Release Date :
Reference Number :
2022-023
The year-on-year regional inflation of Davao Region moved upward to 8.6 percent in July 2022, from 7.2 percent in June 2022. This is the highest recorded inflation since January 2022. The average inflation for the first six months of the year stood at 6.0 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 85 centavos in July 2022. This month’s PPP is lower than in July 2021 at 93 centavos. (Table 2)
The increase in the region’s inflation was mainly brought about by the higher annual increase in the index for food and non-alcoholic beverages at 9.4 percent; housing, water, electricity, gas and other fuels at 6.9 percent; and transport at 20.9 percent. Furthermore, contributing to the uptrend in the overall inflation during the period were the higher annual increments in the indices of the following commodity groups as compared with their previous month’s inflation rates:
a. Restaurants and accommodation services at 6.2 percent;
b. Personal care, and miscellaneous goods and services at 4.6 percent;
c. Furnishings, household equipment and routine household maintenance at 4.9 percent;
d. Alcoholic beverages and tobacco at 9.7 percent;
e. Clothing and footwear at 3.6 percent;
f. Health at 3.9 percent; and
g. Recreation, sport and culture at 3.7 percent.
On the other hand, the commodity groups for information and communication, education services and financial services retained their previous month’s inflation rates. (Table 3)
In addition, a double-digit share to inflation trend of food group was observed in fish and other seafood at 13.9 percent; meat and other parts of slaughtered land animals at 11.6 percent; and sugar, confectionery and desserts at 25.1 percent. Higher annual upticks were recorded in the following food groups:
a. Corn at 22.9 percent;
b. Oils and fats at 30.8 percent;
c. Flour, Bread And Other Bakery Products, Pasta Products, And Other Cereals at 6.5 percent;
d. Milk, other dairy products and eggs at 4.7 percent;
e. Ready-made food and other food products n.e.c. at 6.0 percent; and
f. Fruit and nuts at 5.6 percent;
On the other hand, the following indices declined for vegetables, tubers, plantains, cooking bananas and pulses at 7.8 percent; and rice at 3.9 percent. (Table 4)
At the national level, the headline inflation in the country increased at 6.4 percent in July 2022, from 6.1 percent in the previous month. Among the 17 administrative regions, Davao Region had the highest inflation at 8.6 percent followed by Zamboanga Peninsula at 8.3 percent and Central Luzon at 7.9 percent. On the other hand, BARMM had the lowest inflation at 3.6 percent (Table 5).
Note: CPIs and inflation rates by province and selected city are posted on the PSA website (http://openstat.psa.gov.ph/).
APPROVED FOR RELEASE:
RUBEN D. ABARO, JR., CESE
Regional Director
