Philippine Statistics Authority

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Summary Inflation Report in Province of Cebu Consumer Price Index for the Bottom 30% Income Households (2018=100) September 2024

Release Date: 07 October 2024

Reference Number: 2024-SR22-074

Table A. Year-on-Year Inflation Rates
for the Bottom 30% Income Households, All Items
In Percent
(2018=100)

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

A. The Philippines

The country’s headline or overall inflation rate for the bottom 30% income households slowed down to 2.5 percent in September 2024 from 4.7 percent in August 2024. This is the lowest inflation rate for this particular income group since the 2.2 percent inflation rate recorded in May 2020. The average inflation rate for the bottom 30% income households from January to September 2024 is 4.6 percent. In September 2023, inflation rate was posted at 6.9 percent. (Table A)

B. Central Visayas

1. Regional Inflation

Following the trend at the national level, inflation rate for the bottom 30% income households in Central Visayas slowed down further to 1.8 percent in September 2024 from 5.2 percent in August 2024. This is the lowest inflation rate for this particular income group since the 0.7 percent inflation rate recorded in July 2021. The region’s average inflation rate for the bottom 30% income households from January to September 2024 stood at 4.4 percent. In September 2023, the inflation rate in the region was higher which posted at 6.1 percent. (Table A)

C. Province of Cebu

1. Headline Inflation

The headline inflation rate for the bottom 30% income households in the Province of Cebu slowed down further to 0.1 percent in September 2024 from 5.4 percent in August 2024. This brings the province’s average inflation to 2.2 percent from January to September 2024. In September 2023, the inflation rate was recorded at 2.3 percent. (Table A and Figure 1)

1.1 Main Drivers to the Downward Trend of Headline Inflation in the Province of Cebu

The main driver to the downward trend of the headline inflation in September 2024 for bottom 30% income households was the faster year-on-year decrease of food and non-alcoholic beverages index at 0.5 percent from annual increase of 9.9 percent in the previous month. This was followed by the commodity group of restaurants and accommodation services without price movement during the month from 2.7 percent in August 2024. Slower annual increment of housing, water, electricity, gas and other fuels at 2.4 percent from 3.5 percent in the previous month also contributed to the downtrend inflation in the province. (Table 3)

On the contrary, faster annual increments were observed in the indices of furnishings, household equipment and routine household maintenance at 2.0 percent, and recreation, sport and culture at 6.9 percent from their respective inflation rates at 1.9 percent and 5.5 percent in August 2024.

Slower annual decrement was noted in transport commodity group at 10.7 percent from 18.6 percent annual decline in the previous month. (Table 3)

Commodity groups that retained their previous month’s inflation were as follows:

a.    Alcoholic beverages and tobacco, 4.7 percent;
b.    Clothing and footwear, 1.1 percent;
c.    Health, 4.4 percent;
d.    Information and communication, 0.0 percent;
e.    Education services, 9.2 percent;
f.    Financial services, 0.0 percent; and
g.    Personal care, and miscellaneous goods and services, 2.3 percent. (Table 3)

1.2 Main Contributors to the Headline Inflation

The following commodity groups were the top contributors to the September 2024 overall inflation for the bottom 30% income households in the Province of Cebu:

a.    Housing, water, electricity, gas and other fuels with 728.7 percent share or 0.7 percentage point;
b.    Personal care, and miscellaneous goods and services with 207.1 percent share or 0.2 percentage point; and
c.    Recreation, sport and culture with 190.3 percent share or 0.2 percentage point.

2. Food Inflation

Food inflation rate for the bottom 30% income households in the Province of Cebu had a faster annual decrease at 0.8 percent in September 2024 from 10.4 percent annual increase in August 2024. In September 2023, food inflation stood at 3.4 percent. (Table 7)

2.1 Main Drivers to the Downtrend of Food Inflation

The main drivers to the downtrend of food inflation in September 2024 was mainly brought by the faster year-on-year decrease of the corn index at 3.6 percent from 36.5 percent annual increase in the previous month. This was followed the slower annual increase of rice index at 1.7 percent from 10.8 percent in the previous month. Vegetables, tubers, plantains, cooking bananas and pulses with faster annual decrease at 10.9 percent in September 2024 from 8.8 percent annual increase in the previous month also contributed to the downtrend food inflation in the province. (Table 5)

In addition, slower annual increments were also noted in the indices of the following food groups:

a.    Meat and other parts of slaughtered land animals, 3.7 percent from 6.2 percent;
b.    Flour, bread and other bakery products, pasta products, 5.1 percent from 5.6 percent;
c.    Milk, other dairy products and eggs, 4.0 percent from 4.5 percent;
d.    Oils and fats, 0.1 percent from 0.5 percent; and
e.  Ready-made food, and other food products not elsewhere classified, 7.5 percent from 8.6 percent. (Table 5)

On the contrary, faster year-on-year increase was recorded in fruits and nuts index at 14.1 percent from 9.7 percent in the previous month.

In addition, slower annual decrement was observed in fish and other seafood group at 5.5 percent from annual drop of 9.2 percent in August 2024.

Meanwhile, sugar, confectionery and desserts retained its previous month’s inflation rate at 6.0 percent annual decline. (Table 5)

2.2 Main Contributors to the Food Inflation

Food inflation contributed -633.1 percent share or -0.6 percentage point to the September 2024 overall inflation for this particular income group.
Among the food groups, the main contributors to the food inflation during the month were the following:
a. Fish and other seafood with 165.7 percent share or -1.3 percentage points;
b. Vegetables, tubers, plantains, cooking bananas and pulses with 124.8 percent share or -1.0 percentage point; and
c. Cereals and cereal products, which includes rice, corn, flour, bread and other bakery products, pasta products, and other cereals, with 22.9 percent share or -0.2 percentage point.

Table B. Year-on-Year Inflation Rates for the Bottom 30% Income Households in the Province of Cebu, All Items
In Percent
January 2019 – September 2024
(2018=100)