The year-on-year inflation of Davao Region moved upward to 9.4 percent in January 2023, from 9.3 percent in December 2022. This is the fourth-highest recorded inflation since January 2022. In January 2022, the region’s inflation stood at 5.1 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 January 2023. This month’s PPP is lower than in January 2022 at 90 centavos. (Table 2)

 

 

The rise in the region’s inflation was mainly due to the higher annual growth rate in the housing, water, electricity, gas and other fuels index at 8.8 percent, from 7.9 percent in December 2022. 

 

Higher annual growth were also noted in the indices of the following commodity groups relative to their monthly annual rates:

 

a. Alcoholic beverages and tobacco at 13.9  percent;

b. Clothing and footwear at 6.0 percent;

c. Furnishings, household equipment and routine household maintenance at 8.3 percent;

d. Health at 6.9 percent;

e. Information and communication at 1.4 percent;

f. Recreation, sport and culture at 6.7 percent;

g. Restaurants and accommodation services at 7.8 percent; and

h. Personal care, and miscellaneous goods and services at 7.7 percent

 

On the other hand, slower annual growth was observed in the indices of food and non-alcoholic beverages at 10.0 percent, and transport at 12.7 percent. Meanwhile, the indices for education services and financial services retained their previous month’s inflation rates. (Table 3)

 

 

 

The regional inflation for food declined to 10.0 percent in January 2023, from 10.7 percent in December 2022. In January 2022, food inflation was lower at 7.6 percent. Moreover, the downward inflation trend of the food index was mainly brought about by the decrease in the annual growth rate of rice at 4.4 percent  (Table 4).

 

Additionally, the following food groups also displayed slower annual growth rates:

 

a. Fruits and nuts at 5.8 percent;

b. Meat and other parts of slaughtered land animals at 10.7 percent

c. Vegetables, tubers, plantains, cooking bananas and pulses at 18.1 percent; 

d. Sugar, confectionery and desserts at 46.5 percent; and

e. Oils and fats at 26.8 percent.

 

On the other hand, higher annual upticks were recorded in the indices of:

 

a. Corn at 38.6 percent;

b. Flour, bread and other bakery products, pasta products, and other cereals at 11.3 percent; 

f. Fish and other seafood at 2.1 percent; 

g. Milk, other dairy products and eggs at 8.6 percent; and

h. Ready-made food and other food products n.e.c. at 9.5 percent.

 

 

At the national level, the headline inflation in the country continued its upward movement to 8.7 percent in January 2023, from 8.0 percent in the previous month (Table 5).

 

 

Among the 17 administrative regions, Western Visayas had the highest inflation at 10.5 percent followed by Davao Region with 9.3 percent, and Central Luzon with 9.0 percent. On the other hand, BARMM 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)

Officer-In-Charge

Regional Statistical Services Office 11