TABLE A. Year-on-Year Inflation Rates, All Items
In Percent
(2018=100)

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

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

1. Bukidnon
   
   1. Headline Inflation

The headline inflation in the province decreased to 5.8 percent in June 2024 from 6.0 percent in May 2024. This brings the provincial average inflation from January to June 2024 to 5.4 percent. In June 2023, inflation rate was higher at 6.5 percent.

1.1 Main Drivers to the Downward Trend of the Headline Inflation

The downtrend in the overall inflation in June 2024 was primarily influenced by the slower annual increment of food and non-alcoholic beverages at 10.3 percent during the month, down from 11.4 percent in May 2024. Also contributing to the downtrend were the slower annual increases in the indices of Furnishings, Household Equipment and Routine Household Maintenance, with a decrease from 10.8 percent in May 2024 to 10.3 percent, and Recreation, Sport and Culture, with a decrease from 8.6 percent in the previous month to 7.2 percent inflation in June 2024. Moreover, lower annual increments were noted in the indices of the following commodity groups during the month:

1. Personal Care, And Miscellaneous Goods and Services at 2.3 percent from 2.6 percent;
2. Transport at 11.1 percent from 11.2 percent; and
3. Alcoholic Beverages and Tobacco at 3.5 percent from 3.8 percent.

On the contrary, the indices of clothing and footwear exhibited a higher annual increase of 6.5 percent during the month, up from an annual increment of 6.4 percent in May 2024, and Health at 8.7 percent, up from 8.3 percent in the previous month.

In addition, a slower annual decline was noted in the index of housing, water, electricity, gas and other fuels at -6.7 percent during the month, an improvement from the -7.8 percent year-on-year decrease in May 2024.

The indices of the following commodity groups retained their respective previous month’s annual rates.

1. Information and Communication, 0.2 percent;
2. Education Services, 17.9 percent;
3. Restaurants and accommodation services, 0.8 percent and
4. Financial Services, 0.0 percent.

1.2 Main Contributors to the Headline Inflation

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

1. Food and non-alcoholic beverages with 77.8 percent share or 4.51 percentage points;
2. Transport with 18.6 percent share or 1.0 percentage points and
3. Furnishing, household equipment and routine household maintenance with 5.7 percent share or 0.3 percentage points.

2. Food Inflation

Food inflation at the provincial level descend to 10.8 percent in June 2024 from 12.0 percent in May 2024. In June 2023, food inflation was lower at 7.5 percent. 

2.1 Main Drivers to the Downward Trend of Food Inflation

The deceleration of food inflation in June 2024 was mainly brought about by the faster year-on-year decrease in the meat and other parts of slaughtered land animals index at -3.1 percent in June 2024, down from -0.5 percent in the previous month, and fish and other seafood at -3.5 percent during the month, down from -1.4 percent in May 2024. Milk, other dairy products and eggs also contributed to the downtrend with a 4.0 percent inflation rate in June 2024, down from 7.6 percent in May 2024.

Moreover, slower annual increments were noted in the indices of the following food groups during the month:

1. Fruits and nuts, 25.6 percent from 29.1 percent;
2. Rice, 31.7 percent from 33.9 percent;
3. Flour, Bread and Other Bakery Products, Pasta Products, and Other Cereals, 4.8 percent from 6.5 percent;
4. Ready-made food and other food products, 6.4 percent from 7.7 percent; and
5. Oils and fats also contributed to the downtrend with a 3.1 percent inflation rate in June 2024, down from 5.9 percent in May 2024.

In addition, faster annual decline was noted in the index of sugar, confectionery at -1.4 percent during the month from 0.4 percent year-on-year decrease in May 2024.

On the contrary, faster annual growth rates during the month were observed in the indices of the following groups:

1. Vegetables, tubers, plantains, cooking bananas and pulses, 5.6 percent from 5.2 percent; and
2. Corn, 24.1 percent from 16.5 percent.

2.2 Main Contributors to the Food Inflation

Food inflation shared 77.2 percent or 4.5 percentage points to the overall inflation in June 2024. The top three food groups in terms of contribution to the food inflation during the month were the following:

1. Cereals and cereal products, which includes rice, corn, flour, bread and other bakery products, pasta products, and other cereals, with a share of 91.3 percent or 9.9 percentage points;
2. Fruits and nuts with a share of 8.0 percent or 0.9 percentage point; and
3. Vegetables, tubers, plantains, cooking bananas and pulses with a share of 3.2 percent or 0.3 percentage point.

Table B. Year-on-Year Inflation Rates in Bukidnon, All Items in Percent
January 2019 – June 2024
(2018=100)

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

Note:

CPIs and inflation rates by province and selected city are posted at PSA website (https://openstat.psa.gov.ph/).

(SGD.) MARIA EVANGELINE N. NON
Chief Statistical Specialist