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Reference-Number
2024-018

 


The Batangas Province headline inflation or overall inflation decreased to 3.5 percent in May 2024 from 3.6 percent in April 2024.  This brings the provincial average inflation from January to May 2024 at 3.7 percent.  In May 2023, inflation rate was higher at 8.2 percent (Table 1 and Figure 1)

On the other hand, a slight decrease to 3.5 percent in May 2024 from 3.6 in April 2024  in Region IV-A CALABARZON inflation rate.  In CALABARZON, Batangas placed third to Rizal with 5.0 percent and Quezon with 4.5 percent inflation rate in May 2024.

Moreover, Philippines increased to 3.9 percent in May 2024 from 3.8 percent in the previous month. This brings the national average inflation at 3.5 percent.  (Table 1)

Batangas’ downtrend in the overall inflation in May 2024 was primarily influenced by the lower year-on-year decrease in restaurants and accommodation services at 6.8 percent during the month from 7.9 percent in the previous month. The slower annual growth of the furnishings, household equipment and routine household maintenance at 4.7 and housing, water, electricity, gas and other fuels at (0.3) also contributed to the downtrend of the overall inflation. 

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

  1. Clothing and Footwear at 3.4 percent from 4.0 percent
  2. Alcoholic Beverages and Tobacco at 4.0 percent from 4.7 percent 
  3. Personal Care and miscellaneous goods and services at 2.8 percent from 2.9 percent 
  4. Health at 2.3 percent from 2.4 percent 

In contrast, commodity groups of  food and non-alcoholic beverages at 4.2 percent from 3.9 percent, transport at 4.2 percent from 3.7 percent and recreation, sport and culture at 4.6 percent from 4.1 percent recorded higher inflation during the month.

The indices of the rest of the commodity groups retained their respective previous month’s annual rates. (Table 2)

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

  1. Food and non-alcoholic beverages, 39.0 percent share or 1.36 percentage points 
  2. Restaurants and Accommodation Services, 23.9 percent share or 0.84 percentage points
  3. Transport, 11.5 percent share or 0.40 percentage point. 

 


Food inflation in Batangas rose to 4.4 percent in May 2024 from 4.1 percent in the previous month. In May 2023, food inflation was higher at 7.9 percent. (Table 3)

The acceleration of food inflation in May 2024 was mainly brought about by the higher year-on-year increase in fish and other seafood at 2.1 percent in May 2024 from (1.1) percent annual increase in the previous month. 

Moreover, higher annual rates were noted in the indices of the following food groups during the month:

  1. Rice, 19.7 percent from 19.1 percent
  2. Fruits and nuts, (2.9) percent from (4.4) percent
  3. Oils and fats, (11.4) percent from (15.1) percent
  4. Sugar, confectionery, and desserts, (6.3) percent from (7.3) percent

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

  1. Corn, 8.4 percent from 20.1 percent
  2. Flour, bread and other bakery products, pasta products and other cereals, 1.9 percent from 2.5 percent
  3. Meat and other parts of slaughtered land animals, (0.4) percent from 0.7 percent
  4. Milk and other dairy products and eggs, 1.3 percent from 1.5 percent
  5. Vegetables, tubers, plantains, cooking bananas and pulses, 1.0 percent from 3.8 percent
  6. Ready-made food and food products, 3.4 percent from 3.6 percent                                                                     

Food inflation shared 38.2 percent or 1.3 percentage points to the overall inflation in May 2024.  The top three food groups in terms of contribution to the food inflation during the month were the following:

  1. Cereals and cereal products, which includes rice, corn, flour, bread and other bakery products, pasta products and other cereals at 98.5 percent or 4.3 percentage points; 
  2. Fish and seafood at 5.9 percent or 0.26 percentage points;
  3. Ready-made food and other food products at 3.0 percent or 0.13 percentage points

 


Core inflation, which excludes selected food and energy items, slowed down to 3.7 percent in May 2024 from 4.0 percent in the previous month. In May 2023, core inflation was higher at 10.3 percent.  (Table 1)

 

                                                                               

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