Inflation rate of Bulacan descends to 3.5 percent in August 2024

The headline inflation rate or the year-on-year change in the prices of goods and services commonly purchased by people in the Province of Bulacan decreased to 3.5 percent in August 2024 from 5.8 percent in July 2024. It was lower by 6.9 percentage points compared to same month of the previous year. This was the lowest inflation since March 2022.The provincial average inflation from January to August 2024 was 5.9 percent.

Among the 13 commodity groups, the major contributor to the year-on-year inflation downward movement was the Housing, Water, Electricity, Gas and Other Fuels commodity group which recorded 7.4 percent from 9.1 percent in July. This was followed by the Food and Non-Alcoholic Beverages Group at 2.7 percent inflation during the month from 6.6 percent in July showing a 3.9 percentage point decrease; and Restaurants and Accommodation Services with 4.7 percent from 6.3 percent. These commodity groups contributed to the province's downward trend in inflation rate.

Along with this, other commodity groups that contributed to the deceleration were the following:

1. Clothing and Footwear with 4.0 from 4.9 percent;
2. Education Services with 9.3 percent from 13.6 percent;
3. Transport with 0.4 percent from 3.6 percent;
4. Recreation, Sport and Culture with 3.8 percent from 4.2 percent;
5. Health with 0.7 percent from 1.7 percent;

Meanwhile, the only commodity group that showed an upward trend, Furnishings, Household Equipment and Routine Household Maintenance with 1.1 percent from 0.8 percent

However, Personal Care, and Miscellaneous Goods and Services (4.0 percent); Alcoholic Beverages and Tobacco (1.8 percent), Information and Communication (0.1 percent), Financial Services (-1.0 percent), and were the commodity groups remained at the same level of inflation rate as the previous month.

Food Inflation decelerates to 3.0 percent

During the month, Food inflation in the province decreased to 3.0 percent from 7.3 percent from the previous month. The following food groups exhibited a decrease during the month:

1. Cereals and cereal products (ND) with 9.4 percent from 15.8 percent;
2. Vegetables, Tubers, Plantains, Cooking Bananas, and Pulses with 2.9 percent from 19.4 percent;
3. Meat and other parts of slaughtered land animals with 1.0 percent from 5.9 percent;
4. Sugar, confectionery and desserts (ND) with 0.2 percent from 0.5 percent; and
5. Fish and other seafood (ND) with-4.6 percent from 0.5 percent;

Meanwhile, the commodity groups that showed an upward trend:  

1. Fruits and Nuts (ND), 11.9 percent from 6.1 percent;
2. Ready-Made Food and Other Food Products N.E.C., 4.8 percent from 4.2 percent;
3. Milk, Other Dairy Products, and Eggs, -0.8 percent from -2.4 percent; and
4. Oils and fats (ND), -6.1 percent from -6.3 percent;

Consumer Price Index (CPI) slightly decrease to 128.4

The CPI of the Province of Bulacan almost remained the same to 128.4 in August 2024 from 128.5 in July 2024. The CPI value of 128.4 implies that an average typical Filipino household in the province of Bulacan needs an average of Php128.4 to buy and avail the same amount of commonly purchased basket of goods and services worth Php100.00 from the year 2018. This was an increase of Php28.40 equivalent to a 28.40 percent increase within six years.

The Purchasing Power of Peso (PPP) static at 0.78

The PPP remained the same at 0.78 during the month. This means that a peso in 2018 was only worth 78 centavos during the same month last year. The PPP had its peak value at 0.81 in August 2023 and continuously went down to 0.78 until March and slightly increased during the months of April to June 2024 at 0.79.

ELMOR G. BARROQUILLO
Chief Statistical Specialist

Date: 07 August 2024