PANGASINAN

1.    Headline Inflation

Inflation rate in the Philippines increased to 2.9 percent in December 2024 from 2.5 percent in November. The inflation rate of the country in December 2023 was posted at 3.9 percent, while the average inflation in the country for 2024 was recorded at 3.2 percent (Table A and Figure 1).

Meanwhile, the inflation rate in the Ilocos Region soared to 2.9 percent in December 2024 from 1.8 percent in November 2024. The inflation rate of the region in December 2023 was posted at 2.3 percent. The average inflation in the region for 2024 was 2.1 percent.

Headline inflation rate in Pangasinan increased rapidly to 2.8 percent in December 2024 from 1.5 percent in November. The inflation rate in the province in December 2023 was posted at 2.7 percent. Average inflation in the province for 2024 was recorded at 2.2 percent. 

1.1 Main Drivers to the Upward Trend of Headline Inflation

The upward trend was mainly caused by the faster year-on-year increase in the index of Food and Non-Alcoholic Beverages posted at 4.9 percent in December 2024 from 3.0 percent in November (Table C). Also contributing to the positive inflation rate of the province during the month were:

(a)    Recreation, Sport and Culture, 3.6 percent;
(b)    Housing, Water, Electricity, Gas and Other Fuels, 0.3 percent;
(c)    Information and Communication, 0.0 percent; and
(d)    Transport, -1.2 percent.

In contrast, the following commodity groups recorded slower inflation rates during the month:

(a)    Clothing and Footwear, 6.5 percent;
(b)    Personal Care, and Miscellaneous Goods and Services, 5.1 percent;
(c)    Furnishings, Household Equipment and Routine Household Maintenance, 3.9 percent;
(d)    Alcoholic Beverages and Tobacco, 3.0 percent; and
(e)    Health, 1.6 percent.

Meanwhile, the inflation rates for the commodity groups of (a) Education Services, (b) Restaurants and Accommodation Services, and (c) Financial Services remained unchanged from the previous month.

2.    Food Inflation

The inflation rate for Food at the provincial level in December 2024 was reported at 4.9 percent from 2.9 percent in November (Table D). Meanwhile, food inflation was recorded at 5.7 percent in December 2023.

2.1 Main Factors of the Upward Trend of Food Inflation

The upward trend of food inflation in December 2024 was primarily influenced by the faster year-on-year index of Vegetables, tubers, plantains, cooking bananas and pulses at 26.3 percent from 0.5 percent in November.

Additionally, higher indices were observed in the following food groups during the month:

(a)    Meat and other parts of slaughtered land animals, 4.8 percent; 
(b)    Fish and other seafood, 4.0 percent; 
(c)    Fruits and nuts, 2.5 percent; and
(d)    Oils and fats, -0.5 percent.

Conversely, the inflation rates for the following food groups reported a decrease during the month:

(a)    Corn, 13.9 percent;
(b)    Ready-made food and other food products, 8.5 percent;
(c)    Flour, Bread and Other Bakery Products, Pasta Products, and Other Cereals, 2.2 percent;
(d)    Rice, 1.7 percent;
(e)    Milk, other dairy products, eggs, 1.5 percent; and
(f)    Sugar, confectionery and desserts, -3.0 percent.

Note: CPIs and inflation rates by province are posted on the PSA website (https://openstat.psa.gov.ph/).

EDGAR M. NORBERTE
Chief Statistical Specialist
PSO Pangasinan