PANGASINAN

1.    Headline Inflation

Inflation rate in the Philippines slowed to 3.7 percent in June 2024 from 3.9 percent in May 2024. The inflation rate of the country in June 2023 was posted at 5.4 percent and the average inflation in the country for 2024 was posted at 3.5 percent. (Table A, and Figure 1)

Meanwhile, the inflation rate in the Ilocos Region increased to 2.8 percent in June 2024, compared to 2.3 percent in May 2024. Inflation rate of the region in June 2023 was posted at 4.3. percent. The average inflation in the region for 2024 was posted at 2.2 percent.

Headline inflation rate in Pangasinan accelerated to 2.7 percent in June 2024 from 2.6 percent in May. The inflation rate in the province in June 2023 was posted at 5.1 percent. Average inflation in the province for 2024 was recorded at 2.5 percent. 

1.1 Main Drivers of the Upward Trend of Headline Inflation

The upward trend was mainly driven about by a faster year-on-year index of Housing, water, electricity, gas, other fuels at negative 3.3 percent from negative 5.8 percent in May 2024. (Table C) Also contributing to the accelerating inflation rate of the province during the month were the increasing indices of the following commodity groups:

(a)    Transport, 2.2 percent;
(b)    Recreation, sport, and culture, 2.1 percent; and
(c)    Health, 2.5 percent.

On the contrary, the following commodities showed lower year-on-year inflation rates compared to the previous month:

(a)    Food and non-alcoholic beverages, 5.7 percent; 
(b)    Alcoholic beverages and tobacco, 4.1 percent;
(c)    Furnishings, household equipment, household maintenance, 4.1 percent; and 
(d)    Personal care, miscellaneous goods and services, 4.3 percent.

Meanwhile, the commodity groups of (a) Clothing and footwear, (b) Information and communication, (c) Education services, (d) Restaurants and accommodation services, and (3) Financial services retained their respective previous month’s inflation rates.

2.    Food Inflation

Inflation rate at the provincial level of Food and non-alcoholic beverages in June 2024 was reported at 5.7 percent, which was lower than 6.4 percent in May 2024. The inflation rate of this commodity group was lower than the index in June 2023 at 7.3 percent. (Table D)

2.1 Main Drivers of the Downward Trend of Food Inflation

The downward trend of food inflation in June 2024 was primarily influenced by the slower year-on-year index of Rice from 24.5 percent in May 2024 to 21.9 percent. Moreover, lower price indices were observed in the following food groups during the month:

(a)    Corn, 54.9 percent;
(b)    Flour, bread, pasta, and others, 6.4 percent;
(c)    Meat and other parts of slaughtered land animals, 3.8 percent;
(d)    Oil and fats, 4.6 percent; and
(e)    Fruits and nuts, 0.2 percent.

Meanwhile, faster annual rates compared to that in the previous month were observed in the following food groups:

(a)    Fish and other seafood, (4.7) percent;
(b)    Milk, other dairy products and eggs, 1.0 percent;
(c)    Vegetables, tubers, plantains, cooking bananas and pulses, (6.7) percent;
(d)    Sugar, confectionery, desserts, (3.9) percent; and
(e)    Ready-made foods, etc., 12.0 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

/FQJ/AGPS/ANCM