Inflation rate of Bulacan climbs to 5.8 percent in July 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 increased to 5.8 percent in July 2024 from 4.8 percent in June 2024. It was lower by 1.5 percentage points compared to same month of the previous year. The provincial average inflation from January to July 2024 was 6.3 percent.

Among the 13 commodity groups, the major contributor to the year-on-year inflation upward movement was the Food and Non-Alcoholic Beverages commodity group which recorded 1.1 percentage points up from 5.5 percent in June to 6.6 percent in July. This was followed by the Housing, Water, Electricity, Gas and Other Fuels Group at 9.1 percent inflation during the month from 5.8 percent in June showing a 3.3 percentage point increase. These commodity groups contributed to the province's upward trend in inflation rate.

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

     1.    Transport with 3.6 percent from 3.2 percent;
     2.    Education Services with 13.6 percent from 9.0 percent; 
     3.    Personal Care, And Miscellaneous Goods and Services with 4.0 percent 
           from 3.8 percent; and
     4.    Information and Communication with 1.0 percent from -0.1 percent

Meanwhile, the following commodity groups showed a downward trend:

     1.    Clothing and Footwear from 5.9 percent to 4.9 percent;
     2.    Health from 3.5 percent to 1.7 percent; 
     3.    Alcoholic Beverages and Tobacco from 2.7 percent to 1.8 percent; and
     4.    Furnishings, Household Equipment and Routine Household Maintenance 
            from 0.9 percent to 0.8 percent

However, Restaurant and Accommodation Services and Financial Services were the commodity groups remained at the same level of inflation rate as the previous month at 6.3 percent and -0.1 percent respectively.

Food Inflation continuous to accelerate at 7.3 percent

During the month, Food inflation in the province increased to 7.3 percent from 5.9 percent from the previous month. The following food groups exhibited an increase during the month:

     1.    Meat and other parts of slaughtered land animals, 5.9 percent from 2.7 percent;
     2.    Fish and other seafood (ND), 0.5 percent from -3.5 percent;
     3.    Milk, other dairy products and eggs (ND) -2.4 percent from -3.1 percent;
     4.    Fruits and Nuts (ND), 6.1 percent from 1.4 percent;
     5.    Vegetables, Tubers, Plantains, Cooking Bananas, and Pulses, 19.4 percent from 9.2 percent; and
     6.    Ready-made food and other food products n.e.c. (ND), 4.2 percent from 3.9 percent

On the other hand, a slow movement was noted in the following food groups this July

     1.    Cereals and cereal products (ND), 15.8 percent from 17.4 percent;
     2.    Oils and fats (ND), -6.3 percent from -5.9 percent; and
     3.    Sugar, Confectionery, and Desserts, 0.5 percent from 1.2 percent
 

Consumer Price Index (CPI) increase to 128.5

The CPI of the Province of Bulacan increased to 128.5 in July 2024 from 126.5 in June 2024. The CPI value of 128.5 implies that an average typical Filipino household in the province of Bulacan needs an average of Php128.5 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 Php28.50 equivalent to a 28.50 percent increase within six years.

The Purchasing Power of Peso (PPP) declines at 0.78

The PPP declined to 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 0.82 in July 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