THE PHILIPPINE Statistics Authority (PSA) XI reported that the Davao Region’s inflation rate for Aug. 2024 eased down to 4.9%, from 5.1% in July 2024.
In an online report presented by Jessie Madulin, PSA Davao del Sur chief statistical specialist officer-in-charge, the downtrend in the region’s overall inflation was primarily brought about by the slower annual increase of food and non-alcoholic beverages at 6.6%, from 7.8% in the previous month.
“Also, contributing to the downtrend was Transport at -1.1% during the month from 4% in July 2024,” Madulin said.
The region’s inflation was also lower at 3.9% last year in the same month.
Slower annual increments were also noted in the following commodity groups, including alcoholic beverages and tobacco at 5% (previously 5.3%); clothing and footwear at 4.5% (from 4.8%); and furnishings, household equipment, and routine household maintenance at 4.5% (from 4.8%).
Meanwhile, financial services retained its previous month’s inflation rate at -0.1%.
Food inflation declined
PSA XI also noted that in August 2024, the region’s food inflation rate dropped from 8.1% to 6.9% last month.
“The commodity groups that mainly contributed to the decrease of food inflation in the region were cereals and cereal Products at 15% (from 17.3%); vegetables, tubers, plantains, cooking bananas and pulses at 7% (from 14.8%); fish and other seafood at -0.6% (from 1%); and ready-made food and other food products at 8.4% (from 9.9%),” the report reads.
Among the 17 administrative regions, Region XI (Davao Region) recorded the highest inflation rate at 4.9% followed by Region VI (Western Visayas) at 4.8%. On the other hand, Region I (Ilocos Region) posted the lowest inflation at 1.8%.
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.”
