Release Date :
Reference Number :
SR-24RSSO11-011
Davao Region Summary Inflation Report
Consumer Price Index
(2018=100)
March 2024
1. Regional Headline Inflation
The year-on-year headline inflation of Davao Region remained at 4.8 percent in March 2024, from 4.8 percent in February 2024. In March 2023, the region’s inflation was higher at 9.0 percent. (Table 1 and Figure 1).
The major contributor to the region’s overall inflation in March 2024 was the commodity group of Food and Non-Alcoholic Beverages at 8.5 percent from 8.1 percent in the previous month. Additionally, the commodity groups of Restaurants and Accommodation Services at 6.8 percent, and Transport at 3.5 percent, were also the main contributors to the region’s overall inflation.
As to the movement of inflation by commodity groups, three commodity groups showed faster annual increments namely Food and Non-Alcoholic Beverages at 8.5 percent from 8.1 percent, Furnishings, Household Equipment, and Routine Household Maintenance at 4.6 percent from 4.3 percent, and Transport, at 3.5 percent from 3.0 percent.
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 9.1 percent from 11.2 percent;
b. Clothing and Footwear at 5.1 percent from 5.3 percent;
c. Housing, Water, Electricity, Gas, and Other Fuels at -3.4 percent from -3.2 percent;
d. Information and Communication at 0.2 percent from 0.3 percent;
e. Recreation, Sport, and Culture at 6.3 percent from 6.4; and
f. Restaurants and Accommodation Services at 6.8 percent from 8.3 percent.
Meanwhile, the commodity group of Health at 4.4 percent, Education Services at 4.0 percent, Financial Services at -0.1 percent, and Personal Care, and Miscellaneous Goods and Services at 4.7 percent retained its previous month’s inflation rate.
2. Davao Region Food Inflation
The region’s Food inflation accelerated to 8.7 percent in March 2024 from 8.4 percent in the previous month. In March 2023, the Food inflation was higher at 10.2 percent. (Table 3)
The main drivers in the increase of Food inflation in the region in March 2024 were the commodity groups of Fish and Other Seafood at 3.7 percent from 2.6 percent, Fruits and Nuts at 24.0 percent from 21.2 percent, and Vegetables, Tubers, Plantains, Cooking Bananas, and Pulses at 2.0 percent from -0.2 percent in the previous month.
Moreover, the following food groups also recorded faster inflation compared to February 2024:
a. Sugar, Confectionery, and Desserts at -4.2 percent from -5.2 percent; and
b. Ready-Made Food and Other Food Products N.E.C. at 6.4 percent from 6.0 percent.
On the other hand, the prices of the following groups moved slower compared to the previous month:
a. Cereals and Cereal Products at 21.4 percent from 22.0 percent;
b. Milk, Other Dairy Products, and Eggs at 3.1 percent from 3.9 percent; and
c. Oils and Fats at -4.6 percent from -4.3 percent.
Meanwhile, Meat and Other Parts of Slaughtered Land Animals retained its previous month's inflation at -0.3 percent.
3. Regional Inflation Rates
At the national level, the country's headline inflation accelerated to 3.7 percent in March 2024, from 3.4 percent in the previous month (Table 4).
Among the 17 administrative regions, BARMM had the highest inflation at 5.0 percent followed by Region III (Central Luzon) and Region XI (Davao Region) both at 4.8 percent. On the other hand, Region I (Ilocos Region) had the lowest inflation at 2.2 percent. (Table 4 and Figure 2)
Note: CPIs and inflation rates by province and selected city are posted on the PSA website (https://openstat.psa.gov.ph/).
APPROVED FOR RELEASE:
RANDOLPH ANTHONY B. GALES
(Chief Statistical Specialist)
Officer-In-Charge
Regional Statistical Services Office 11
