Davao Region inflation rate slows down to 4.1 percent

Vendors prepare to pack string beans at the Bankerohan Market in Davao City. MindaNews file photo

DAVAO CITY (MindaNews / 17 September) – The inflation rate in Davao Region or Region 11 slowed down to 4.1 percent in August from 5 percent in July 2024, an official of the Philippine Statistics Authority (PSA)-Davao reported on Tuesday.

During a press conference via Zoom, Maria Leah C. Magracia, officer-in-charge of Statistical Operation and Coordination Division of PSA-Davao, explained that regional inflation went down a bit due to slower movement in the prices of food and non-alcoholic beverages, with a 6.6-percent increase in August from 7.8 percent in July.

For food and non-food items, she said PSA-Davao noted that prices of cereals and cereal products moved at slower rate at 15 percent in August from 17.3 percent in July; vegetables, tubers, and cooking bananas, 7 percent in August from 14.8 percent in July; and fish and other seafood products, -0.6 percent in August from  1 percent in July.

Magracia also attributed the inflation’s slower growth rate last month to transportation, which declined to -1.1 percent from 4 percent in July, owing to decreasing cost of gasoline (-7.6 percent from 5.3 percent), diesel (-12.4 percent from 6.7 percent), and passenger transport by sea (-26.4 percent from 19 percent).

She added that alcoholic and tobacco products slowed down to 5 percent in August from 7.8 percent in July; clothing and footwear, 5 percent from 5.3 percent; furnishings, household equipment and routine household maintenance, 4.5 percent from 4.8 percent; health, 3.3 percent from 3.8 percent; recreation, sport and culture, 5.1 percent from 5.2 percent; education services, 7.9 percent from 9.8 percent; restaurants and accommodation services, 6.5 percent from 6.6 percent; and personal care, miscellaneous goods and services, 3.9 percent from 4.7 percent.

She said housing, water, electricity, gas, and other fuels posted a higher inflation at 4.3 percent in August from -0.2 percent in July, while financial services remained the same at 0.1 percent.

The official said that the top five contributors to the August 2024 inflation are rice at 20.4 percent; restaurants, cafe, and the like at 6.4 percent; electricity at 9.7 percent; rentals at 2.5 percent; and other passenger transport by road at 4.2 percent.

From January to August 2024, she said that the average consumer price index was estimated at 4.8 percent. (Antonio L. Colina IV/MindaNews)