Cebu’s inflation rate rose in Feb compared to January
An aerial view of downtown Cebu City with the CCLEX in the background. CDN Digital photo | Brian J. Ochoa
CEBU CITY, PHILIPPINES – Cebu’s inflation rate rose slightly in February compared to lJanuary as prices have gone up in most parts of the province including the tri-cities of Cebu, Lapu-Lapu, and Mandaue.
This was after the Philippine Statistics Authority (PSA) Cebu Province announced the current inflation rate of Cebu including the Highly Urbanized Cities (HUCs) during the press conference for the February 2024 Inflation Report of Cebu on Friday, March 15.
Melchor B. Bautista, PSA Cebu Province Chief Statistical Specialist, revealed that the inflation rate of Cebu City as of February 2024 compared to last month remains constant at 4.5, while the Province has increased to -0.2 from -0.4 percent.
READ: Central Visayas inflation rate increased in February 2024
Furthermore, Lapu-Lapu City’s inflation rate stood at 4.5 percent, while Mandaue City had 6.7 percent.
Inflation is defined as an increase in the prices of goods and services.
Inflation in Cebu City
According to PSA Cebu, commodity groups experiencing significant changes in inflation, whether increasing or decreasing, include personal care, miscellaneous goods, and services with a 6.3 percent rate from 3.6 percent in January, transport with a 4.2 percent rate from 2.8 percent, and alcoholic beverages and tobacco with a 1.8 percent rate from 12.6 percent.
Meanwhile, the top three commodity groups contributing to the upward trend of inflation in Cebu City are food and non-alcoholic beverages with a 47.4 percent share, housing, water, electricity, gas, and other fuels with a 22.5 percent share, and transportation with a 7.4 percent share.
Inflation in Cebu Province
The upward trend in the inflation rate in the Province of Cebu was primarily influenced by the increase in the heavily weighted food and non-alcoholic beverages, which rose to -0.2 percent during the month from -1.2 percent in January.
This was followed by the transport commodity group, which increased to 1.2 percent from 0.8 percent.
Additionally, the alcoholic beverages and tobacco index rose to 10.9 percent during the month up from 10.3 percent, contributing to the uptrend of headline inflation in the province.
Meanwhile, the top two commodity groups contributing to the February 2024 headline inflation were housing, water, electricity, gas, and other fuels with a 769.3 percent share, or 1.5 percentage points, and food and non-alcoholic beverages with a 57.9 percent share, or -0.1 percentage points.
Inflation in Lapu-Lapu City
The main drivers of the upward trend in the inflation rate in Lapu-Lapu City were primarily influenced by the higher growth rate in the heavily weighted food and non-alcoholic beverages commodity group, which rose to 4.6 percent during the month from 0.8 percent in January.
This was followed by housing, water, electricity, gas, and other fuels, which decreased to -0.7 percent from -1.5 percent.
READ: Inflation softened in Jan to over three-year low of 2.8%
Additionally, the transport index increased to 2.3 percent during the month from 0.3 percent in the previous month, also contributing to the acceleration of inflation in the city.
Meanwhile, the top three commodity groups contributing to the February 2024 headline inflation were restaurants and accommodation services with a 44.6 percent share, or 2.0 percentage points; food and non-alcoholic beverages with a 35.7 percent share, or 1.6 percentage points; and personal care, miscellaneous goods, and services with an 8.1 percent share, or 0.4 percentage points.
Inflation in Mandaue City
The main drivers of the upward trend in the inflation rate in Mandaue City were primarily influenced by the increase in the heavily weighted food and non-alcoholic beverages, which rose to 4.2 percent from 2.0 percent in January.
This was followed by the transport commodity group, which rose to 1.8 percent from -0.2 percent.
The third main source of acceleration in headline inflation was clothing and footwear, which rose to 0.2 percent from 0.0 percent.
Meanwhile, the top three commodity groups contributing to the February 2024 headline inflation were housing, water, electricity, gas, and other fuels with a 63.0 percent share, or 4.2 percentage points; food and non-alcoholic beverages with a 20.3 percent share, or 1.4 percentage points; and personal care, miscellaneous goods, and services with a 5.7 percent share, or 0.4 percentage points.
Central Visayas
The inflation rate in Central Visayas also accelerated to 2.7 percent in February 2024 from 2.5 percent in January.
The region’s average inflation from the said date stood at 2.6 percent. In February 2023, the inflation rate was higher at 7.4 percent.
Food Inflation
Meanwhile, food inflation in Cebu increased to -0.2 percent in February from -1.2 percent in January.
Food contributes 89.0 percent to the overall inflation in the province, with cereals, meat, and vegetables as the primary contributors.
The Philippines
The country’s overall inflation rose to a 3.4 percent increase in February 2024 from 2.8 percent in January.
The national average inflation from January 2024 to February 2024 is at 3.1 percent. In February 2023, the inflation rate was higher at 8.6 percent.
READ: Still-costly rice raised Feb inflation to 3.4%
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