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 2.3 percent in October 2024 from 1.9 percent in September 2024. This brings the national average inflation rate from January to October 2024 to 3.3 percent. In October 2023, the inflation rate was higher at 4.9 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 October 2024 was primarily influenced by the faster annual increment in the heavily-weighted food and non-alcoholic beverages at 2.9 percent during the month from 1.4 percent in September 2024. Also contributing to the uptrend was transport with a slower year-on-year decrease of 2.1 percent during the month from a 2.4 percent annual drop in September 2024.

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

          a. Alcoholic beverages and tobacco, 3.0 percent from 3.1 percent;
          b. Clothing and footwear, 2.7 percent from 2.9 percent;
          c. Housing, water, electricity, gas and other fuels, 2.4 percent from 3.3 percent;
          d. Furnishings, household equipment and routine household maintenance, 2.4 percent from 2.6 percent;
          e. Information and communication, 0.2 percent from 0.4 percent;
          f.  Recreation, sport and culture, 2.6 percent from 2.8 percent;
          g. Restaurants and accommodation services, 3.9 percent from 4.1 percent; and
          h. Personal care, and miscellaneous goods and services, 2.8 percent from 2.9 percent.

The indices of health, education services, and financial services retained their respective previous month’s inflation rates in October 2024. (Tables 5 and 6)

1.2 Main Contributors to the Headline Inflation

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

          a. Food and non-alcoholic beverages with 46.9 percent share or 1.1 percentage point;
          b. Housing, water, electricity, gas and other fuels with 22.0 percent share or 0.5 percentage point; and 
          c. Restaurants and accommodation services with 16.1 percent share or 0.4 percentage point. 

2. Food Inflation

Food inflation at the national level rose to 3.0 percent in October 2024 from 1.4 percent in the previous month. In October 2023, food inflation was higher at 7.1 percent. (Table 9)

2.1 Main Drivers to the Upward Trend of Food Inflation

The acceleration of food inflation in October 2024 was primarily brought about by the faster inflation rate of rice at 9.6 percent in October 2024 from 5.7 percent in the previous month. This was followed by vegetables, tubers, plantains, cooking bananas and pulses with a slower year-on-year decline of 9.2 percent during the month from a 15.8 percent annual decrease in September 2024.

In addition, the index of corn also contributed to the uptrend as it recorded a faster annual increase of 9.7 percent during the month from 6.9 percent in September 2024.

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

          a. Fish and other seafood, -0.4 percent from -1.2 percent;
          b. Oils and fats, -0.4 percent from -1.4 percent; and
          c. Sugar, confectionery and desserts, -3.3 percent from -3.8 percent.

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

          a. Flour, bread and other bakery products, pasta products, and other cereals, 2.2 percent from 2.3 percent;
          b. Milk, other dairy products and eggs, 3.6 percent from 4.0 percent;
          c. Fruits and nuts, 11.2 percent from 11.9 percent; and
          d. Ready-made food and other food products not elsewhere classified, 4.6 percent from 5.1 percent.

The index of meat and other parts of slaughtered land animals retained its previous month’s annual increase of 3.6 percent. (Tables 7 and 13) 

2.2 Main Contributors to the Food Inflation

Food inflation shared 44.5 percent or 1.0 percentage point to the overall inflation in October 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 78.2 percent or 2.3 percentage points;  
          b. Meat and other parts of slaughtered land animals with a share of 19.6 percent or 0.6 percentage point; and 
          c. Fruits and nuts with a share of 14.2 percent or 0.4 percentage point.

3. Core Inflation

Core inflation, which excludes selected food and energy items, remained at 2.4 percent in October 2024. In October 2023, core inflation was faster at 5.3 percent. (Tables A, 11, and 17)
 

B. National Capital Region (NCR)

Inflation in NCR decelerated to 1.4 percent in October 2024 from 1.7 percent in the previous month. In October 2023, inflation rate in the area was recorded at 4.9 percent. (Tables A, 5, and 15)

The main driver to the slowdown of inflation rate in the area was the lower annual increment in housing, water, electricity, gas and other fuels at 1.1 percent during the month from 2.7 percent in September 2024. Also contributing to the deceleration of inflation in the area was the faster annual decline in transport at 3.0 percent during the month from a 2.5 percent annual decrease in September 2024.  The lower year-on-year increase in the restaurants and accommodation services at 2.3 percent during the month from a 2.6 percent annual growth rate in September 2024 also contributed to the downtrend of the overall inflation in the region.

Moreover, lower year-on-year mark-up was noted in the information and communication index at 0.1 percent in October 2024 from 0.2 percent in the previous month.

In contrast, higher annual increments were observed during the month in the indices of food and non-alcoholic beverages at 2.2 percent from 1.6 percent in September 2024 and alcoholic beverages and tobacco at 2.6 percent in October 2024 from 2.4 percent in the previous month.

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

C. Areas Outside NCR (AONCR)

Following the trend at the national level, overall inflation in AONCR also showed an uptrend at 2.6 percent in October 2024 from 2.0 percent in September 2024. In October 2023, inflation in the area was recorded at 4.9 percent. (Tables A, 5, and 16)

The acceleration of inflation in the area was mainly contributed by the higher annual increase in the heavily-weighted food and non-alcoholic beverages at 3.1 percent in October 2024 from 1.4 percent in the previous month. Also contributing to the uptrend of inflation in the area was the slower annual decrease in the transport index at 1.9 percent during the month from a 2.5 percent annual drop in September 2024.

On the contrary, lower inflation rates were observed in the indices of the following commodity groups during the month:

          a. Alcoholic beverages and tobacco, 3.0 percent from 3.2 percent;
          b. Clothing and footwear, 2.8 percent from 3.1 percent;
          c. Housing, water, electricity, gas and other fuels, 2.8 percent from 3.5 percent;
          d. Furnishings, household equipment and routine household maintenance, 2.8 percent from 2.9 percent;
          e. Health, 2.6 percent from 2.7 percent;
          f.  Information and communication, 0.3 percent from 0.5 percent;
          g. Recreation, sport and culture, 2.9 percent from 3.1 percent;
          h. Restaurants and accommodation services, 4.5 percent from 4.7 percent; and
          i.  Personal care, and miscellaneous goods and services, 2.9 percent from 3.0 percent.

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 September 2024 inflation rates, 15 regions in AONCR exhibited higher inflation rates in October 2024. For the third consecutive month, Region VI (Western Visayas) was the region with the highest inflation rate at 3.9 percent in October 2024, while the Cordillera Administrative Region was the region with the lowest inflation rate at 1.4 percent. (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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