1. Regional Headline Inflation

The year-on-year headline inflation of Davao Region moved downward to 4.4 percent in January 2024, from 5.3 percent in December 2023. In January 2023, the region’s inflation was higher at 9.4 percent. (Table 1 and Figure 1).

The downtrend in the region’s overall inflation in January 2024 was primarily due to the slower annual growth in the index of Food and Non-Alcoholic Beverages at 7.4 percent from 8.5 percent in the previous month. Additionally, the slower annual increments of Housing, Water, Electricity, Gas, and other Fuels at -2.9 percent from -1.9 percent, and Transport at 0.2 percent from 1.5 percent in the previous month contributed to the downward trend of the regional headline inflation. (Table 2)

Lower annual increments were also noted in the indices of the following commodity groups during the month:
a.    Alcoholic Beverages and Tobacco at 12.0 percent from 12.2 percent;
b.    Clothing and Footwear at 5.5 percent from 5.8 percent;
c.    Furnishings, Household Equipment, and Routine Household Maintenance at 4.1 percent from 4.7 percent;
d.    Health at 4.2 percent from 4.5 percent;
e.    Recreation, Sport, and Culture at 6.4 percent from 6.5 percent;
f.    Restaurants and Accommodation Services at 10.2 percent from 10.7 percent;
g.    Financial Services at -0.1 percent from 0.0 percent; and
h.    Personal Care, and Miscellaneous Goods and Services at 4.6 percent from 5.0 percent.

On the other hand, the commodity group of Information and Communication at 0.9 percent displayed a faster annual growth rate than 0.8 percent in the previous month. Meanwhile, the index for Education Services retained the previous month’s inflation rate at 4.0 percent. 
 

2. Davao Region Food Inflation

The region’s Food inflation decelerated to 7.5 percent in January 2024 from 8.6 percent in the previous month. In January 2023, the Food inflation was higher at 10.0 percent. (Table 3)

The main driver in the decrease of Food inflation in the region in January 2024 was Vegetables, Tubers, Plantains, Cooking Bananas, and Pulses at -10.8 percent from -0.6 percent in the previous month. 
The following food groups also recorded slower inflation compared to December 2023:

a.    Meat and Other Parts of Slaughtered Land Animals at 1.5 percent from 4.3 percent;
b.    Fish and Other Seafood at 0.3 percent from 1.4 percent; 
c.    Milk, Other Dairy Products, and Eggs at 7.3 percent from 9.2 percent; and
d.    Ready-Made Food and Other Food Products N.E.C. at 5.6 percent from 6.1 percent.

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

a.    Cereals and Cereal Products at 20.9 percent from 18.5 percent;
b.    Oils and Fats at -1.5 percent from -1.8 percent;
c.    Fruits and Nuts at 24.4 percent from 20.1 percent; and
d.    Sugar, Confectionery, and Desserts at -3.0 percent from -4.4 percent. 
 

3. Regional Inflation Rates

At the national level, the country's headline inflation declined to 2.8 percent in January 2024, from 3.9 percent in the previous month (Table 4).

Among the 17 administrative regions, Region XI (Davao Region) had the highest inflation at 4.4 percent followed by BARMM at 4.2 percent and Region XII (SOCCSKSARGEN) at 4.1 percent. On the other hand, Region I (Ilocos Region) and Region II (Cagayan Valley) had the lowest inflation at 1.5 percent. (Table 4 and Figure 2)
 

APPROVED FOR RELEASE:

RANDOLPH ANTHONY B. GALES

(Chief Statistical Specialist)

Officer-In-Charge

Regional Statistical Services Office 11