1. Regional Headline Inflation

The year-on-year headline inflation of Davao Region eased down to 4.9 percent in August 2024, from 5.1 percent in July 2024. In August 2023, the region’s inflation was lower at 3.9 percent. (Table 1 and Figure 1).

The downtrend in the region’s overall inflation in August 2024 was primarily brought about by the slower annual increment of Food and Non-Alcoholic Beverages at 6.6 percent in August 2024 from 7.8 percent in the previous month. Also, contributing to the downtrend was Transport at -1.1 percent during the month from 4.0 percent in July 2024.

Moreover, slower annual increments were noted in the indices of the following commodity groups during the month:

a.    Alcoholic Beverages and Tobacco at 5.0 percent from 5.3 percent;
b.    Clothing and Footwear at 4.5 percent from 4.8 percent;
c.    Furnishings, Household Equipment, and Routine Household Maintenance at 4.5 percent from 4.8 percent; 
d.    Health at 3.3 percent from 3.8 percent; 
e.    Information and Communication at -0.4 percent from -0.3 percent;
f.    Recreation, Sport, and Culture at 5.1 percent from 5.2;
g.    Education Services at 7.9 percent from 9.8 percent; 
h.    Restaurants and Accommodation Services at 6.5 percent from 6.6 percent; and
i.    Personal Care, and Miscellaneous Goods and Services at 3.9 percent from 4.7 percent.

On the other hand, the commodity group of Housing, Water, Electricity, Gas and other Fuels recorded a higher annual growth rate at 4.3 percent from -0.2 percent. Meanwhile, Financial Services retained its previous month’s inflation rate at -0.1 percent.
 

2. Davao Region Food Inflation

The region’s Food inflation declined to 6.9 percent in August 2024 from 8.1 percent in the previous month. In August 2023, the Food inflation was lower at 5.8 percent. (Table 3)

In August 2024, the commodity groups that mainly contributed to the decrease of Food inflation in the region were Cereals and Cereal Products at 15.0 percent from 17.3 percent; Vegetables, Tubers, Plantains, Cooking Bananas and Pulses at 7.0 percent from 14.8 percent; Fish and other Seafood at -0.6 percent from 1.0 percent; and Ready-made Food and other Food Products n.e.c. at 8.4 percent from 9.9 percent.

On the other hand, the following groups recorded higher inflation compared to July 2024:

a.    Meat and Other Parts of Slaughtered Land Animals at 2.1 percent from 1.6 percent;
b.    Milk, Other Dairy Products, and Eggs, at 3.3 percent from 0.7 percent; 
c.    Oils and Fats at -0.1 percent from -0.7 percent;
d.    Fruits and Nuts at 15.6 percent from 14.7 percent; and
e.    Sugar, Confectionery, and Desserts, at -5.3 percent from -5.4 percent.
 

3. Regional Inflation Rates

At the national level, the country's headline inflation declined to 3.3 percent in August 2024, from 4.4 percent in the previous month (Table 4).

Among the 17 administrative regions, Region XI (Davao Region) recorded the highest inflation rate at 4.9 percent followed by Region VI (Western Visayas) at 4.8 percent. On the other hand, Region I (Ilocos Region) posted the lowest inflation at 1.8 percent. (Table 4 and Figure 2)
 

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Note: CPIs and inflation rates by province and selected city are posted on the PSA website (http://openstat.psa.gov.ph/).

APPROVED FOR RELEASE:

RANDOLPH ANTHONY B. GALES
(Chief Statistical Specialist)
Officer-In-Charge
Regional Statistical Services Office 11