INFLATION RATE

       The inflation rate (IR) in Biliran Province increased to 4.9 percent in June 2024 which is higher by 0.1 percentage point than the recorded IR of 4.8 percent in May 2024. It is also higher by 3.0 percentage points compared to the IR of 1.9 percent in June 2023. (Figure 1)

       The provincial IR of 4.9 percent in June 2024 is higher by 1.2 percentage points than the national IR of 3.7 percent. Moreover, it is also higher by 0.9 percentage points compared to the regional IR of 4.0 percent. (Table A)
 

       Among the six (6) provinces and lone Highly Urbanized City (HUC) in Eastern Visayas, Biliran recorded the second highest inflation rate in June 2024. (Table A)

       The uptrend in the province’s inflation in June 2024 was primarily influenced by the higher annual increment in the housing, water, electricity, gas and other fuels group at 0.5 percent inflation, from a negative inflation of 0.6 percent in the previous month. This was followed by the clothing and footwear with 6.2 percent during the month from 5.9 percent in the previous month. Information and communication group came in next with 1.5 percent from 1.2 percent. These commodity groups accounted for 83.9 percent, 5.8 percent, and 4.2 percent share to the uptrend in the inflation rate, respectively.

      Other commodity groups that recorded higher year-on-year price movements in June 2024 were the following:

       a. Alcoholic beverages and tobacco at 5.2 percent from 5.1 percent;
       b. Health at 1.9 percent from 1.8 percent;
       c. Recreation, sport and culture at 8.8 percent from 8.7 percent; and
       d. Personal care, and miscellaneous goods and services at 6.3 percent from 6.2 percent.

       In contrast, food and non-alcoholic beverages group and transport group registered lower inflation rates during the month at 6.8 percent and 1.2 percent inflation, respectively.

    The rest of the commodity groups retained their previous month’s respective annual rates. (Table 1)

    The food inflation decreased to 7.0 percent in June 2024 from 7.3 percent in the previous month. In June 2023, the food inflation was lower at 4.9 percent. The deceleration of food inflation in June 2024 was mainly brought about by decrease in rice inflation at 24.0 percent from 24.6 percent in the May 2024. Corn, also contributed to the downtrend with 17.5 percent from 21.2 percent in the previous month.

       Other food items that contributed to the lower food inflation are as follows:

           a. Milk, other dairy products and eggs at 3.3 percent from 3.4 percent;
           b. Fruits and nuts at 3.5 percent from 4.0 percent; and
           c. Sugar, confectionery and desserts at 0.0 percent from 2.0 percent.

       In addition, faster annual decline was recorded in fish and other seafood at 5.0 percent during the month from an annual decrement of 0.5 percent in the previous month.

       On the contrary, higher year-on-year growth rates were observed in the following food items:

           a. Flour, bread and other bakery products, pasta products, and other cereals at 4.6 percent from 4.4 percent;
            b. Oils and fats at 5.5 percent from 5.2 percent;
          c. Vegetables, tubers, plantains, cooking bananas and pulses at 7.3 percent from 1.0 percent; and
           d. Ready-made food and other food products n.e.c at 11.7 percent from 7.8 percent.

     Meanwhile, meat and other parts of slaughtered land animals recorded a zero percent annual rate from an annual decline of 2.7 percent inflation in the previous month.

    The non-food category in general recorded a faster growth of 3.1 percent during the month from 2.7 percent in the previous month. (Table 1)
 

CONSUMER PRICE INDEX

       The Consumer Price Index (CPI) in June 2024 was recorded at 121.0 percent. This implies that the average level of prices of consumer goods and services purchased by households in June 2024 was higher by 21.0 percent compared with the prices in 2018. (Table 2)

       Moreover, the provincial CPI in June is lower by 3.1 percentage points than the regional CPI of 124.1 percent and also lower by 4.6 percentage points than the national CPI of 125.6 percent. (Table A)

       Two (2) of the 13 commodity groups observed decrease in its CPI levels in June 2024. These groups are housing, water, electricity, gas and other fuels; and transport.

       In contrast, six (6) commodity groups observed higher CPI levels in June 2024. These groups are the alcoholic beverages and tobacco; clothing and footwear; health; information and communication; recreation, sport and culture; and personal care, and miscellaneous goods and services.

       Meanwhile, the rest of the commodity groups retained its previous month’s CPI levels.

    By commodity group, the financial services still posted the highest CPI level at 162.2 percent. This was followed by the transport group and the food and non-alcoholic beverages group with CPI levels of 128.8 percent and 125.5 percent, respectively. On the other hand, the Information and Communication group recorded the least CPI at 105.0 percent. (Table 2)

       In general, the CPI of the food index retained its previous month’s level at 125.5 percent. Out of all the food items, only the milk, other dairy products, and eggs retained its previous month’s CPI level at 120.4 percent.

       Meanwhile, the following food items observed higher CPI levels:

       a. Flour, bread and other bakery products, pasta products and other cereals at 118.3 percent from 117.9 percent;

        b. Meat and other parts of slaughtered land animals at 141.8 percent from 138.6 percent;
         c. Oils and fats at 123.0 percent from 122.7 percent;
        d. Vegetables, tubers, cooking bananas and pulses at 126.7 percent from 122.0 percent; and
        e. Ready-made food and other food products n.e.c at 131.4 percent from 126.8 percent.

       In contrast, lower CPI levels were observed in the following food items:
         a. Rice at 117.0 percent from 117.7 percent;
         b. Corn at 121.3 percent from 125.1 percent;
         c. Fish and other seafood at 127.3 percent from 130.9 percent;
         d. Fruits and nuts at 136.8 percent from 138.4 percent; and
         e. Sugar, confectionery and desserts at 145.4 percent from 145.6 percent.

       The non-food category recorded lower CPI level at 117.0 percent in June 2024 from 117.3 percent in May 2024. (Table 2)

PURCHASING POWER OF PESO

The price changes reflected in the CPI caused the value of the national currency in Biliran to have a value of Php 0.83. This PPP implies that the goods and services worth Php 1.00 in 2018 is now worth Php 0.83 in June 2024 or you will need Php 121.0 to buy the same goods and services worth Php 100 in 2018. (Figure 2)

SGD. RENAVIL V. CUEVA

Chief Statistical Specialist