1. Regional Headline Inflation

The year-on-year headline inflation of Davao Region accelerated to 4.8 percent in February 2024, from 4.4 percent in January 2024. In February 2023, the region’s inflation was higher at 9.9 percent. (Table 1 and Figure 1).

The uptrend in the region’s overall inflation in February 2024 was primarily due to the faster annual growth in the index of Food and Non-Alcoholic Beverages at 8.1 percent from 7.4 percent in the previous month. Additionally, the faster annual increments of Transport at 3.0 percent from 0.2 percent, Furnishings, Household Equipment, and Routine Household Maintenance at 4.3 percent from 4.1 percent, Health at 4.4 percent from 4.2 percent, and Personal Care, and Miscellaneous Goods and Services at 4.7 percent from 4.6 percent in the previous month contributed to the upward trend of the regional headline inflation. (Table 2)

On the other hand, lower annual increments were noted in the indices of the following commodity groups during the month:

a.    Alcoholic Beverages and Tobacco at 11.2 percent from 12.0 percent;
b.    Clothing and Footwear at 5.3 percent from 5.5 percent;
c.    Housing, Water, Electricity, Gas, and Other Fuels at -3.2 percent from -2.9 percent;
d.    Information and Communication at 0.3 percent and 0.9 percent;
e.    Restaurants and Accommodation Services at 8.3 percent from 10.2 percent;

Meanwhile, the commodity group of Recreation, Sport, and Culture at 6.4 percent, Education Services at 4.0 percent, and Financial Services at -0.1 percent retained the previous month’s inflation rate.
 

2. Davao Region Food Inflation

The region’s Food inflation accelerated to 8.4 percent in February 2024 from 7.5 percent in the previous month. In February 2023, the Food inflation was higher at 11.3 percent. (Table 3)

The main driver in the increase of Food inflation in the region in February 2024 was Vegetables, Tubers, Plantains, Cooking Bananas, and Pulses at -0.2 percent from -10.8 percent in the previous month. The following food groups also recorded faster inflation compared to January 2024:

a.    Cereals and Cereal Products at 22.0 percent from 20.9 percent;
b.    Fish and Other Seafood at 2.6 percent from 0.3 percent; and
c.    Ready-Made Food and Other Food Products N.E.C. at 6.0 percent from 5.6 percent.

On the other hand, the price movement of the following groups moved slower compared to the previous month:

a.    Meat and Other Parts of Slaughtered Land Animals at -0.3 percent from 1.5 percent;
b.    Milk, Other Dairy Products, and Eggs at 3.9 percent from 7.3 percent;
c.    Oils and Fats at -4.3 percent from -1.5 percent;
d.    Fruits and Nuts at 21.2 percent from 24.4 percent; and
e.    Sugar, Confectionery, and Desserts at -5.2 percent from -3.0 percent. 
 

3. Regional Inflation Rates

At the national level, the country's headline inflation accelerated to 3.4 percent in February 2024, from 2.8 percent in the previous month (Table 4).

Among the 17 administrative regions, BARMM had the highest inflation at 5.3 percent followed by Region XII (SOCCSKSARGEN) at 5.0 percent, and Region III (Central Luzon) and Region XII (Davao Region) both at 4.8 percent. On the other hand, Region I (Ilocos Region) had the lowest inflation at 2.0 percent. (Table 4 and Figure 2)
 

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