Central Luzon’s Inflation Remained at 4.8 Percent
The annual inflation of Central Luzon retained its inflation from February 2024 at 4.8 percent for the month of March 2024. Nonetheless, it is still lower by 3.6 percentage points compared to the March 2023 inflation rate of 8.4 percent.
(Figure 1)
Among the 17 regions, Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) recorded the highest inflation rate at 5.0 percent in March 2024. It was followed by Central Luzon and Davao Region, with both having an inflation rate of 4.8 percent. On the other hand, Ilocos Region has the lowest inflation at 2.2 percent. (Figure 2)
Meanwhile the country’s inflation rate increased from 3.4 percent in February 2024 to 3.7 percent in March 2024.
Figure 2 shows the annual inflation rates of the different regions in the Philippines in March 2024.
An upward trend in the following indices were observed in March 2024:
• Restaurants and Accommodation Services, 7.4 percent from 5.4 percent,
• Food and Non-Alcoholic Beverages, 6.1 percent from 6.0 percent,
• Clothing and Footwear, 5.9 percent from 5.7 percent,
• Health, 4.5 percent from 4.3 percent, and
• Transport, 2.3 percent from 1.3 percent.
Conversely, slower increments in the following indices were observed in March 2024:
• Alcoholic Beverages and Tobacco, 7.2 percent from 9.7 percent,
• Personal Care, and Miscellaneous Goods and Services, 4.8 percent from 5.6 percent,
• Furnishings, household equipment and routine household maintenance, 3.6 percent from 3.8 percent, and
• Housing, Water, Electricity, Gas and Other Fuels, 2.1 percent from 3.0 percent.
Meanwhile, the indices of the following commodity group retained their previous month’s inflation rate:
• Education Services, 6.1 percent,
• Recreation, Sport and Culture, 5.4 percent,
• Information and Communication, 0.6 percent, and
• Financial Services, -0.3 percent.
The annual growth rate in the regional food index registered a faster rate of increase at 6.5 percent in March 2024 from 6.2 percent in February 2024. This increase could be attributed to the faster rate of increase of the following indices:
• Vegetables, tubers, plantains, cooking bananas, and pulses, 4.4 percent from -5.1 percent; and
• Meat and other parts of slaughtered land animals, 1.6 percent from -0.6 percent.
Further, faster rate of decrease was noted in the index of oils and fats at -7.2 percent from -7.7 percent.
On the other hand, slower rate of increase was noted in the following indices:
• Cereals and cereal products, 19.1 percent from 20.6 percent,
• Fruits and nuts, 6.6 percent from 11.2 percent;
• Ready-Made food and other food products n.e.c., 4.9 percent from 5.4 percent;
• Fish and other seafood, 1.5 percent from 4.0 percent, and
• Sugar, confectionary and desserts, 0.2 percent from 0.7 percent.
Meanwhile, milk, other dairy products and eggs posted an inflation rate of -0.5 percent from 1.3 percent. (Table 1a)
An increase in the inflation rate was noted in Bulacan (7.7%), City of Olongapo (5.2%), Tarlac (3.9%), City of Angeles (3.0%), and Aurora (2.0%). On the other hand, the following provinces posted a decrease in their inflation rate:
• Nueva Ecija, 6.4 percent from 6.9 percent,
• Bataan, 2.8 percent from 2.9 percent,
• Pampanga, 2.4 percent from 2.5 percent, and
• Zambales, 1.4 percent from 2.7 percent. (Figure 3)
Among the provinces and HUCs of Central Luzon, Bulacan remained to have the highest inflation rate at 7.7 percent in March 2024, while Zambales recorded the lowest at 1.4 percent. (Figure 3).
ARLENE M. DIVINO
Regional Director
PSA RSSO 03
