The year-on-year inflation of Davao Region moved further upward to 9.9 percent in February 2023, from 9.4 percent in January 2023. In February 2022, the region’s inflation was lower at 4.4 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 February 2023. This month’s PPP is lower than in February 2022 at 90 centavos. (Table 2)
The increase in the region’s inflation was mainly due to the higher annual growth rate in the food and non-alcoholic beverages index at 11.2 percent, from 10.0 percent in January 2023. Higher annual growth was also noted in the indices of the following commodity groups relative to their monthly annual rates:
a. Alcoholic beverages and tobacco at 14.9 percent;
b. Clothing and footwear at 6.2 percent;
c. Housing, water, electricity, gas and other fuels at 9.6 percent;
d. Health at 7.1 percent;
e. Information and communication at 1.6 percent;
f. Recreation, sport and culture at 7.1 percent;
g. Restaurants and accommodation services at 10.0 percent; and
h. Personal care, and miscellaneous goods and services at 7.9 percent.
On the other hand, slower annual growth was observed in the indices of transport at 9.5 percent. Meanwhile, the indices for furnishings, household equipment and routine household maintenance, education services and financial services retained their previous month’s inflation rates. (Table 3)
The regional inflation for food increased to 11.2 percent in February 2023, from 10.0 percent in January 2023. In February 2022, food inflation was lower at 5.3 percent. Moreover, the upward inflation trend of the food index was mainly due to the higher annual growth rate of Meat and other parts of slaughtered land animals at 11.2 percent (Table 4).
Additionally, the following food groups also displayed faster annual growth rates:
a. Fish and other seafood at 4.9 percent;
b. Milk, other dairy products and eggs at 10.1 percent
c. Fruits and nuts at 8.4 percent;
d. Vegetables, tubers, plantains, cooking bananas and pulses at 24.8 percent; and
e. Ready-made food and other food products n.e.c. at 10.4 percent.
On the other hand, slower annual upticks were recorded in the indices of:
a. Rice at 3.3 percent;
b. Flour, bread and other bakery products, pasta products, and other cereals at 11.1 percent;
c. Oils and fats at 25.0 percent; and
d. Sugar, confectionery and desserts at 44.0 percent.
Only Corn retained its previous month’s growth rate at 38.6 percent.
At the national level, the headline inflation in the country inched downward to 8.6 percent in February 2023, from 8.7 percent in the previous month (Table 5).
Among the 17 administrative regions, Western Visayas had the highest inflation at 10.8 percent followed by Zamboanga Peninsula and Davao Region both at 9.9 percent, and Central Luzon with 9.3 percent. On the other hand, Eastern Visayas had the lowest inflation at 6.3 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