Table A. Year-on-Year Inflation Rates, All Items

 In Percent

(2018=100)

A.    Zamboanga Peninsula

1.    Headline Inflation

Inflation rates in Zamboanga Peninsula accelerated to 5.2 percent in June 2024 from                  4.6 percent in May 2024. The region’s average inflation from January to June 2024 posted at         3.7 percent. Inflation rate was lower in June 2023 at 4.6 percent. (Table A and Figure 1)

1.1 Main Drivers to the Upward Trend for the Headline Inflation:

The upward trend in the region’s inflation in June 2024 was primarily influenced by the higher increase in the indices of Housing, water, electricity, gas and other fuels at 3.5 percent from              1.7 percent in the previous month, Food and Non-alcoholic Beverages at 6.5 percent from 6.0 percent in the previous month, and Transport at 3.5 percent from 3.2 percent in the previous month.

Also contributing to the overall inflation in Zamboanga Peninsula during the month of June were the higher increments in the indices of the following commodity groups as compared with their previous month’s inflation rates:

1)    Clothing and Footwear, 1.8 percent from 1.7 percent;
2)    Health, 4.0 percent from 3.9 percent;
3)    Recreation, sport and culture, 6.5 percent from 5.9 percent;
4)    Restaurants and Accommodation Services, 5.5 percent from 5.2 percent; and
5)    Personal care, and Miscellaneous goods and services, 3.3 percent from 3.1 percent.

Meanwhile, the following commodity groups retained their previous month’s inflation rate:

1)    Alcoholic beverages and tobacco, 7.4 percent; 
2)    Furnishings, household equipment and routine household maintenance, 3.7 percent;
3)    Information and Communication, (0.5) percent;
4)    Education Services, 8.2 percent; and
5)    Financial Services, (0.4) percent.

2.2 Main Contributors to the Inflation Rate for the Headline Inflation:

The following commodity groups were the top three contributors to the June 2024 overall inflation:

1)    Food and non-alcoholic beverages with 63.0 percent share or 3.3 percentage points;
2)    Housing, water, electricity, gas and other fuels with 11.3 percent share or 0.6 percentage point; and
3)    Restaurants and Accommodation Services with 6.7 percent share or 0.4 percentage point.

Table B. Year-on-year Inflation Rates in Zamboanga Peninsula, All items in Percent
January 2020- December 2024
(2018=100)
 

Inflation Rate by Commodity Group for All Income Households in

 ZAMBOANGA PENINSULA 2018=100

2. Food Inflation

Likewise, food inflation in Zamboanga Peninsula accelerated to 6.9 percent in June 2024 from 6.4 percent in May 2024. In June 2023, food inflation was lower at 6.3 percent.

2.1 Main Drivers to the Upward Trend of the Food Inflation.

The acceleration of food inflation was mainly due to the higher increase of Cereals and cereal products, with at 18.3 percent from 17.2 percent in the previous month; and Meat and other parts of slaughtered land animals at 1.0 percent from (0.8) percent.

In addition, the following food groups recorded to have higher increments during the month:

1)    Milk, other dairy products and eggs, 2.2 percent from 2.1 percent;
2)    Fruits and nuts, 12.6 percent from 12.2 percent;
3)    Vegetables, tubers, plantains, cooking bananas and pulses, 4.4 percent from                         3.0 percent; and
4)    Ready-made food and other food products n.e.c., 11.4 percent from 8.7 percent.

On the other hand, the following food groups were observed to have lower increments:

1)    Fish and other seafood (ND), (4.3) percent from (2.7) percent; and
2)    Sugar, confectionery and desserts, (4.4) percent from (3.8) percent.

Meanwhile, the index of Oils and fats remained its previous month’s inflation rate at                             (4.1) percent.

2.2 Main Contributors to the Food Inflation.

Food Inflation contributed 61.4 percent share or 3.2 percentage points to the June 2024 for the Headline Inflation. Among the food groups, the main contributors to the food inflation during the month were the following:

1)    Cereals and cereal products, with 57.8 percent share or 3.0 percentage points;
2)    Fruits and nuts with 3.4 percent share or 0.2 percentage point; and
3)    Ready-made food and other food products n.e.c (ND) with 3.4 percent share or 0.2 percentage point.

Among the provinces in the region, Zamboanga Sibugay had the highest inflation at 
6.4 percent, followed by Zamboanga del Sur at 5.2 percent, City of Isabela at 
5.1 percent, City of Zamboanga at 5.0 percent, and the Zamboanga del Norte recorded the lowest inflation at 4.3 percent.

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

MEWCHUN WS. PAMARAN
Regional Director

MFET/ajdc