DAVAO Region’s inflation rate for the bottom 30% income households declined further to 1.1% in December 2024 from 1.9% in Nov. 2024.
Inflation, as defined by PSA XI, 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.”
The PSA XI’s online report released on Jan. 7 said that the downtrend in the region’s overall inflation was primarily due to the “slower annual growth in the index of Food and Non-Alcoholic Beverages at 0.4% from 1.8%.”
“The slower price movements in the commodity groups of Clothing and Footwear at 3.2% from 3.3%; Housing, Water, Electricity, Gas, and other Fuels at 0.7% from 1.8%; and Recreation, Sport, and Culture at 6.9% from 7.1% contributed to the inflation’s overall downward trend,” they stated.
The report said the region’s inflation was higher at 4.5% in December 2023.
Provinces and highly urbanized cities in Davao Region that had experienced lower inflation rates were Davao City at 2.2% (from 8.5%), Davao del Sur at 2.8% (from 3.7%), Davao Occidental at -0.7% (from 4.7%), and Davao de Oro at 0.4% (from 3.3%).
On the other hand, food inflation decreased to 0.2% in Dec. 2024, from 1.7% in the previous month.
“The main contributors to the downtrend of overall food inflation in the region in December 2024 were Cereals and Cereal Products at -3.8% from 0.0%; Fish and Other Seafood at 4.4% from 5.3%; and Fruits and Nuts at 2.5% from 6.8%,” PSA XI added.
Among the 17 administrative regions, Region II (Cagayan Valley) had the highest inflation at 4.8%, followed by Region IV (Calabarzon) at 3.8%, and Region VI (Western Visayas) at 3.7%. Region XII (Soccsksargen) had the lowest inflation at 1.0%.
