08 January 2024 -Guimaras. The province of Guimaras recorded the lowest average food inflation rate at 8.5 percent in 2023 among the six provinces in Western Visayas region, based on the latest price statistics released by the Philippines Statistics Authority (PSA).

Figure 1. Average Food Inflation Rate, by Province: 2023

Food inflation in Guimaras for 2023 stood at 8.5 percent, slower by 0.3 percentage points from the 8.8 percent food inflation in 2022. The 8.5 percent food inflation rate in 2023 is the second highest rate recorded in 11 years, next to 2022 with 8.8%, while 2021 got the slowest at -0.3%. See Figure 2.

The contraction of food inflation in 2023 influenced by the annual decrease recorded in Fish and other seafood at 5.1 percent, from 9.7 percent in 2022 with a 36.8 percent share to food inflation, due to the slower price movements in Fish, live, fresh, chilled or frozen with 1.2 percent inflation.

Figure 2. Headline Average Inflation rates in Guimaras, Food Items, 2013-2023

Also, contributing to the downtrend of food inflation were slower increases observed in the indices of Vegetables, tubers, plantains, cooking bananas and pulses at 17.4 percent in 2023 from 28.5 percent with 28.7 percent share to the 2023 average food inflation rate, mainly caused by the downtrend in Other leafy or stem vegetables, fresh or chilled at 19.4 percent from a high of 164.1 percent a year ago.

Meat and other parts of slaughtered land animals also contributed to the decline of the 2023 average food inflation with a recorded 7.0 percent rate from 12.5 percent in the previous year with a 25.9 percent share to the 2023 average food inflation in the province.

Table 1. Top 3 Major Sources and Contributors to Guimaras Food Inflation Rate in December 2023

Table 2. Headline Inflation Rates in Guimaras, Food Item Commodity Groups, 2021 - 2023 (2018=100)

The slower inflation rates were in the indices of the following food items:

a. Sugar, confectionery, and desserts, 16.9 percent from 25.3 percent; and 

b. Fruits and nuts, 11.0 percent from 11.9 percent

In addition, faster annual declines were recorded in the indices of Cereals and cereal products at 7.3 percent during the year from a decrement of 1.1 in the previous year; Milk, other dairy products, and eggs at 10.6 percent from a low of 5.1 percent in 2022; Oils and fats with a recorded increment of 14.5 percent from 12.7 percent; and Ready-made food and other food products n.e.c., at 9.0 percent from 5.0 percent average food inflation a year ago.

Moreover, food groups with the highest contribution to the 2023 average food inflation were the following:

a. Cereals and cereal products, with 33.9 percent share or 2.88 percentage points; 

b. Vegetables, tubers, plantains, cooking bananas, and pulses, with a 15.2 percent share translating to 1.29 percentage points; and 

c. Fish and other seafood with a 13.8 percent share or 1.17 percentage points

Among the six provinces in Western Visayas, the province of Guimaras recorded the slowest average food inflation rate in 2023 at 8.5 percent, while the province of Aklan recorded the highest average food inflation at 11.8 percent.