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Release Date :
Reference Number :
SR-24RSSO11-016

 

1. Regional Headline Inflation

The year-on-year headline inflation of Davao Region increased to 5.3 percent in May 2024, from 5.1 percent in April 2024. In May 2023, the region’s inflation was higher at 6.3 percent. (Table 1 and Figure 1).

The major contributor to the region’s overall inflation trend in May 2024 was the commodity group of Housing, Water, Electricity, Gas and Other Fuels at -1.1 percent from -3.0 percent in the previous month. The commodity group of Transport at 4.5 percent from 4.2 percent also contributed to the region’s overall inflation uptrend.

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

a.    Food and Non-Alcoholic Beverages at 8.8 percent from 9.1 percent;
b.    Alcoholic Beverages and Tobacco at 5.4 percent from 6.5 percent;
c.    Clothing and Footwear at 4.6 percent from 4.8 percent;
d.    Furnishings, Household Equipment and Routine Household Maintenance at 4.5 percent from 4.7 percent;
e.    Recreation, Sport, and Culture at 4.9 percent from 5.3; and
f.    Personal Care, and Miscellaneous Goods and Services at 4.4 percent from 4.5 percent.
Meanwhile, the following commodity groups retained its previous month’s inflation rate:

a.    Health at 4.4 percent;
b.    Information and Communication at -0.2 percent;
c.    Education Services at 4.0 percent;
d.    Restaurants and Accommodation Services at 6.6 percent; and
e.    Financial Services at -0.1 percent.
 

 

2. Davao Region Food Inflation

The region’s Food inflation decelerated to 9.0 percent in May 2024 from 9.4 percent in the previous month. In May 2023, the Food inflation was lower at 5.7 percent. (Table 3)

The main drivers in the decrease of Food inflation in the region in May 2024 were the commodity groups of Milk, Other Dairy Products, and Eggs at 1.1 percent from 3.7 percent; Meat and Other Parts of Slaughtered Land Animals at -1.1 percent from 0.1 percent; and Cereals and Cereal Products at 19.7 percent from 20.2 percent.
On the other hand, the following commodity groups recorded higher inflation in May 2024 compared to April 2024:

a.    Oils and Fats at 0.1 percent from -4.0 percent;
b.    Vegetables, Tubers, Plantains, Cooking Bananas, and Pulses at 12.8 percent from 9.8 percent;
c.    Sugar, Confectionery, and Desserts at -2.9 percent from -3.7 percent; and
d.    Ready-Made Food and Other Food Products N.E.C. at 8.0 percent from 7.8 percent.

Meanwhile, the food group of Fish and Other Seafood at 4.6 percent retained its previous month’s inflation.
 

 

3. Regional Inflation Rates

At the national level, the country's headline inflation accelerated to 3.9 percent in May 2024, from 3.8 percent in the previous month (Table 4).
Among the 17 administrative regions, BARMM had the highest inflation at 5.9 percent followed by Region XI (Davao Region) at 5.3 percent and Region X (Northern Mindanao) at 4.7 percent. On the other hand, Region I (Ilocos Region) had the lowest inflation at 2.3 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
 

 

 

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