CAPIZ HEADLINE FOOD INFLATION

The headline food inflation rate of Capiz further decreased to 4.8 percent in November 2024 from 5.7 percent in October 2024. This 0.9 percentage points decrease indicates a deceleration in the rise of food prices month-over-month. Moreover, the November 2024 food inflation rate is 5.3 percentage points lower than the 10.1 percent recorded in November 2023. (Table 1 and Figure 1) 

As shown in Table 1, Capiz’s food inflation is even higher than the regional and national levels in October and November 2024.

MAIN DRIVERS TO THE DOWNTREND OF THE HEADLINE FOOD INFLATION

The deceleration of food inflation in November 2024 was primarily influenced by the monthly decrease in Meat and other parts of slaughtered land animals with a 1.5 percent inflation during the month, from 8.5 percent in the previous month accounting for 85.8 percent share to the November 2024 food inflation rate in Capiz.

Also sharing to the downtrend of food inflation were the slow increases observed in Fish and other seafood at -2.5 percent from -1.9 percent in October 2024 with 8.9 percent share to November 2024 food inflation, and Ready-made food and other food products n.e.c. with 6.9 percent from 7.8 percent in the previous month with 3.1 percent share.

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

1.       Cereals and cereal products at 17.3 percent from 16.9 percent;

2.    Vegetables, tubers, plantains, cooking bananas and pulses at -0.6 percent from -4.5 percent; 

MAIN CONTRIBUTORS TO HEADLINE INFLATION

The top three commodity groups contributing to November 2024 overall food inflation were the following:

      a. Cereals and cereal products, with a 95.1 percent contribution with 4.56 percentage points; 

      b. Ready-made food and other food products n.e.c. with 4.6 percent contribution or 0.22 percentage points; and 

      c. Meat and other parts of slaughtered land animals with 3.6 percent contribution or 0.17 percentage points.

FOOD INFLATION RATE FOR BOTTOM 30% INCOME HOUSEHOLDS

The food inflation rate for the bottom 30% income households in Capiz decreased to 6.1 percent in November 2024 from 6.8 percent in October 2024. In November 2023, the food inflation was much higher at 10.5 percent. 

The highest food inflation rate for the bottom 30% income households was 10.5 percent recorded in November 2023. Meanwhile, the lowest was seen in January 2024 with a 4.1 percent food inflation rate.