THE PHILIPPINE Statistics Authority (PSA) XI said the Davao Region’s inflation rate eased down to 2.3% in October after rising to 2.9% last month.
This was revealed during PSA XI’s online report on Davao Region’s October 2024 Inflation via Zoom on Nov. 12 and was presented by PSA XI OIC-regional director Randolph Anthony Gales.
Gales reported that the downtrend in the region’s overall inflation for the bottom 30% of income households was primarily due to the slower annual growth in the index of Housing, Water, Electricity, Gas, and other Fuels at -4.6% from -1.4%.
“Additionally, the slower price movement in the commodity groups of Food and Non-Alcoholic Beverages at 4.4 percent from 4.5 percent, and Restaurants and Accommodation Services at 4.4 percent from 4.9 percent contributed to the inflation’s overall downward trend,” Gales said.
The online report also noted that slower price movements were observed among the following commodity groups in Oct. 2024 than last month, such as alcoholic beverages and tobacco (from 3.3% to 2.4%); clothing and footwear (from 4.1% to 3.5%); furnishings, household equipment, and routine household maintenance (from 3.1% to 2.9%); health (from 2.5% to 2.3%), among others.
On the other hand, the commodity groups of Transport at -3.1%, and Recreation, Sport, and Culture at 7.9%, recorded faster price movements compared to September 2024.
Provinces and highly urbanized cities that had experienced lower inflation rates were Davao Occidental at 1.5% from 2.9%, followed by Davao Oriental at 1.3% from 2.7%, and Davao City at 2.9% from 4.2%.
As defined by PSA XI, inflation rate refers to “the annual rate of change of the Consumer’s Price Index interpreted through percentage, the rate of increase in prices over a given period of time.”
