Wednesday, April 26, 2023
The year-on-year inflation of Davao Region moved inched downward to 9.0 percent in March 2023, from 9.9 percent in February 2023. In March 2022, the region’s inflation was lower at 4.7 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 March 2023. This month’s PPP is lower than in March 2022 at 89 centavos. (Table 2)
The decrease in the region’s inflation was mainly due to the slower annual growth rate in the Transport index at 4.6 percent, from 9.5 percent in February 2023. Lower annual growth was also noted in the indices of the following commodity groups relative to their monthly annual rates:
a. Food and Non-Alcoholic Beverages at 10.2 percent;
b. Housing, water, electricity, gas and other fuels at 8.9 percent;
c. Health at 6.7 percent;
d. Furnishings, household equipment and routine household maintenance at 8.0 percent;
e. Personal care, and miscellaneous goods and services at 7.7 percent.
Meanwhile, faster annual growth rates were observed in the indices of Alcoholic beverages and tobacco at 17.1 percent; Clothing and footwear at 6.5 percent; and Restaurants and accommodation services at 10.5 percent. On the other hand, the indices for Information and communication; Recreation, sport and culture; Education services; and Financial services retained their previous month’s inflation rates. (Table 3)
The regional inflation for Food contracted to 10.2 percent in March 2023, from 11.3 percent in February 2023. In March 2022, Food inflation was lower at 4.8 percent. Moreover, the dipping inflation trend of the Food index was mainly due to the slower annual growth rate of Vegetables, tubers, plantains, cooking bananas and pulses at 18.8 percent (Table 4).
Additionally, the following food groups also displayed gradual uptake in its annual growth rates:
a. Meat and other parts of slaughtered land animals at 9.9 percent;
b. Corn at 34.9 percent;
c. Sugar, confectionery and desserts at 38.7 percent;
d. Oils and fats at 19.7 percent;
e. Ready-made food and other food products n.e.c. at 9.8 percent; and
f. Milk, other dairy products and eggs at 9.9 percent
On the other hand, faster annual upticks were recorded in the indices of:
a. Rice at 4.4 percent;
b. Flour, bread and other bakery products, pasta products, and other cereals at 11.2 percent; and
c. Fruits and nuts at 8.5 percent.
Only the index of Fish and other seafood retained its previous month’s growth rate at 4.9 percent.
At the national level, the headline inflation in the country declined to 7.6 percent in March 2023, from 8.6 percent in the previous month (Table 5).
Among the 17 administrative regions, Western Visayas had the highest inflation at 9.1 percent followed by Zamboanga Peninsula and Davao Region both at 9.0 percent, and MIMAROPA with 8.8 percent. On the other hand, Cordillera Administrative Region had the lowest inflation at 5.6 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