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 5.3 percent in July 2024 from 5.2 percent in June 2024. The region’s average inflation from January to July 2024 posted at 3.9 percent. Inflation rate was lower in July 2023 at 3.0 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 July 2024 was primarily influenced by the higher increase in the indices of Housing, water, electricity, gas and other fuels at 4.3 percent from              3.5 percent, Transport at 4.2 percent from 3.5 percent, and Education Services at 8.9 percent from 8.2 percent in the previous month.

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

1)    Health, 4.3 percent from 4.0 percent;
2)    Recreation, Sport and Culture, 6.8 percent from 6.5 percent;

In contrast, lower inflation rates during the month were recorded in the categories of Alcoholic Beverages and Tobacco with 7.2 percent from 7.4 percent and Clothing and Footwear at 1.7 percent from 1.8 percent in the previous month.

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

1)    Food and Non-Alcoholic Beverages, 6.5 percent;
2)    Restaurants and Accommodation Services, 5.5 percent;
3)    Furnishings, household equipment and routine household maintenance, 3.7 percent;
4)    Personal Care, and Miscellaneous Goods and Services, 3.3 percent;
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 July 2024 overall inflation:

1)    Food and non-alcoholic beverages with 60.7 percent share or 3.2 percentage points;
2)    Housing, water, electricity, gas and other fuels with 13.4 percent share or 0.7 percentage point; and
3)    Restaurants and Accommodation Services with 6.4 percent share or 0.3 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

Food inflation in Zamboanga Peninsula remained constant at 6.9 percent in July 2024. Meanwhile, food inflation in July 2023 was lower at 4.4 percent.

2.1 Main Drivers Behind the Constant Trend of the Food Inflation.

This month’s stable inflation in the categories of Food was mainly due by the consistent annual inflation of Flour, Bread and Other Bakery Products, Pasta Products, and Other Cereals with 4.7 percent in both July 2024 and June 2024.

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

1)    Meat and other parts of slaughtered land animals (ND), 2.0 percent from 1.0 percent;
2)    Vegetables, tubers, plantains, cooking bananas and pulses (ND), 7.3 percent from 4.4 percent; and,
3)    Ready-made food and other food products n.e.c. with 11.8 percent from 11.4 percent.

Contrarily, the following food groups were observed to have lower increments:

1)    Cereals and cereal products (ND) with 17.4 percent from 18.3 percent;
2)    Fish and other seafoof (ND) at (4.6) percent from (4.3) percent;
3)    Milk, other dairy products and eggs (ND), 2.1 percent from 2.2 percent;
4)    Oils and fats (ND), (4.2) from (4.1) percent;
5)    Fruits and nuts (ND), 10.6 percent from 12.6 percent; and,
6)    Sugar, confectionery and desserts, (5.1) percent from (4.4) percent.

2.2 Main Contributors to the Food Inflation.

Food Inflation contributed 60.7 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 53.9 percent share or 2.9 percentage points;
2)    Vegetables, tubers, plantains, cooking bananas and pulses (ND) with 4.2 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 
7.0 percent, followed by Zamboanga City at 6.5 percent, the City of Isabela at 
5.3 percent and Zamboanga del Sur with 4.7 percent inflation. On the other hand, Zamboanga del Norte recorded the lowest inflation which stood at 3.4 percent inflation.

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/MGCN/agi/kxbl