Guimaras’ food inflation closes at 7.3% in 2023

Food inflation in Guimaras contracted to 7.3 percent in December 2023 from 10.1 percent in the previous month.

In December 2022, food inflation was higher at 11.8 percent, based on the latest price statistics released by the Philippines Statistics Authority (PSA).

The deceleration of food inflation in December 2023 was primarily influenced by the annual decrease in Fish and other seafood at 3.9 percent during the month, from 8.0 percent in November 2023, giving a 34.6 percent share to food inflation.

Also contributing to the downtrend in food inflation were slower increases observed in Meat and other parts of slaughtered land animals (12.5 percent in December 2023 from 18.0 percent in November 2023 with 27.3 percent share to the December 2023 food inflation), and Vegetables, tubers, plantains, cooking bananas and pulses (-5.1 in December 2023 from 1.5 percent in the previous month with 18.0 percent share).

Moreover, inflation rates in the indices of the following food items were slower during the month:

1. Fruits and nuts, 2.6 percent from 10.3 percent;
2. Milk, and other dairy products and eggs, 7.0 percent from 8.3 percent;
3. Ready-made food and other food products n.e.c., 11.8 percent from 13.8 percent;
4. Sugar, confectionery, and desserts, -5.7 percent from -5.0 percent; and
5. Oils and fats, 3.0 percent from 3.2 percent

In addition, faster annual declines were recorded in the indices of Cereals and cereal products at 14.6 percent during the month from a decrement of 13.1 in the previous month. Moreover, the food groups with the highest contribution to food inflation in December 2023 were the following:

1. Cereals and cereal products, with 64.5 percent share or 4.71 percentage points;
2. Meat and other parts of slaughtered land animals with 18.9 percent share or 1.38 percentage points; and
3. Fish and other seafood with 10.0 percent share or 0.73 percentage point