SPECIAL RELEASE
Summary Inflation Report: January 2024
Consumer Price Index for Bottom 30% Income Households: Davao del Norte
(2018=100)
Date Released | : | 12 February 2024 |
Reference No. | : | SRDDN2024-004 |
Table A. | Year-on-Year Inflation Rates for Bottom 30% Income Households in the Philippines, Region 11, and Davao del Norte: January 2023, December 2023 – January 2024 (All Items in Percent) |
Area | January
2023 | December
2023 | January
2024 |
Philippines | 9.7 | 5.0 | 3.6 |
Region 11 | 11.9 | 4.5 | 3.9 |
Davao del Norte | 9.8 | 1.0 | (1.0) |
Source: Retail Price Survey of Commodities for the Generation of Consumer Price Index Philippine Statistics Authority |
Source: Retail Price Survey of Commodities for the Generation of Consumer Price Index Philippine Statistics Authority
- Inflation in Davao del Norte
The inflation in Davao del Norte for bottom 30% income households decreased by 10.8 percentage points in January 2024 (-1.0%) compared to its inflation rate in the same month last year, which was recorded at 9.8 percent. The current inflation rate (-1.0%) in the province is lower compared to the inflation in the Philippines and Davao Region, which stood at 3.6 percent and 3.9 percent, respectively (Table A).
Table B. | Year-on-Year Inflation Rates for Bottom 30% Income Households in Davao del Norte: January 2021–January 2024 (All Items in Percent) |
Month | 2021 | 2022 | 2023 | 2024 |
January | 2.1 | 7.5 | 9.8 | -1.0 |
February | 2.5 | 5.6 | 9.0 | |
March | 2.1 | 5.8 | 7.9 | |
April | 1.2 | 6.5 | 5.5 | |
May | 1.9 | 6.9 | 3.8 | |
June | 2.4 | 8.0 | 3.1 | |
July | 3.2 | 10.5 | 0.6 | |
August | 3.7 | 10.7 | -1.6 | |
September | 3.4 | 11.2 | 1.9 | |
October | 4.8 | 10.3 | 1.0 | |
November | 4.5 | 9.9 | 1.9 | |
December | 5.7 | 9.6 | 1.0 | |
Average | 3.1 | 8.5 | 3.6 | -1.0 |
Source: Retail Price Survey of Commodities for the Generation of Consumer Price Index, Philippine Statistics Authority |
- Contribution to the Inflation
Table C showed that the January 2024 inflation for the bottom 30% income households in Davao del Norte was mostly contributed by the indices of housing, water, electricity, gas and other fuels (-26.6%); health (-2.8%); and financial services (-0.1%).
Table C. | Major Contributor to the Inflation in Davao del Norte:
All income Households in Percent (2018=100) |
Commodity Group | January
2023 | December
2023 | January
2024 | Contribution to Inflation |
ALL ITEMS | 9.8 | 1.0 | (1.0) | 100.0 |
Food and non-alcoholic beverages | 8.4 | 8.2 | 5.3 | (1,520.1) |
Alcoholic beverages and tobacco | 2.9 | 12.3 | 11.9 | (111.5) |
Clothing and footwear | 1.7 | 7.8 | 7.8 | (88.4) |
Housing, water, electricity, gas and other fuels | 21.6 | (24.0) | (26.6) | 2,175.6 |
Furnishings, household equipment and routine household maintenance | 2.9 | 4.1 | 4.1 | (46.4) |
Health | 29.3 | (2.9) | (2.8) | 17.5 |
Transport | 8.5 | 4.7 | 3.3 | (121.1) |
Information and communication | 0.0 | 0.0 | 0.0 | 0.0 |
Recreation, sport and culture | 8.6 | 11.2 | 10.6 | (39.0) |
Education services | 3.9 | 3.2 | 3.2 | (5.4) |
Restaurants and accommodation services | 0.5 | 1.4 | 1.4 | (42.4) |
Financial services | 0.0 | 0.0 | (0.1) | 0.0 |
Personal care, and miscellaneous goods and services | 4.2 | 5.0 | 4.4 | (119.0) |
Source: Retail Price Survey of Commodities for the Generation of Consumer Price Index Philippine Statistics Authority |
- Share to the Trend of Inflation
Table D. | Share to the Downtrend of Inflation in Davao del Norte: All income Households in Percent (2018=100) |
Commodity Group | January
2023 | December
2023 | January
2024 | Share to Downtrend |
ALL ITEMS | 9.8 | 1.0 | (1.0) | 100.0 |
Food and non-alcoholic beverages | 8.4 | 8.2 | 5.3 | 74.4 |
Alcoholic beverages and tobacco | 2.9 | 12.3 | 11.9 | 0.3 |
Clothing and footwear | 1.7 | 7.8 | 7.8 | |
Housing, water, electricity, gas and other fuels | 21.6 | (24.0) | (26.6) | 19.0 |
Furnishings, household equipment and routine household maintenance | 2.9 | 4.1 | 4.1 | |
Health | 29.3 | (2.9) | (2.8) | |
Transport | 8.5 | 4.7 | 3.3 | 4.6 |
Information and communication | 0.0 | 0.0 | 0.0 | |
Recreation, sport and culture | 8.6 | 11.2 | 10.6 | 0.2 |
Education services | 3.9 | 3.2 | 3.2 | |
Restaurants and accommodation services | 0.5 | 1.4 | 1.4 | |
Financial services | 0.0 | 0.0 | (0.1) | 0.0 |
Personal care, and miscellaneous goods and services | 4.2 | 5.0 | 4.4 | 1.5 |
Source: Retail Price Survey of Commodities for the Generation of Consumer Price Index Philippine Statistics Authority |
The decrement in the inflation rate of the bottom 30% income households in Davao del Norte can be observed with its downward trend from 1.0 percent in December 2023 to -1.0 percent in January 2024. This decrease was mainly contributed by the slower annual increase of the index for food and non-alcoholic beverages from a rate of 8.2 percent in December 2023 to 5.3 percent in January 2024. This was followed by the indices of housing, water, electricity, gas and other fuels (from -24.0% to -26.6%), and transport (from 4.7% to 3.3%). (Table D).
Despite the decrease of inflation rate of the province in January 2024, it can be noticed that the index for health had an increased inflation rate from -2.9% on December 2023 to -2.8% in January 2024.
The following commodities has shown no sign of increase nor decrease in inflation rate in January 2024 compared to their corresponding rates in the last month:
- Clothing and footwear (7.8%);
- Furnishings, household equipment and routing household maintenance (4.1%);
- Information and communication (0.0%);
- Education services (3.2%); and
- Restaurants and accommodation services (1.4%)
The bottom 30% income households inflation rate of the index for food has shown a downward trend from an inflation rate of 8.6% on December 2023 to 5.6% in January 2024. The trend of the food inflation was mostly attributed by the slower annual increase in the index for fish and other seafood, which recorded an inflation rate of -4.4% in January 2024 from a rate of 6.7% in December 2023. This was followed by the indices for vegetables, tubers, plantains, cooking bananas and pulses (from -3.5% to -11.7%); and meat and other parts of slaughtered land animals (from 0.3% to -2.6%) (Table E.)
Table E. | Share to the Trend of Food Inflation in Davao del Norte: All income Households in Percent (2018=100) |
|---|
Commodity Group | January
2023 | December
2023 | January
2024 | Share to Trend |
|---|
FOOD | 8.5 | 8.6 | 5.6 | 100.0 |
Rice | 4.6 | 23.6 | 26.4 | |
Corn | 24.4 | 2.3 | (0.4) | |
Flour, Bread and Other Bakery Products, Pasta Products, And Other Cereals | 4.2 | 7.7 | 7.0 | |
Meat and other parts of slaughtered land animals | 8.0 | (0.3) | (2.6) | 10.6 |
Fish and other seafood | 5.5 | 6.7 | (4.4) | 61.0 |
Milk, other dairy products and eggs | 5.0 | 2.6 | 0.9 | 4.0 |
Oils and fats | 16.2 | 3.2 | 1.1 | 1.0 |
Fruits and nuts | 5.2 | 24.9 | 19.6 | 4.2 |
Vegetables, tubers, plantains, cooking bananas and pulses | 13.7 | (3.5) | (11.7) | 18.7 |
Sugar, confectionery and desserts | 61.5 | (8.3) | (2.9) | |
Ready-made food and other food products n.e.c. | 10.2 | 3.8 | 3.2 | 0.6 |
Sugar, confectionery and desserts | 61.5 | (8.3) | (2.9) | |
Ready-made food and other food products n.e.c. | 10.2 | 3.8 | 3.2 | 0.6 |
Source: Retail Price Survey of Commodities for the Generation of Consumer Price Index Philippine Statistics Authority |
PEPITO D. AMOYEN
Chief Statistical Specialist
Inflation-Rate-Special-Release-No.-SRDDN2024-004