The Philippine Statistics Authority (PSA) XI recorded an increase in the Davao Region’s inflation rate to 5.9% in July 2024 from 4.8% in the previous month.
In PSA XI’s Davao Region Summary Inflation Report on the Consumer Price Index (CPI) for the Bottom 30% Income Households, the uptrend in the region’s overall inflation was primarily attributed to “the faster annual growth in the index of housing, water, electricity, gas, and other fuels at -5.0% from -10.5% in the previous month.”
“Additionally, the faster price movement in the commodity groups of Transport at 3.8% from 3.1%, and Restaurants and Accommodation Services at 6.6% from 6.0%, contributed to the overall upward trend in inflation,” the report stated.
The report also indicated that higher annual increases were observed in Health at 2.7% (from 2.4%); Recreation, Sport and Culture at 9.6% (from 8.4%); and Education Services at 6.2% (from 3.9%), compared to June 2024.
However, PSA XI noted slower price movements among the following commodity groups in July 2024 compared to the previous month: clothing and footwear; furnishings, household equipment, and routine household maintenance; personal care; and miscellaneous goods and services.
Meanwhile, Food and Non-Alcoholic Beverages, Alcoholic Beverages and Tobacco, Information and Communication, and Financial Services retained their previous month’s inflation rates.
Food Inflation
PSA XI recorded food inflation at 10% in July 2024, an increase from 9.8% in the previous month. Food inflation was lower at 5.4% in July 2023.
“The main contributors to the overall inflation of food in the region in July 2024 were Fish and Other Seafood at 2.8% from 0.7%, Meat and Other Parts of Slaughtered Land Animals at 1.0% from -0.8%, and Vegetables, Tubers, Plantains, Cooking Bananas and Pulses at 13.1% from 10.5%,” the report added.
Headline inflation, as defined by PSA XI, captures the changes in the cost of living based on the movements of the prices of items in the basket of commodities and services consumed by the typical Filipino household.
