The inflation rate in Camiguin saw an increase to 3.4 percent in December 2024

The inflation rate in Camiguin increased to 3.4 percent in December 2024 from the 3.0 percent posted in November 2024. In December 2023, the inflation rate stood at 3.7 percent. The province's year-to-date inflation rate is at 3.9 percent. (See Figure 1)

Source: Survey of Retail Prices of Commodities for the Generation of CPI, PSA

In December 2024, Misamis Oriental and Misamis Occidental rose to 4.5 and 2.9 percent, respectively, up by 11.0 percentage points from their November 2024 rates of 3.4 and 1.8 percent.

Meanwhile, Bukidnon’s inflation rate decreased to 2.2 percent from the 2.6 percent posted in November 2024. On the other hand, inflation rate in Lanao del Norte remained at 0.6 percent. (See Figure 2)

Figure 2 presents the annual inflation rates of the provinces in Region X in December 2024.

Source: Survey of Retail Prices of Commodities for the Generation of CPI, PSA

The increase in overall inflation in the province in December 2024 was driven by faster increments in the following indices:

• Alcoholic beverages and tobacco, 6.7 percent;

• Transport, 22.4 percent;

• Information and communication, 1.1 percent;

• Recreation, sport and culture, 3.5 percent;

• Restaurants and accommodation services, 5.9 percent; and

• Personal care, and miscellaneous goods and services, 1.9 percent.

Meanwhile, slower rate of increases was posted in the indices of:

• Food and non-alcoholic beverages, 0.6 percent;

• Clothing and footwear, 8.0 percent;

• Furnishings, household equipment and routine household maintenance, 3.6 percent; and

• Health, 5.9 percent;

On the other hand, slower rate of decline was registered in the index of Housing, water, electricity, gas and other fuels (0.4%) in December 2024, while Education services (7.0%) and Financial services (11.1%) maintained the same inflation rates as in November 2024. (See Table 1)

Table 1. Year-on-Year Inflation Rates by Commodity Group,

Camiguin (2018 = 100)

Source, Survey of Retail Prices of Commodities for the Generation of CPI PSA

The slight increase in the annual inflation rate of food in December 2024 was driven by the increases in the following indices:

• Flour, bread and other bakery products, pasta products, and other cereals, 1.5 percent;

• Fish and other seafood, 1.8 percent;

• Milk, other dairy products, and eggs, 3.9 percent;

• Oils and fats, 9.8 percent;

• Fruits and nuts, 7.2 percent;

• Vegetables, tubers, cooking bananas and pulses, 9.0 percent;

• Ready-made food and other food products N.E.C., 5.3 percent; and

• Non-alcoholic beverages, 2.5 percent.

On the other hand, faster rate of declines were registered in the indices of:

• Rice, 1.0 percent;

• Meat and other parts of slaughtered land animals, 6.2 percent; and

• Sugar, confectionery, and desserts, 4.2 percent. (See Table B and Table 1A)

Table B. Year-on-Year Inflation Rates by Food Group:

Camiguin (2018=100)

Top of Form

FRANCISCO C. GALAGAR, JR.

Chief Statistical Specialist

Technical Notes

This Special Release presents the results of the Survey of Retail Prices of Commodities and Services for the Generation of Consumer Price Index (CPI) conducted in December 2024.

CPI

The CPI is an indicator of the change in the average retail prices of a fixed basket of goods and services commonly purchased by households for their day-to-day consumption relative to a base year.

Uses of the CPI

As an indicator, the CPI is most widely used in the calculation of the inflation rate and purchasing power of the peso. It is a major statistical series used for economic analysis and as a government economic policy monitoring indicator.

The CPI is also used as a deflator to express value series in real terms, which is, measuring the change in actual volume of transactions by removing the effects of price changes. Another major importance of the CPI is its use as a basis to adjust wages in labor-management contracts and pensions and retirement benefits. The CPI also inputs wage adjustments through collective bargaining agreements.

Components of the CPI

a. Base Period

This is a reference date or simply a convenient benchmark to which a continuous series of index numbers can be related. Since the CPI measures the average changes in the retail prices of a fixed basket of goods, it is necessary to compare the movement in previous years back to a reference date at which the index is taken as equal to 100.

The present series uses 2018 as the base year. The year 2018 was chosen as the base year because it is the year when the Family Income and Expenditure Survey (FIES) was conducted. The FIES is the basis of the CPI weights.

Market Basket

Market basket refers to a sample of thousands of varieties of goods purchased for consumption and services availed by households in the country. It was selected to represent the composite price behavior of all goods and services purchased by the consumers.

b. Weighting System

The weighting system is a desirable system that considers the relevance of the components of the index. For the CPI, the weighting pattern uses the expenditures on various consumer items purchased by households as a proportion to total expenditures.

c. Geographic Coverage

CPI values are computed at the national, regional, and provincial levels, and for selected cities. A separate CPI for NCR is also computed.

d. Classification Standards

The 2012-based CPI series is the first in the series that used the 1999 United Nations Classification of the Individual Consumption According to Purpose (COICOP) in determining the commodity groupings of the items and services included in the market basket. The 2018-based CPI also follows the 2015 Philippine Standard Geographic Classification codes.

Inflation Rate

The inflation rate (IR) is the annual or monthly rate of change of the CPI in percent. It is interpreted in terms of the declining purchasing power of money.

Source: Retail Price Survey of Commodities for the Generation of Consumer Price Index, Philippine Statistics Authority