BAGUIO CITY (PIA) — The inflation rate in the Cordillera Administrative Region (CAR) slowed down to 3.4 percent in August 2024, slower than the 4.8 percent rate in July.
Philippine Statistics Authority (PSA)-CAR Chief Statistical Specialist Aldrin Federico Bahit, Jr. explained during the Dissemination Forum on September 10, that the main reason for the lower inflation in August was the slower increase in the prices of food and non-alcoholic beverages at 4.0 percent from 6.5 percent in July.
“Ang pangunahing dahilan ng mas mabagal na pagtaas ng antas ng inflation nitong Agosto 2024 kumpara noong Hulyo 2024 ay ang mas mabagal na pagtaas ng presyo ng food and non-alcoholic beverages sa antas na 4.0 percent mula sa 6.5 percent noong nakaraang buwan, ito ay may 64.4 percent share sa pagbaba ng pangkalahatang inflation dito sa CAR,” Bahit said.
The food and non-alcoholic beverages index had a 64.4 percent share of the overall inflation downtrend in the region.
The second contributor to the slower inflation rate was the decline in transport costs at 2.3 percent, with 28.9 percent share to the overall inflation downtrend in CAR. This was due to the decline in diesel at -9.7 percent inflation from 6.3 percent, and gasoline at -6.8% from 2.8%, Bahit explained.
The top five commodities that contributed to the overall Cordillera inflation for August 2024 are rice with 19 percent; other passenger transport by road with 11.8 percent; LPG with 16.4 percent; rentals with.08 percent; and electricity with 4.8 percent.
The commodity groups that decreased prices in August include Sugar, confectionery and desserts, and vegetables, tubers, etc., according to Bahit. Five provinces and the City of Baguio recorded slower inflation rate – Abra with 4.8% inflation from 6.5%; Apayao at 4.4% down from 4.5; Benguet with 3.1 from 4.9 %, Baguio City 2.9 % from 4.0%, Ifugao 3.5% from 5.7%, and Kalinga with 2.8% from 4.4%.
Mountain Province recorded a higher inflation rate in August at 4.9% from 4.8% last July.
Bahit also reported that inflation felt by the bottom 30% income households also eased to 4.8% from 6.2%, bringing the average print for the income class from January to August to 5.0%. **JDP/MAWC-PIA CAR
