Philippine Statistics Authority

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

Release Date: 07 October 2024

Reference Number: 2024-SR22-075

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 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, the 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 eased to 1.8 percent in September 2024 from 5.2 percent in August 2024. The region’s average inflation for this income group from January to September 2024 stood at 4.4 percent. In September 2023, the inflation rate in the region recorded at 6.1 percent. (Table A)

C. City of Cebu

1. Headline Inflation

The headline inflation rate for the bottom 30% income households in the City of Cebu had a slower increase of 3.4 percent in September 2024 from 5.3 percent in August 2024. This brings the city’s average inflation at 5.4 percent from January to September 2024. In September 2023, the inflation rate was recorded 4.3 percent. (Table A and Figure 1)

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

The main sources to the downward trend of the headline inflation rate for this income group in September 2024 were the slower year-on-year increases of food and non-alcoholic beverages at 3.9 percent, housing, water, electricity, gas and other fuels at 4.7 percent, and transport at 1.4 percent from their previous month’s respective inflation rates at 5.9 percent, 9.1 percent and 2.3 percent. (Table 3)

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

a.    Alcoholic beverages and tobacco, 0.3 percent from 2.6 percent;
b.    Recreation, sport and culture, 1.3 percent from 17.4 percent;
c.    Personal care, and miscellaneous goods and services, 4.1 percent from 4.3 percent;
d.    Clothing and footwear, 0.4 percent from 0.6 percent; and
e.    Health, 2.4 percent from 2.6 percent. (Table 3)

On the other hand, education services index posted a faster annual increase of 3.1 percent during the month from 0.5 percent annual decline in August 2024. (Table 3)

Meanwhile, the indices of commodity groups that retained their previous month’s inflation were as follows:
a.    Furnishings, household equipment and routine household maintenance, 4.5 percent;
b.    Information and communication, 0.0 percent;
c.    Restaurants and accommodation services, 2.1 percent; and
d.    Financial services, 0.0 percent. (Table 3)

1.2 Main Contributors to the Headline Inflation

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

a.    Food and non-alcoholic beverages with 52.7 percent share or 1.8 percentage points;
b.   Housing, water, electricity, gas and other fuels with 27.8 percent share or 1.0     percentage point; and
c.    Restaurants and accommodation services with 8.5 percent share or 0.3 percentage point.

2. Food Inflation

Food inflation rate for the bottom 30% income households in the City of Cebu had a slower annual increase at 4.0 percent in September 2024 from 6.3 percent in August 2024. In September 2023, the food inflation stood at 6.3 percent. (Table 7)

2.1 Main Drivers to the Downtrend of Food Inflation

The downtrend in the food inflation during the month was primarily driven by the slower annual increases in the indices of rice at 4.0 percent, corn at 12.9 percent, vegetables, tubers, plantains, cooking bananas and pulses at 3.1 percent, and meat and other parts of slaughtered land animals at 4.2 percent from their previous month’s respective inflation rates at 10.7 percent, 42.5 percent, 31.0 percent, and 5.6 percent. (Table 5)

Slower year-on-year increment was also posted in the index of flour, bread and other bakery products, pasta products, and other cereals at 1.1 percent from 1.3 percent in August 2024.

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

a.    Fish and other seafood, 0.7 percent from -9.3 percent;
b.    Milk, other dairy products and eggs, 8.4 percent from 5.9 percent;
c.    Fruits and nuts, 17.3 percent from 13.8 percent;
d.    Sugar, confectionary and desserts, -3.1 percent from -3.3 percent; and
e.  Ready-made food and other food products not elsewhere classified, 6.2 percent from 6.1 percent. (Table 5).

Meanwhile, oils and fats index retained its previous month’s inflation rate at -2.3 percent. (Table 5)

2.2 Main Contributors to the Food Inflation

Food inflation contributed 50.4 percent share or 1.7 percentage points 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.    Cereals and cereal products, which includes rice, corn, flour, bread and other bakery products, pasta products, and other cereals with 47.6 percent share or 1.9 percentage points;
b.    Milk, other dairy products and eggs with 16.1 percent share or 0.6 percentage point; and
c.    Meat and other parts of slaughtered land animals with 15.1 percent share or 0.6 percentage point.

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