Tuesday, May 9, 2023
The year-on-year inflation of Davao Region declined further to 7.5 percent in April 2023, from 9.0 percent in March 2023. In April 2022, the region’s inflation was lower at 5.3 percent (Table 1 and Figure 1).
Purchasing Power of the Peso (PPP) measures the real value of the Philippine peso in a given period relative to its value in the base period. In Davao Region, a peso in 2018 is worth 82 centavos in April 2023. This month’s PPP is lower than in April 2022 at 88 centavos. (Table 2)
The region’s overall inflation fell mainly due to the slower annual growth rate in the Food and Non-Alcoholic Beverages at 7.8 percent from 10.2 percent in March 2023. Furthermore, lower annual growth was also observed in the indices of the following commodity groups relative to their monthly annual rates:
a. Housing, water, electricity, gas and other fuels at 7.8 percent;
b. Transport at 3.2 percent;
c. Personal care, and miscellaneous goods and services at 7.3 percent;
d. Furnishings, household equipment and routine household maintenance at 7.5 percent;
e. Restaurants and Accommodation Services at 10.4 percent; and
f. Health at 6.5 percent.
On the other hand, faster annual growth rates were observed in the indices of Alcoholic beverages and tobacco at 18.0 percent; Clothing and footwear at 6.7 percent; Information and communication at 1.7 percent; and Recreation, sport and culture at 7.8 percent. Meanwhile, the indices for Education services; and Financial services retained their previous month’s inflation rates. (Table 3)
The regional inflation for Food slowed to 7.6 percent in April 2023, from 10.2 percent in March 2023. In April 2022, Food inflation was lower at 4.9 percent. Additionally, the downtrend inflation of the Food index was primarily due to the slower annual growth rate of Vegetables, tubers, plantains, cooking bananas and pulses at 7.9 percent (Table 4).
Moreover, the following food groups also displayed reduced uptake in their annual growth rates:
a. Fish and other seafood at 0.7 percent;
b. Meat and other parts of slaughtered land animals at 7.7 percent;
c. Rice at at 3.5 percent;
d. Corn at 30.6 percent;
e. Milk, other dairy products and eggs at 8.6 percent;
f. Sugar, confectionery and desserts at 35.9 percent;
g. Oils and fats at 15.2 percent;
h. Ready-made food and other food products n.e.c. at 9.2 percent; and
i. Flour, bread and other bakery products, pasta products, and other cereals at 11.0 percent.
However, only the index of Fruits and nuts accelerated compared to its previous month’s growth rate at 11.2 percent.
At the national level, the headline inflation in the country dropped to 6.6 percent in April 2023, from 7.6 percent in the previous month (Table 5).
Among the 17 administrative regions, Western Visayas had the highest inflation at 8.2 percent followed by MIMAROPA at 7.8 percent and Davao Region at 7.5 percent. On the other hand, Cordillera Administrative Region had the lowest inflation at 4.3 percent (Figure 2).
Note: CPIs and inflation rates by province and selected city are posted at the PSA website (http://openstat.psa.gov.ph/).
APPROVED FOR RELEASE:
RANDOLPH ANTHONY B. GALES
(Chief Statistical Specialist)
Regional Statistical Services Office 11