Summary INFLATION Report
Consumer Price Index
(2018=100)
December 2024

YEAR-ON-YEAR INFLATION RATES

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 Sultan Kudarat slightly increase to 1.1 percent in December 2024 compared to 0.9 percent recorded in November 2024. This brings the provincial average inflation from January to December 2024 at 3.9 percent. In December 2023, the inflation rate was higher at 6.3 percent. (Table 1, Table 2, and Figure 1)

The uptrend in the overall inflation in December 2024 was primarily influenced by the higher annual growth rate in the index of Transport at 0.0 percent compared to -1.6 percent deflation in November 2024. This was followed by Food and Non-Alcoholic Beverages at 0.7 percent inflation compared to 0.6 percent in November 2024, and Health at 1.4 percent inflation compared to 1.3 percent in November 2024.

In contrast, the five (5) commodity groups registered lower inflation rates during the month.

     a. Alcoholic Beverages and Tobacco at 1.1 percent from 1.3 percent;
     b. Clothing and Footwear at 0.4 percent from 0.5 percent;
     c. Housing, Water, Electricity, Gas and Other Fuels at 2.0 percent from 2.3 percent;
     d. Furnishings, Household Equipment and Routine Household Maintenance at 2.3 percent from 2.4 percent; and
     e. Personal Care, and Miscellaneous Goods and Services at 1.8 percent from 2.0 percent.

Meanwhile, the indices of the rest of the commodity groups retained their respective previous month’s inflation rate (Table 3)

Food Inflation, likewise, increase to 0.6 percent inflation compared to 0.4 percent reported in November 2024. In December 2023, food inflation was higher at 10.1 percent.

The acceleration of food inflation in December 2024 was primarily brought about by the faster year-on-year increase of Vegetables, tubers, plantains, cooking bananas and pulses at 4.8 percent during the month from 1.0 percent in November 2024.

This was followed by Meat and other parts of slaughtered land animals at 3.5 percent from 1.2 percent in November 2024, and Oils and fats at 18.1 percent from 12.9 percent.

In addition, the following food groups also contributed to the uptrend of food inflation.

     a. Sugar, confectionery and desserts at -8.6 percent deflation from -8.7 percent deflation in November 2024; and
     b. Flour, Bread and Other Bakery Products, Pasta Products, and Other Cereals at 1.3 percent from 1.2 percent.

In contrast, lower annual growth rates during the month were observed in the indices of the following food groups:

     a. Rice at -2.1 percent deflation from -1.6 percent deflation;
     b. Corn at -5.0 percent deflation from -3.4 percent deflation;
     c. Fish and other seafood at 0.7 percent from 1.6 percent;
     d. Milk, other dairy products and eggs at 0.8 percent from 2.2 percent;
     e. Fruits and nuts at 2.0 percent from 2.8 percent; and
     f. Ready-made food and other food products n.e.c., at 3.2 percent from 4.1 percent.  (Table 4)

TECHNICAL NOTES

Consumer Price Index (CPI):

❖A measure of the change in the average retail prices of a fixed basket of goods and services commonly purchased by households relative to base year.
❖It measures the composite change in the consumer prices of various commodities overtime.
❖It stands for the percentage change in the average prices of goods and services commonly bought by a group of consumers from the base year.

Components of the CPI:

Market Basket
❖refers to sample of goods and services commonly purchased by a particular group of consumers in a particular area.

Weight
❖a value attached to a commodity or group of commodities to indicate the relative importance of that commodity or group of commodities in the market basket.

Base Period
❖a period usually a year, at which the index number is set to 100 or it is the reference point of the index number series.

Index Method
❖gives the formula used in computing the index number.

Sample Outlets
❖establishment or retail outlets where prices of commodities/services are collected or quoted.

Inflation Rate (IR)
❖rate of change in the average price level as measured by the CPI between two periods.
❖it is equivalent to the decline in the internal purchasing of the peso.
❖it is derived indicator by comparing the CPI between two periods, usually a year.

Approved for Release

MARIFI P. DE ASIS
(Supervising Statistical Specialist)
OIC- Chief Statistical Specialist
PSA-Sultan Kudarat Province

For inquiries, please contact: 

LOVELY JOY M. PARAS
Administrative Aide VI
Provincial Focal Person
Telefax Number: PLDT-(064) 562-4052