PANGASINAN

1.  Headline Inflation

Inflation rate in the Philippines declined to 3.3 percent in August 2024 from 4.4 percent in July. The inflation rate of the country in August 2023 was posted at 5.3 percent, while the average inflation in the country for 2024 was recorded at 3.6 percent (Table A and Figure 1).

Similarly, the inflation rate in the Ilocos Region eased to 1.8 percent in August 2024, from 3.3 percent in July 2024. Inflation rate of the region in August 2023 was posted at 4.6 percent. The average inflation in the region for 2024 was 2.3 percent.

Headline inflation rate in Pangasinan weakened to 1.9 percent in August 2024 from 3.1 percent in July. The inflation rate in the province in August 2023 was posted at 4.9 percent. Average inflation in the province for 2024 was recorded at 2.5 percent. 

1.1 Main Factors of the Downward Trend of Headline Inflation

The downward trend was mainly caused by the slower year-on-year increase in the index of Food and Non-Alcoholic Beverages posted at 2.6 percent from 6.5 percent in July 2024 (Table C). Also contributing to the decelerating inflation rate of the province during the month were the decreasing indices of the following commodity groups:

(a)    Education services, 4.9 percent;   
(b)    Transport, (1.6) percent; and   
(c)    Restaurants and Accommodation Services, 0.4 percent.

In contrast, the following commodity groups registered higher inflation rates during the month:

(a)    Clothing and Footwear, 6.3 percent;   
(b)    Furnishings, Household Equipment and Routine Household Maintenance, 4.6 percent;   
(c)    Personal Care, and Miscellaneous Goods and Services, 4.6 percent;   
(d)    Alcoholic Beverages and Tobacco, 3.5 percent;   
(e)    Recreation, Sport and Culture, 2.9 percent; and   
(f)    Housing, Water, Electricity, Gas and Other Fuels, 0.3 percent.

Meanwhile, the inflation rates for the commodity groups of (a) Health, (b) Information and Communication Services, and (c) Financial Services remained unchanged from the previous month.

2.  Food Inflation

The inflation rate for Food and Non-Alcoholic Beverages at the provincial level in August 2024 was reported at 2.6 percent from 6.5 percent in July 2024. In August 2023, food inflation was recorded at 10.4 percent.

2.1 Main Factors of the Downward Trend of Food Inflation

The downward trend of food inflation in August 2024 was primarily influenced by the lower year-on-year index of Rice at 10.4 percent from 21.1 percent in July 2024. Additionally, lower indices were observed in the following food groups during the month:

(a)    Corn, 27.5 percent;   
(b)    Flour, bread and other bakery products, pasta products, and other cereals, 3.4 percent;   
(c)    Meat and other parts of slaughtered land animals, 3.0 percent;   
(d)    Vegetables, tubers, plantains, cooking bananas and pulses, (19.4) percent;   
(e)    Sugar, confectionery and desserts, (6.6) percent; and   
(f)    Oils and fats, (0.6) percent.

Meanwhile, higher rates compared to the previous month were observed in the following food groups:

(a)    Ready-made food and other food products, 10.1 percent;   
(b)    Fruits and nuts, 3.9 percent;   
(c)    Milk, other dairy products and eggs, 2.4 percent; and   
(d)    Fish and other seafood, 1.6 percent.

EDGAR M. NORBERTE
Chief Statistical Specialist