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
*Year-on-year change of CPI for January to November 2024 vs. 2023
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 2.9 percent in November 2024 from 3.4 percent in October 2024. This brings the average inflation from January to November 2024 for this income group to 4.3 percent. In November 2023, the inflation rate was posted at 4.9 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 3.1 percent in November 2024 to 3.6 percent in October 2024. This brings the region’s average inflation from January to November 2024 for this income group to 4.2 percent. In November 2023, the inflation rate in the region recorded at 4.0 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 3.2 percent in November 2024 from 3.9 percent in October 2024. The city’s average inflation from January to November 2024 was 5.0 percent. In November 2023, the inflation rate stood at 5.2 percent. (Table A and Figure 1)
1.1 Main Drivers to the Downward Trend of Headline Inflation in the City of Cebu
The main source to the downward trend of the headline inflation rate for this income group in November 2024 was the slower year-on-year increase of food and non-alcoholic beverages at 3.6 percent from 5.6 percent in October 2024. (Table 4)
In addition, slower annual increments were also observed in health at 1.4 percent, and furnishings, household equipment and routine household maintenance at 1.7 percent from their previous month’s respective inflation rates of 2.1 percent, and 2.5 percent. (Table 3)
In contrast, faster annual increases were noted in clothing and footwear at 1.6 percent, housing, water, electricity, gas and other fuels at 5.7 percent, and personal care, and miscellaneous goods and services at 3.4 percent in November 2024 from their respective inflation rates of 0.3 percent, 4.7 percent, and 3.2 percent in October 2024. (Table 3)
Transport had a slower annual decrease at 0.8 percent during the month from 1.2 percent annual decline in the previous month. (Table 3)
Moreover, the indices of commodity groups that retained their previous month’s inflation were as follows:
a. Alcoholic beverage and tobacco, 0.3 percent;
b. Recreation, sport and culture, 1.3 percent;
c. Education services, 3.1 percent; and
d. Restaurants and accommodation services, 2.1 percent. (Table 3)
Meanwhile, the indices with no price movement were information and communication, and financial services. (Table 3)
1.2 Main Contributors to the Headline Inflation
The following commodity groups were the top three contributors to the November 2024 overall inflation for the bottom 30% income households in the City of Cebu:
a. Food and non-alcoholic beverages with 50.4 percent share or 1.6 percentage points;
b. Housing, water, electricity, gas and other fuels with 34.9 percent share or 1.1 percentage point; and
c. Restaurants and accommodation services with 8.8 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 3.9 percent in November 2024 from 5.9 percent in October 2024. In November 2023, the food inflation stood at 7.1 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 year-on-year increases of rice at 0.4 percent, fish and other seafood at 1.8 percent, and milk, other dairy products and eggs at 1.6 percent from their respective inflation rates of 4.5 percent, 4.9 percent, and 6.8 percent in October 2024. (Table 5)
Sugar, confectionary and desserts index had faster annual decrease at 2.0 percent in November 2024 from 1.9 percent annual decline in the previous month. (Table 5)
In addition, slower year-on-year increments were also noted in flour, bread and other bakery products, pasta products, and other cereals at 0.7 percent, fruits and nuts at 1.5 percent, and ready-made food and other food products not elsewhere classified at 4.3 percent from their previous month’s respective inflation rates at 0.8 percent, 14.3 percent, and 5.2 percent. (Table 5)
In contrast, faster annual increases were observed in corn at 61.1 percent, meat and other parts of slaughtered land animals at 3.0 percent, vegetables, tubers, plantains, cooking bananas and pulses at 18.7 percent in November 2024 from their respective inflation rates at 58.9 percent, 2.3 percent, and 12.5 percent in October 2024. (Table 5)
Meanwhile, oils and fats index retained its previous month’s inflation rate at 2.3 percent annual decline. (Table 5)
2.2 Main Contributors to the Food Inflation
Food inflation contributed 48.9 percent share or 1.6 percentage points to the November 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 53.1 percent share or 2.1 percentage points;
b. Vegetables, tubers, plantains, cooking bananas and pulses with 23.7 percent share or 0.9 percentage point; and
c. Meat and other parts of slaughtered land animals with 11.0 percent share or 0.4 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 – November 2024
(2018=100)
Source: Philippine Statistics Authority, Retail Price Survey of Commodities for the Generation of Consumer Price Index
Approved by:
MELCHOR B. BAUTISTA
Chief Statistical Specialist
LGS/MJDG
