CEBU City’s inflation rate for January 2024 accelerated to 4.5 percent from four percent in the previous month, according to the recent data released by the Philippine Statistics Authority (PSA) 7.
This is contrary to the 2.5 percent inflation rate recorded in Cebu Province for the month and the country’s overall inflation rate of 2.8 percent.
In January 2023, Cebu City had an inflation rate of 4.5 percent.
Inflation rates in Mandaue and Lapu-Lapu cities for January 2024, likewise, eased to 5.9 percent and 2.6 percent, respectively from logging 7.7 percent and 4.3 percent inflation rates in December 2023.
Mandaue’s inflation rate in January 2023 stood at 3.7 percent, while Lapu-Lapu City had an inflation rate of 5.6 percent.
According to PSA 7, the uptrend of the headline inflation in Cebu City was mainly brought about by the increase in the heavily weighted housing, water, electricity, gas and other fuels to 4.9 percent from -1.6 percent in December 2023.
This was followed by restaurants and accommodation services whose inflation rate rose to one percent (from 0.0 percent). The health commodity group was the third main source of acceleration with an inflation rate of 3.6 percent (from 3.1 percent).
Higher inflation rates were also noted in the indices of education services at 2.3 percent (from 1.8 percent); clothing and footwear with 2.3 percent (from 2.2 percent); and recreation, sport and culture at 9.9 percent (from 9.8 percent).
On the contrary, lower inflation rates were observed food and non-alcoholic beverages, at 6.6 percent from 10.1 percent; transport, at 2.8 percent from 4.5 percent; and financial services, at -0.3 percent from 0.0 percent.
Food inflation
Food inflation decelerated to 6.7 percent in January 2024 from 10.6 percent in the previous month, primarily due to the lower year-on-year index of vegetables, tubers, plantains, cooking bananas and pulses with -26.1 percent from 15.2 percent. This was followed by fish and other seafood with 16.3 percent from 22.4 percent and fruits and nuts at 23.3 percent from 25.3 percent.
Inflation in meat and other parts of slaughtered land animals also went down to -1.6 percent from -1.3 percent; sugar, confectionery and desserts with 2.8 percent from 3.7 percent; and flour, bread and other bakery products, pasta products, and other cereals to seven percent from 7.2 percent.
On the other hand, higher inflation rates were observed in rice at 19 percent from 18.9 percent; corn at -7.5 percent from -11.1 percent and milk, other dairy products and eggs, at 12.5 percent from 11.9 percent
As for Mandaue City, its lower inflation rate was due to the lower inflation of food and non-alcoholic beverages commodity group with two percent from 5.6 percent. This was followed by the housing, water, electricity, gas and other fuels commodity group with 16.9 percent from 18 percent and the transport commodity group with -0.2 percent from 1.6 percent in December 2023.
Higher inflation was also observed in rice at 16.7 percent (from 16.1 percent).
Mandaue City’s inflation rate in 2023 was 4.1 percent.
Among the 13 commodity groups, the downward trend of the headline inflation in Lapu-Lapu City was primarily influenced by the lower growth rate in the heavily-weighted food and non-alcoholic beverages at 0.8 percent from 4.8 percent in December 2023. This was followed by transport at 0.3 percent from 3.2 percent while furnishings, household equipment routine household maintenance index also contributed to the downtrend at 3.7 percent from 3.8 percent.
Higher inflation was also noted in rice at 17.9 percent from 17.1 percent.
Lapu-Lapu City’s inflation rate in 2023 stood at 3.9 percent.