1. Regional Headline Inflation

The year-on-year headline inflation of Davao Region slowed down to 5.2 percent in October 2023, from 5.4 percent in September 2023. The average inflation rate from January to October 2023 stood at 6.6 percent. In October 2022, the region’s inflation was higher at 9.8 percent. (Table 1 and Figure 1).

The decrease in the region’s overall inflation is primarily due to the slower annual growth rate in Food and Non-Alcoholic Beverages at 7.1 percent from 8.0 percent in the previous month. Additionally, the slower annual increments of Alcoholic Beverages and Tobacco at 13.8 percent from 15.2 percent in September 2023; and Transport at 1.2 percent from 1.5 percent in the previous month contributed to the downward trend of the regional headline inflation. (Table 2)

Moreover, the indices of the following commodity groups displayed lower annual growth rates compared with their previous monthly inflation rates:

a.    Furnishings, Household Equipment and Routine Household Maintenance, at 5.9 percent from 6.1 percent;
b.    Health at 5.2 percent from 5.3 percent;
c.    Information and Communication at 1.2 percent from 1.3 percent;
d.    Recreation, Sport, and Culture at 7.3 percent from 7.5 percent; and
e.    Personal Care, and Miscellaneous Goods and Services at 6.3 percent from 6.4 percent.

On the other hand, faster annual growth rates were observed in the indices of Clothing and Footwear at 6.1 percent from 5.9 percent; Housing, Water, Electricity, Gas, and Other Fuels at -0.6 percent from -1.1 percent; and Restaurants and Accommodation Services at 11.3 percent from 9.5 percent. Meanwhile, the indices for Education Services and Financial Services retained their previous month’s inflation rates. 
 

2. Davao Region Food Inflation

Davao Region’s Food inflation decelerated at 7.0 percent in October 2023 from 8.0 percent in the previous month. In October 2022, Food inflation was higher at 12.0 percent. (Table 3)
 

3. Regional Inflation Rates

At the national level, the country's headline inflation moved downwards to 4.9 percent in September 2023, from 6.1 percent in the previous month (Table 4).
 

Among the 17 administrative regions, Central Luzon had the highest inflation at 6.0 percent followed by MIMAROPA at 5.9 percent and Northern Mindanao at 5.8 percent. On the other hand, Cagayan Valley had the lowest inflation at 3.4 percent. (Figure 4)

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