MANILA, (PIA) — The Consumer Price Index (CPI) for the National Capital Region (NCR) fell slightly to 121.2 percent in June 2024, the Philippine Statistics Authority (PSA) reported on its latest Summary Inflation Report Consumer Price Index NCR.
This indicates a small decrease in overall prices from May to June 2024.
The CPI measures the average change over time in the prices paid by consumers for a basket of goods and services.
It is a key indicator of inflation. The 121.2 percent CPI for June 2024 means that consumer prices in NCR have increased by 21.2 percent since the base year of 2018.
In other words, a basket of goods that cost P100.00 in 2018 now costs P121.2.
Despite the slight month-on-month decline, however, the CPI for NCR showed a year-on-year increase of 2.8 percent, rising from 118.4 percent in June 2023.
This indicates that prices were generally higher this year compared to last year.
Comparatively, NCR’s CPI remains below the national CPI, which stood at 125.6 percent in June 2024, unchanged from the previous month.
This means that while prices have risen in NCR, they have not increased as much as in other parts of the Philippines.
Understanding the CPI is crucial for households as it reflects how inflation affects daily expenses.
It provides a clear picture of how much more consumers need to pay for the same goods and services over time, which is vital for budgeting and financial planning.
By analyzing these trends, consumers and policymakers can better understand the economic environment and make informed decisions.
Meanwhile, the slight decrease in NCR’s CPI from May to June 2024 offers a brief respite from the steady price increases observed over the past year. (JVD/PIA-NCR)
