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Summary Inflation Report Consumer Price Index for the Bottom 30% Income Households (2018=100): February 2024

Release Date:
Reference Number: 2024-069

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

 

Area

 

February 2023

 

January 2024

 

February 2024

 

Year-to-date *
Philippines9.73.64.23.9
NCR9.73.44.03.7
AONCR9.73.64.33.9
Source: Philippine Statistics Authority, Retail Price Survey of Commodities for the Generation of Consumer Price Index   
*Year-on-year change of average CPI for January to February 2024 vs. 2023

 


    

A. Philippines            

1. Overall Inflation

The country’s inflation rate for the bottom 30% income households increased to 4.2 percent in February 2024 from 3.6 percent in January 2024. In February 2023, inflation rate was posted at 9.7 percent. (Figure 1, and Tables A, B, 5, 6, and 12) 

1.1 Main Drivers to the Upward Trend of the Overall Inflation

The main driver to the upward trend of the overall inflation for this income group in February 2024 was the higher year-on-year growth in the heavily-weighted food and non-alcoholic beverages at 6.4 percent from 5.2 percent in the previous month. This was followed by transport, which posted a higher annual increase of 1.8 percent during the month from 0.3 percent in January 2024, and housing, water, electricity, gas and other fuels index, which registered slower annual decline of 2.8 percent in February 2024 from 3.1 percent annual decrease in the previous month.

Higher annual increments were also noted in the indices of alcoholic beverages and tobacco at 9.5 percent in February 2024 from 9.4 percent in the previous month, and information and communication at 0.7 percent during the month from 0.6 percent in January 2024. 

In contrast, lower annual growth rates were noted in the indices of clothing and footwear at 3.7 percent in February 2024 from 3.9 percent in the previous month, and restaurants and accommodation services at 5.2 percent during the month from 5.4 percent January 2024. 

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

1.2 Main Contributor to the Overall Inflation

The following commodity groups were the top three contributors to the February 2024 overall inflation for the bottom 30% income households:  

          a. Food and non-alcoholic beverages, 81.1 percent share or 3.4 percentage points; 
          b. Restaurants and accommodation services, 9.0 percent share or 0.4 percentage point; and  
          c. Alcoholic beverages and tobacco, 5.8 percent share or 0.2 percentage point. 

2. Food Inflation

Food inflation for the bottom 30% income households at the national level moved at a faster pace of 6.5 percent in February 2024 from 5.3 percent in the previous month. In February 2023, its annual increase was observed at 10.5 percent. (Table 9) 

2.1 Main Drivers to the Upward Trend of the Food Inflation

The uptrend in the food inflation was mainly due to the slower annual decrease in vegetables, tubers, plantains, cooking bananas and pulses at 11.7 percent during the month from 18.5 percent annual decrease in the January 2024. In addition, faster year-on-year increases were observed in the indices of cereals and cereal products, which includes rice, corn, flour, bread and other bakery products, pasta products, and other cereals, at 18.9 percent in February 2024 from 17.8 percent in the previous month, and meat and other parts of slaughtered land animals at 0.9 percent from 0.4 percent.

Moreover, faster annual increment during the month was noted in the index of ready-made food and other food products at 4.7 percent from 4.5 percent in January 2024. 

In contrast, faster annual decreases were recorded in the indices of the following food groups during the month: 

          a. Fish and other seafood, -0.7 percent from -0.5 percent;        
          b. Oils and fats, -5.8 percent from -5.5 percent; and 
          c. Sugar, confectionery and desserts, -4.6 percent from -3.0 percent. 

Moreover, slower annual increases were recorded in the indices of milk, other dairy products and eggs at 4.4 percent in February 2024 from 6.6 percent in the previous month, and fruits and nuts, 7.1 percent from 8.2 percent.  

2.2 Main Contributors to the Food Inflation

Food inflation contributed 78.5 percent or 3.3 percentage points to the February 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 105.1 percent share or 6.8 percentage points;  
          b. Milk, other dairy products and eggs with 3.5 percent share or 0.2 percentage point; and  
          c. Fruits and nuts with 2.9 percent share or 0.2 percentage point. 
           
 


B. National Capital Region (NCR)

Inflation for the bottom 30% income households in NCR, likewise, increased to 4.0 percent in February 2024 from 3.4 percent in January 2024. In the same month of the previous year, inflation in the area was recorded at 9.7 percent. (Tables A, 5, 6, and 13) 

The uptrend of the inflation in the area was mainly brought about by the higher annual increment in the food and non-alcoholic beverages index at 4.0 percent in February 2024 from 2.4 percent in the previous month.  Also contributing to the uptrend of the overall inflation in the area were the faster annual increases observed in transport at 3.3 percent during the month from 3.0 percent in January 2024, and health at 1.7 percent annual increase in February 2024 from 1.2 percent in the previous month. 

Likewise, alcoholic beverages and tobacco index exhibited faster annual increment of 7.1 percent during the month form 6.9 percent in January 2024. 

On the other hand, slower annual increments were observed in the indices of the following commodity groups during the month:  

          a. Clothing and footwear, 2.4 percent from 2.7 percent; 
          b. Housing, water, electricity, gas and other fuels, 4.3 percent from 4.4 percent;  
          c. Furnishings, household equipment and routine household maintenance, 3.4 percent from 4.5 percent; 
          d. Information and communication, 0.2 percent from 0.3 percent; 
          e. Recreation, sport and culture, 3.9 percent from 4.0 percent; 
          f.  Restaurants and accommodation services, 4.2 percent from 4.7 percent; and 
          g. Personal care, and miscellaneous goods and services, 3.3 percent from 3.8 percent. 

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

C. Areas Outside NCR (AONCR)

Following the trend at the national level and in NCR, inflation for the bottom 30% income households in AONCR also showed an uptrend in February 2024 at 4.3 percent from 3.6 percent in January 2024. In February 2023, inflation for this income group was registered at 9.7 percent. (Tables A, 5, and 14)

The acceleration of inflation in the area was mainly influenced by the higher year-on-year increment in the heavily weighted food and non-alcoholic beverages at 6.4 percent in February 2024 from 5.3 percent in January 2024. This was followed by transport at 1.7 percent in February 2024 from 0.2 percent in the previous month. 

In addition, slower annual decline was observed in the index of housing, water, electricity, gas and other fuels at 3.2 percent in February 2024 from 3.5 percent annual decrease in the previous month. Moreover, higher annual growth rates during the month were recorded in the indices of alcoholic beverages and tobacco at 9.6 percent in February 2024 from 9.4 percent in the previous month, and information and communication at 0.8 percent during the month from 0.7 percent in January 2024. 

Meanwhile, slower annual increases were observed in the indices of clothing and footwear at 3.7 percent during the month from 3.8 percent in January 2024, and restaurants and accommodation services at 5.3 percent from 5.5 percent. 

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

In February 2024, 14 regions outside NCR recorded higher inflation rates for the bottom 30% income households relative to their respective inflation rates in the previous month. The highest inflation rate was recorded in Region III (Central Luzon) at 6.1 percent, while the lowest inflation rate was observed in Region II (Cagayan Valley) at 2.5 percent. (Table 6)





Note: CPIs and inflation rates for the bottom 30% income households by region are posted at the PSA OpenSTAT portal at https://openstat.psa.gov.ph/PXWeb/pxweb/en/DB/DB__2M__PI__BIH__2018/?tablelist=true.

 

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

See more at the Consumer Price Index for Bottom 30% Income Households main page.

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