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Davao Region inflation slows down in June 2024: PSA XI

THE PHILIPPINE Statistics Authority (PSA) XI noted that the overall year-on-year inflation of Davao Region decelerated to 4.3% in June 2024 from 5.3% last month.

Based on PSA XI’s online report on July 9, the major contributor to the region’s overall inflation trend in June 2024 was the commodity group of Food and Non-Alcoholic Beverages at 7.5% from 8.8% in the previous month.

“The region’s Food inflation decelerated to 7.8% in June 2024 from 9.0% in the previous month. In June 2023, the Food inflation was lower at 6.1%,” the report said.

The decrease in food inflation in the region in June 2024 was driven by the commodity groups of Fish and Other Seafood at -1.1% from 4.6%, Cereals and Cereal Products at 19.1% from 19.7%, and Vegetables, Tubers, Plantains, Cooking Bananas, and Pulses at 11.4% from 12.8%.

Also, Milk, Other Dairy Products, and Eggs at -0.1% from 1.1%, and Sugar, Confectionery, and Desserts at -3.5% from -2.9% contributed to the downturn of the food inflation in June 2024.

The commodity groups of Housing, Water, Electricity, Gas, and Other Fuels, at -2.9% from -1.1%, and Transport at 3.2% from 4.5% contributed to the region’s overall inflation downtrend.

Meanwhile, Davao City’s inflation rate, as one of the highly urbanized cities within the Davao Region declined to 3.6% in June 2024 from 4.7% in the previous month, and 7.6% in June 2023. Davao City was the third lowest in inflation following Davao del Norte and Davao de Oro (both 3.4%).

PSA XI noted that among the 17 administrative regions, BARMM had the highest inflation at 5.3% followed by Region IX (Zamboanga Peninsula) at 5.2%, and Region X (Northern Mindanao) at 5.0%. On the other hand, NCR (National Capital Region) had the lowest inflation at 2.3%.

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.”


Graphics from PSA XI


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