Rice drives up Guimaras’ food inflation to 9% in February
GUI MAR AS–Food inflation in Guimaras quickly soared to 9.0% in February 2024 from 6.3% in January 2024 due to the fast-moving retail price of rice with 24.7% inflation, faster than the previous month’s rate at 18.4%, based on the latest price statistics released by the Philippines Statistics Authority (PSA).
“Rice inflation in Guimaras showed an erratic movement for the past 13 months, however, it was noted that from the last quarter of 2023, its price increase continually soared until February 2024,” provincial statistics officer Nelida B. Losare said.
Rice is categorized under cereals and cereal products, which posted the highest share to inflation trend of 60.6% and with largest contribution of 70% to February 2024 food inflation in Guimaras, Losare added.
Meat and other parts of slaughtered land animals with 14.4% inflation recorded the second highest share of 19.9% to the trend and second largest contribution of 17.4% to the February food inflation pushed by the increasing retail cost of meat of pigs, fresh, chilled, or frozen with 32.7% inflation.
“Vegetables, t ubers , plantains, cooking bananas and pulses with a - 6.5% inflation came third as to the highest share to inflation trend with 10.4%, while the third largest contributor came from the group of Fish and other seafood with 4.1% inflation posting a significant cut of 8.4 %,” Losare said.
The data also showed that food inflation of low-income households climbed to 9.6% from 6.8% food inflation for bottom 30% earners in January 2024.
Among the six provinces in Western Visayas, Guimaras recorded the highest food inflation rate in February 2024, followed by Antique with 8.9% inflation and Aklan with 7.6% price increase.
Ne gr os Occidental registered the lowest inflation i n the region with 3.6% inflation, followed by Capiz and Iloilo with 4.1% and 3.6% price increment.