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

A. Philippines                          

1. Headline Inflation

The Philippines’ headline inflation or overall inflation increased to 2.5 percent in November 2024 from 2.3 percent in October 2024. This brings the national average inflation rate from January to November 2024 to 3.2 percent. In November 2023, the inflation rate was higher at 4.1 percent. (Figure 1, and Tables A, B, 5, and 14)

1.1 Main Drivers to the Upward Trend of the Headline Inflation

The uptrend in the overall inflation in November 2024 was primarily influenced by the faster annual increment in the index of the heavily-weighted food and non-alcoholic beverages at 3.4 percent during the month from 2.9 percent in October 2024. Also contributing to the uptrend was transport with a slower year-on-year decrease of 1.2 percent in October 2024 from a 2.1 percent annual drop in the previous month.

Higher annual increments were also noted in the indices of the following commodity groups during the month:

          a. Alcoholic beverages and tobacco, 3.1 percent from 3.0 percent;
          b. Furnishings, household equipment and routine household maintenance, 2.7 percent from 2.4 percent; and 
          c. Personal care, and miscellaneous goods and services, 2.9 percent from 2.8 percent.

In contrast, the following commodity groups registered lower inflation rates during the month:

          a. Clothing and footwear, 2.6 percent from 2.7 percent;
          b. Housing, water, electricity, gas and other fuels, 1.9 percent from 2.4 percent; and
          c. Recreation, sport and culture, 2.4 percent from 2.6 percent.

The indices of the rest of the commodity groups retained their respective previous month’s inflation rates in November 2024. (Tables 5 and 6)

1.2 Main Contributors to the Headline Inflation

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

          a. Food and non-alcoholic beverages with 51.1 percent share or 1.3 percentage points;
          b. Housing, water, electricity, gas and other fuels with 16.2 percent share or 0.4 percentage point; and
          c. Restaurants and accommodation services with 14.9 percent share or 0.4 percentage point.

2. Food Inflation

Food inflation at the national level rose to 3.5 percent in November 2024 from 3.0 percent in the previous month. In November 2023, food inflation was higher at 5.8 percent. (Table 9)

2.1 Main Drivers to the Upward Trend of Food Inflation

The acceleration of food inflation in November 2024 was primarily brought about by the year-on-year increase in the index of vegetables, tubers, plantains, cooking bananas and pulses at 5.9 percent during the month from a 9.2 percent annual decline in October 2024. The annual growth rate in the index of fish and other seafood at 0.4 percent during the month from a year-on-year decrease of 0.4 percent in October 2024 also contributed to the uptrend of the food inflation. 

Moreover, faster annual growth rate was observed in the index of meat and other parts of slaughtered land animals at 3.9 percent during the month from 3.6 percent in October 2024. The oils and fats index also recorded an annual increment of 0.2 percent in November 2024 from a 0.4 percent annual decline in the previous month.

In addition, slower annual decline was noted in the index of sugar, confectionery and desserts at 2.9 percent in November 2024 from a 3.3 percent annual decrease in the previous month.

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

          a. Rice, 5.1 percent from 9.6 percent; 
          b. Corn 8.2 percent from 9.7 percent;
          c. Flour, bread and other bakery products, pasta products, and other cereals, 1.9 percent from 2.2 percent;
          d. Milk, other dairy products and eggs, 2.9 percent from 3.6 percent;
          e. Fruits and nuts, 7.3 percent from 11.2 percent; and
          f.  Ready-made food and other food products not elsewhere classified, 4.2 percent from 4.6 percent. (Tables 7 and 13)

2.2 Main Contributors to the Food Inflation

Food inflation shared 48.4 percent or 1.2 percentage points to the overall inflation in November 2024. The top three food groups in terms of contribution 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 a share of 44.2 percent or 1.6 percentage points;   
          b. Meat and other parts of slaughtered land animals with a share of 20.9 percent or 0.7 percentage point; and
          c. Vegetables, tubers, plantains, cooking bananas and pulses with a share of 13.8 percent or 0.5 percentage point.

3. Core Inflation

Core inflation, which excludes selected food and energy items, increased to 2.5 percent in November 2024 from 2.4 percent in October 2024. In November 2023, core inflation was faster at 4.7 percent. (Tables A, 11, and 17) 
 

B. National Capital Region (NCR)

Similarly, inflation in NCR moved at a faster pace in November 2024 at 2.2 percent from 1.4 percent in the previous month. In November 2023, inflation rate in the area was recorded at 4.2 percent. (Tables A, 5, and 15)

The main driver to the increase in the inflation rate in the region was the higher annual increment in the index of the heavily-weighted food and non-alcoholic beverages at 4.3 percent during the month from 2.2 percent in October 2024. Also contributing to the uptrend of inflation in the area was the faster year-on-year increase in the index of housing, water, electricity, gas and other fuels at 1.5 percent in November 2024 from 1.1 percent in the previous month, and the slower annual decline observed in the transport index at 1.8 percent during the month from a year-on-year decrease of 2.9 percent in the previous month.

In addition, higher year-on-year mark-ups were noted in the indices of the following commodity groups during the month:

          a. Information and communication, 0.2 percent from 0.1 percent;
          b. Restaurants and accommodation services, 2.5 percent from 2.3 percent; and
          c. Personal care, and miscellaneous goods and services, 2.7 percent from 2.6 percent.

In contrast, lower year-on-year increases were noted in the indices of the following commodity groups during the month:

          a. Alcoholic beverages and tobacco, 2.5 percent from 2.6 percent;
          b. Clothing and footwear, 1.7 percent from 1.9 percent;
          c. Furnishings, household equipment and routine household maintenance, 1.1 percent from 1.2 percent;
          d. Health, 2.2 percent from 2.3 percent; and
          e. Recreation, sport and culture, 1.2 percent from 1.3 percent.

The indices of the rest of the commodity groups moved at their respective annual rates in October 2024. (Tables 5 and 6)

C. Areas Outside NCR (AONCR)

Inflation in AONCR was observed at 2.6 percent in November 2024, which was the same annual rate recorded in October 2024. In November 2023, inflation rate in the area was higher at 4.1 percent. (Tables A, 5, and 16)

The following commodity groups registered higher inflation rates in AONCR during the month: 

          a. Food and non-alcoholic beverages, 3.2 percent from 3.1 percent;
          b. Alcoholic beverages and tobacco, 3.2 percent from 3.0 percent; 
          c. Furnishings, household equipment and routine household maintenance, 3.1 percent from 2.8 percent; and
          d. Health, 2.7 percent from 2.6 percent.

In addition, slower annual decline was noted in the transport index at 1.1 percent in November 2024 from the year-on-year decrease of 1.9 percent in October 2024.

On the contrary, lower inflation rates during the month were observed in the indices of housing, water, electricity, gas and other fuels at 2.0 percent and recreation, sport and culture at 2.7 percent from their respective inflation rates of 2.8 percent and 2.9 percent in the previous month.

The indices of the rest of the commodity groups remained at their respective previous month’s annual rates. (Tables 5 and 6)

Relative to their respective October 2024 inflation rates, five regions in AONCR exhibited higher inflation rates in November 2024. Region II (Cagayan Valley) was the region with the highest inflation rate at 3.4 percent in November 2024, while Region XII (SOCCSKSARGEN), Caraga Region, and Bangsamoro Autonomous Region in Muslim Mindanao all recorded the lowest inflation rate of 1.7 percent each. (Table 6)

Note: CPIs and inflation rates by province and selected city are posted at the PSA OpenSTAT portal at https://openstat.psa.gov.ph/PXWeb/pxweb/en/DB/DB__2M__PI__CPI__2018/?tablelist=true.

CLAIRE DENNIS S. MAPA, PhD                         
Undersecretary                          
National Statistician and Civil Registrar General                          
 

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