PANGASINAN
1. Headline Inflation
Inflation rate in the Philippines increased to 4.4 percent in July 2024 from 3.7 percent in June. The inflation rate of the country in July 2023 was posted at 4.7 percent, while the average inflation in the country for 2024 was recorded at 3.7 percent (Table A and Figure 1).
Similarly, the inflation rate in the Ilocos Region rose to 3.3 percent in July 2024, up from 2.8 percent in June 2024. Inflation rate of the region in July 2023 was posted at 3.6 percent. The average inflation in the region for 2024 was 2.4 percent.
Headline inflation rate in Pangasinan accelerated to 3.1 percent in July 2024 from 2.7 percent in June. The inflation rate in the province in July 2023 was posted at 4.6 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 by the higher year-on-year increase in the index of Food and non-alcoholic beverages, which rose to 6.5 percent from 5.7 percent in June 2024 (Table C). Also contributing to the accelerating inflation rate of the province during the month were the rising indices of the following commodity groups:
(a) Education services, 7.6 percent;
(b) Health, 2.7 percent;
(c) Transport, 2.5 percent;
(d) Recreation, sport, and culture, 2.4 percent; and
(e) Housing, water, electricity, gas, other fuels, -3.0 percent.
In contrast, the following commodity groups registered lower inflation rates during the month:
(a) Clothing and footwear, 6.2 percent;
(b) Furnishings, household equipment, household maintenance, 4.0_percent;
(c) Personal care, miscellaneous goods and services, 3.8 percent; and
(d) Alcoholic beverages and tobacco, 3.4 percent.
Meanwhile, the inflation rates for the commodity groups of (a) information and communication, (b) restaurants and accommodation 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 July 2024 was reported at 6.5 percent, up from 5.7 percent in June 2024. In July 2023, food inflation was recorded at 6.7 percent (Table D).
2.1 Main Drivers of the Downward Trend of Food Inflation
The upward trend of food inflation in July 2024 was primarily influenced by the higher year-on-year index of fish and other seafood from negative 4.7 percent in June 2024 to negative 0.9 percent. Additionally, higher indices were observed in the following food groups during the month:
(a) Fruits and nuts, 3.4 percent;
(b) Milk, other dairy products and eggs, 1.5 percent; and
(c) Vegetables, tubers, plantains, cooking bananas and pulses, 0.2_percent;
Meanwhile, lower annual rates compared to the previous month were observed in the following food groups:
(a) Corn, 49.7 percent;
(b) Rice, 21.1 percent;
(c) Ready-made foods, etc., 9.8 percent;
(d) Flour, bread, pasta, and others, 3.6 percent;
(e) Oils and fats, 3.3 percent; and
(f) Sugar, confectionery, desserts, -4.1 percent;
Moreover, the annual growth rate of meat and other parts of slaughtered land animals remained steady at 3.8 percent in July 2024, the same as in June 2024.
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
