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Release-Date
Reference-Number
2024-SR-003

This report presents the Headline Inflation Rate (IR) for all income households in the province of Cavite during the month of January 2024.

Inflation Rate (IR) is the annual rate of change or the year-on-year change of the CPI expressed in percent. Inflation is interpreted in terms of declining purchasing power of money.

Headline inflation in the Province of Cavite further decreased to 1.1 percent for the month of January 2024, lowest recorded inflation since 2018. It is lower by 2.7 percent compared to last month’s inflation rate of 3.8 percent (see Table 1 and Figure 1).

The deceleration in the province’s inflation rate for the month of January 2024 was primarily due to the decrease in the annual growth rate in the index for Housing, Water, Electricity, Gas and Other Fuels commodity group with 1.6% inflation contributing to 48.1% to January 2024 Inflation. Also contributing to the downtrend in the overall inflation of January 2024 were the decreased in the indices of the following commodity groups:

•Food and Non-alcoholic Beverages, -0.8 percent
•Transport, 0.7 percent
•Clothing and Footwear, 3.8 percent
•Alcoholic Beverages and Tobacco, 5.9 percent
•Furnishing, Household Equipment and Routine Household Maintenance, 1.5 percent
•Personal Care, and Miscellaneous Goods and Services, 2.7 percent
•Health, 2.2 percent
•Recreation, Sport and Culture, 1.6 percent
•Financial Services, -4.9 percent

Commodity groups Information and Communication (-0.4 percent), Educational Services (1.7 percent) and Restaurants and Accommodation Services (4.5 percent) were stable this month.

For Food inflation, it decreased with 3.4 percent for the month of January 2024, with reported -1.0 percent deflation compared to its last month’s inflation of 2.4 percent (see Table 3).

The annual growth rate of the following food groups exhibited lower increments during the month:
•Meat and other parts of slaughtered land animals, -4.5 percent
•Fish and other seafoods, 4.3 percent
•Milk, other dairy products and eggs, 4.0 percent
•Fruits and nuts, 12.3 percent
•Vegetables, tubers, plantains, cooking bananas and pulses, -12.1 percent
•Sugar, confectionery and desserts, 0.3 percent
•Ready-made food and other food products n.e.c., 3.0 percent

Meanwhile, the inflation of the following food group increased this month:
•Oils and fats, -7.9 percent
•Cereals and cereal products, 10.8 percent

Lastly, Inflation for Rice and Corn accelerated to 14.5 percent 1.7 percent respectively for the month of January 2024 compared to 10.9 percent and -0.9 last December 2023 respectively.

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