates during the month were also noted in the indices of sugar, confectionery and desserts, 34.2 percent from 36.6 percent; fish and other seafood, 4.9 percent from 5.5 percent; oils and fats, 9.2 percent from 10.2 percent; fruits and nuts, 10.8 percent from 11.0 percent; flour, bread and other bakery products, pasta products, and other cereals, 9.8 percent from 9.9 percent; and ready-made food and other food products, 4.2 percent from 4.5 percent.

Meat and other parts of slaughtered land animals registered a higher growth rate at 3.0 percent from 1.1 percent of the previous month and corn at 12.2 percent from 12.1 percent in April 2023. – Hanna C. Lacsamana