CAPIZ HEADLINE FOOD INFLATION

The headline food inflation rate of Capiz decreased to 5.7 percent in June 2024 from 5.9 percent in September 2024. This 0.2 percentage points decrease indicates a slight deceleration in the rise of food prices month-over-month. Moreover, the October 2024 food inflation rate is 5.0 percentage points lower than the 10.7 percent recorded in October 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 September and October 2024.

MAIN DRIVERS TO THE DOWNTREND OF THE HEADLINE FOOD INFLATION

The deceleration of food inflation in October 2024 was primarily influenced by the monthly decrease in Meat and other parts of slaughtered land animals with a 8.5 percent inflation during the month, from 11.3 percent in the previous month accounting for 66.5 percent share to the October 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 -1.9 percent from -0.9 percent in September 2024 with 28.9 percent share to October 2024 food inflation, and Fruits and nuts with 2.7 percent from 3.3 percent in the previous month with 4.7 percent share.

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

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

1.      Oil and fats at 4.9 percent from 1.1 percent;

2.     Flour, bread and other bakery products, pasta products and other cereals  at 2.6 percent from 1.3 percent; 

3.       Milk, other dairy products and eggs at 2.6 percent from 1.5 percent;

4.    Cereals and cereal products at 16.9 percent from 16.1 percent in the previous month;

5.     Ready-made food and other food products n.e.c. at 7.8 percent from 7.4 percent; and 

6.     Vegetables, tubers, plantains, cooking bananas and pulses with a recorded food inflation of -4.5 percent from -4.9 percent in the previous month.

MAIN CONTRIBUTORS TO HEADLINE INFLATION

The top three commodity groups contributing to October 2024 overall food inflation was the following:

   a. Cereals and cereal products, with a 82.7 percent contribution with 4.72 percentage points; 

      b. Meat and other parts of slaughtered land animals with 18.1 percent contribution or 1.03 percentage points; and 

      c. Ready-made food and other food products n.e.c. with 4.6 percent contribution or 0.26 percentage points.

FOOD INFLATION RATE FOR BOTTOM 30% INCOME HOUSEHOLDS

FOOD INFLATION RATE FOR BOTTOM 30% INCOME HOUSEHOLDS

The food inflation rate for the bottom 30% income households in Capiz remained steady at 6.8 percent in October 2024. In October 2023, the food inflation was much higher at 11.2 percent.

The highest food inflation rate for the bottom 30% income households was 11.2 percent recorded in October 2023. Meanwhile, the lowest was seen in February 2024 with a 4.1 percent food inflation rate.