30 October 2024– Guimaras. The inflation rate in Guimaras province continuously slowed in the last two months of the third quarter of 2024, reaching 4.7% in September from 5.5 % in August, bringing the provincial average inflation to 6.1 percent, based on the latest price data released by the Philippines Statistics Authority (PSA).

“The downtrend in the inflation in September 2024 was primarily influenced by the decreased year-on-year price change in the heavily weighted Food and Non-Alcoholic Beverages at 5.3 percent during the month, from 7.0 percent in August,” Provincial Statistics Officer Nelida B. Losare said.

“The slower annual price change on Transport at -5.0 percent in September 2024 from -1.3 percent in the previous month and Education Services at 0.0 percent from 5.1 percent a month ago also contributed to the sluggish overall inflation,” Losare added.

Food groups contributed 64.5 percent to the downtrend of September, while Transport and Education Services shared 19.9 and 5.5 percent, respectively. 

“From August to September 2024, Food, Transport, and Education Services were mainly pushed by the slow-moving price movements on Meat of pigs, fresh, chilled or frozen with 22.6 percent from 35.7 rate, Gasoline with -18.9 percent inflation from -10.4 percent and Services on Secondary education with 0.0 %inflation from 6.4 % inflation,” Losare said. 

Likewise, the dropping price change on commodities of Clothing and Footwear at 1.1 percent in September from 2.1 percent in August 2024; Furnishings, Household Equipment and Routine Household Maintenance at 0.7 percent from 1.7 percent; Health at 6.9 percent from 7.0 percent; Recreation, Sport and Culture at 8.8 percent from 11.8 percent; Restaurants and Accommodation Services at 5.2 percent from 5.3 percent; and Personal Care, and Miscellaneous Goods and Services at 2.1 percent from 2.3 percent in August 2024 also showed a significant share in the September downtrend Inflation Rate.

Likewise, the dropping price change on commodities of Clothing and Footwear at 1.1 percent in September from 2.1 percent in August 2024; Furnishings, Household Equipment and Routine Household Maintenance at 0.7 percent from 1.7 percent; Health at 6.9 percent from 7.0 percent; Recreation, Sport and Culture at 8.8 percent from 11.8 percent; Restaurants and Accommodation Services at 5.2 percent from 5.3 percent; and Personal Care, and Miscellaneous Goods and Services at 2.1 percent from 2.3 percent in August 2024 also showed a significant share in the September downtrend Inflation Rate.

In contrast, faster inflation rates in September were noted in the commodities of Alcoholic Beverages and Tobacco, 4.7 % from 4.6 %; Housing, Water, Electricity, Gas and Other Fuels, 10.2% from 6.2%; and Information and Communication, 2.4% from 2.0%.

“Only Financial Services retained its inflation rate level with 0.0%,” Losare said.

“The Inflation Rate is the rate of change in the CPI derived by computing the indices relative to the same period in the previous year or month, and currently, Guimaras Province posted a 132.7 CPI, translating that a typical Guimarasnon household needs 1,327.00 pesos in September 2024 to purchase a basket of goods and services worth 1000 pesos in 2018," Losare clarified. 

“The Purchasing Power of the Peso (PPP) in Guimaras retained at 0.75 in September 2024. This indicates that one peso in 2018 is now worth 0.75 centavos, recording a devaluation 0.04 from 0.79 PPP in September 2023,” Losare added.