Seven commodity groups pull down Guimaras’ food inflation to 3.2 pct

The rate of change in food commodity prices in Guimaras slowed down to 3.2% in February 2022 after peaking in January 2022 at 9.4%.

Data released by the Philippine Statistics Authority (PSA) indicated that seven commodity group items dragged last month’s inflation:

• Cereals and cereals product at -3.1 from 1.1%
• Meat and Other Parts of Slaughtered Animals at 8.6% from 12.3%
• Fish and Other Seafood at 9.8% from 17.0%
• Oils and Fats at 1.7% from 3.2%
• Fruits and Nuts at 6.2% from 8.2%
• Vegetables, Tubers, Cooking Bananas and Pulses at -1.4% from 26.9%, and
• Ready-Made Food and Other Food Products N.E.C at 5.9% from 6.1%

“A significant price drop in February 2022 was noted in Vegetables, tubers, cooking bananas, and pulses with -1.4% inflation from a high of 26.9% and in Fish and other seafood with 9.8% from 17.0% inflation a month ago,” Provincial Statistics Officer Nelida B. Losare said.

The 3.2% inflation in February 2022 is faster than the -1.2% inflation in February 2021, due to faster price increments on seven heavily weighted food commodity items which recorded higher annual markups in February 2022:

• Cereals and Cereal Products, from -8.5% to -3.1%
• Cereals food group, from -12.4% to -3.9% due to the increment in the prices of rice
• Meat and Other Parts of Slaughtered Animals, from 7.2% to 8.6%
• Fish and Other Seafood, from 3.6% to 9.8%
• Fruits and Nuts, from -6.2% turn around to 6.2%
• Sugar Confectionery and Desserts, from 1.2% to 7.1%, and
• Ready-Made Food and Other Food Products N.E.C, from 3.1% to 5.9%.

Losare explained that comparing food inflation trends of Guimaras Province 13 months (February 2021 to 2022), the current 3.2% rate posted 6.2% reduction after the six consecutive months of fast-moving upward inflation from August 2021 to January 2022 (See figure 1). 

“From a -1.2 percent deflation in February 2021, it moved slower to -2.5 percent in March and in April at -2.8 percent. From then, inflation rose to 0.4 percent in August and consistently increased every month until it reached 9.4 percent in January 2022, the highest food inflation recorded for thirteen months, and finally slowed to 3.2 percent in February 2022,” Losare said