PH inflation for April 2024 stands at 3.8 percent

PH inflation for April 2024 stands at 3.8 percent
SunStar File

THE country’s headline inflation for April 2024 has slightly gone up to 3.8 percent, the Philippine Statistics Authority (PSA) said Tuesday, May 7, 2024.

The April 2024 inflation is a point percent higher than the 3.7 percent in March 2024 but far lower than the one recorded in April 2023, which was at 6.6 percent.

It is the fastest inflation over the past four months following the 3.9 percent inflation in December 2023. The country’s inflation rate in January stood at 2.8 percent and 3.4 percent in February.

Last month’s inflation brought the year-on-year national average inflation from January to April 2024 to 3.4 percent, within the government’s target range of 2.0 percent to 4.0 percent.

The PSA said the uptrend in the overall inflation in April 2024 was primarily influenced by the higher year-on-year increase in the heavily-weighted food and non-alcoholic beverages at 6.0 percent, the faster annual growth rate of the transport index at 2.6 percent, and the higher inflation rate in information and communication at 0.5 percent.

Heavily-weighted food and non-alcoholic beverages poured in 2.3 percentage points in the headline inflation, while transportation contributed .2 percentage points and information communication with .5 percentage points.

Lower inflation rates was noted in the indices of alcoholic beverages and tobacco, at 4.9 percent from 6.7 percent during the month prior; housing, water, electricity, gas and other fuels, 0.4 percent from 0.5 percent; furnishings, household equipment and routine household maintenance, 3.1 percent from 3.2 percent; health, 3.0 percent from 3.2 percent; recreation, sport and culture, 3.8 percent from 3.9 percent; restaurants and accommodation services, 5.4 percent from 5.6 percent; and personal care, and miscellaneous goods and services, 3.5 percent from 3.6 percent.

The PSA said the food inflation at the national level, which shared 2.2 percentage points in the headline inflation, went up from 5.7 percent in March 2024 to 6.3 percent in April due to the year-on-year increase in the vegetables, tubers, plantains, cooking bananas and pulses index at 4.3 percent; and fish and other seafood with an inflation rate of 0.4 percent.

It said faster annual increase was also recorded on the index of ready-made food and other food products not elsewhere classified from 4.3 percent in March 2024 to 4.8 percent.

The agency noted, however, a lower annual growth rate in the index of rice from 24.4 percent to 23.9 percent.

In a press conference, PSA head Undersecretary Dennis Mapa attributed the decrease in rice inflation to the movement in world prices.

“Ang nakita namin, bumaba nang konti ang world price ng rice. Nag-peak siya noong January 2024, and then may pagbaba nu'ng February and March, konti lang,” he said.

(What we saw was that the world price of rice dropped a little. He peaked in January 2024, and then there was a decrease in February and March, just a little.)

“But the trajectory is that two months na siya du'n sa world prices bumaba, so this might have impact sa pagbaba ng presyo ng bigas ng konti,” he added.

(But the trajectory is that it's been two months since world prices dropped, so this might have an impact on the price of rice going down a little bit.)

Inflation in the National Capital Region (NCR) decelerated to 2.8 percent in April 2024 from 3.3 percent in the previous month, while an uptrend at 4.2 percent from 3.8 percent was noted in areas outside NCR (AONCR).

“Relative to their respective March 2024 inflation rates, 13 regions in AONCR exhibited higher inflation rates in April 2024. Among the regions in AONCR, the Bangsamoro Autonomous Region in Muslim Mindanao was the region with the highest inflation rate for the third consecutive month at 6.3 percent in April 2024, while Region 1 (Ilocos Region) still registered the lowest inflation for the fourth consecutive month at 2.4 percent,” the PSA said.

The agency also noted an increase in the country’s inflation rate for the bottom 30 percent income households from 4.6 percent in March 2024 to 5.2 percent in April 2024.

The main driver in the upward trend in the inflation of the said income group was the higher year-on-year growth rate of the heavily-weighted food and non-alcoholic beverages at 8.1 percent from 7.1 percent in the previous month. (TPM/SunStar Philippines)

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