1. Regional Headline Inflation

The year-on-year headline inflation of Davao Region declined to 2.4 percent in October 2024, from 2.8 percent in September 2024. In October 2023, the region’s inflation was higher at 5.2 percent. (Table 1 and Figure 1).

The downtrend in the region’s overall inflation in October 2024 was primarily brought about by the slower annual increment in the index of Housing, Water, Electricity, Gas and other Fuels at 0.0 percent from 1.8 percent in the previous month. Also contributing to the downtrend were the commodity groups of Food and Non-Alcoholic Beverages at 4.1 percent from 4.3 percent, and Restaurants and Accommodation Services at 3.3 percent from 3.8 percent.

Moreover, slower annual increments were noted in the indices of the following commodity groups during the month:

a.    Alcoholic Beverages and Tobacco at 3.5 percent from 4.3 percent;
b.    Clothing and Footwear at 3.7 percent from 4.2 percent;
c.    Furnishings, Household Equipment, and Routine Household Maintenance at 3.8 percent from 4.3 percent; 
d.    Health at 2.8 percent from 3.0 percent; 
e.    Information and Communication at -0.5 percent from -0.4 percent;
f.    Recreation, Sport, and Culture at 4.5 percent from 4.6 percent; and
g.    Personal Care, and Miscellaneous Goods and Services at 3.4 percent from 3.9 percent.

On the other hand, the commodity group of Transport at -3.0 percent recorded an increase in inflation from -3.9 percent in September 2024. Meanwhile, the indices of Education Services at 7.8 percent and Financial Services at -0.1 percent retained the previous month’s inflation rate.

2. Davao Region Food Inflation

The region’s Food inflation remained at 4.3 percent in October 2024  from the previous month’s inflation. In October 2023, the Food inflation was higher at 7.0 percent. (Table 3)

Lower annual growth rates during the month were observed in the indices of the following food groups:

a.    Meat and Other Parts of Slaughtered Land Animals at 1.3 percent from 1.8 percent;
b.    Milk, Other Dairy Products, and Eggs, at 4.0 percent from 5.3 percent; 
c.    Oils and Fats at -0.1 percent from 0.1 percent;
d.    Fruits and Nuts at 11.4 percent from 17.1 percent; 
e.    Vegetables, Tubers, Plantains, Cooking Bananas, and Pulses at -2.6 percent from 0.0 percent
f.    Sugar, Confectionery, and Desserts, at -5.9 percent from -4.7 percent; and
g.    Ready-made Food and other Food Products n.e.c. at 7.5 percent from 7.7 percent.

On the other hand, the indices of Cereals and Cereal Products at 5.9 percent from 4.6 percent, and Fish and other Seafood at 7.1 percent from 6.4 percent recorded a faster annual increase during the month.

3. Regional Inflation Rates

At the national level, the country's headline inflation increased to 2.3 percent  in October 2024, from 1.9 percent in the previous month (Table 4).

Among the 17 administrative regions, Region VI (Western Visayas) had the highest inflation rate at 3.9 percent, followed by Region V (Bicol Region) at 3.6 percent and Region II (Cagayan Valley) at 3.1 percent. On the other hand, Cordillera Administrative Region recorded the lowest inflation rate at 1.4 percent (Table 4 and Figure 2).

APPROVED FOR RELEASE:

RANDOLPH ANTHONY B. GALES
(Chief Statistical Specialist)
Officer-In-Charge
Regional Statistical Services Office 11