Summary Inflation Report
Consumer Price Index: Davao del Norte
(2018=100)
December 2024

 

Inflation rate of Davao del Norte increased by 0.2 percentage points (2018=100) in December 2024

        1.  Inflation in Davao del Norte

The headline inflation of Davao del Norte decreased by 1.3 percentage points in December 2024 (1.6%) compared to its inflation rate in the same month last year, which was recorded at 2.9 percent. The current inflation rate (1.6%) of the province is lower compared to the headline inflation of the Philippines and Davao Region which was recorded at 2.9 percent and 2.2 percent, respectively (Table A).

The average inflation of Davao del Norte for the year 2024 stood at 2.8 percent (Table B).

      2. Contribution to the Inflation               

Table C showed that the December 2024 inflation of Davao del Norte was mostly contributed by the indices of food and non-alcoholic beverages (2.3%); housing, water, electricity, gas and other fuels (1.1%); and furnishings, household equipment and routine household maintenance (3.7%). 

 3.  Share to the Trend of Inflation

The increment in the inflation rate of Davao del Norte can be observed with its upward trend from 1.4 percent in November 2024 to 1.6 percent in December 2024. This trend is mainly contributed by the slower annual decrease of the price index for transport (from -3.5% to -1.1%). This was followed by the faster price increase of housing, water, electricity, gas and other fuels (from 0.4% to 1.1%); and personal care, and miscellaneous goods and services (from 1.8% to 1.9%). (Table D).

Despite the increase in the inflation rate of province, a downward trend in December 2024 compared to their corresponding rates in November 2024 can be observed in Table D for the following commodities:

•       Food and non-alcoholic beverages (from 2.8% to 2.3%);

•       Alcoholic beverages and tobacco (from 4.1% to 3.9%); and

•       Clothing and footwear (from 0.4% to 0.3).

It can also be observed that the following commodities has shown no sign of increase nor decrease in inflation rate in comparison to their corresponding rates in the last month:

•       Furnishings, household equipment and routine household maintenance (3.7);

•       Health (2.7%);

•       Information and communication (0%);

•       Recreation, sport and culture (1.7%);

•       Education Services (0.4%);

•       Restaurants and accommodation services (-0.1%); and

•        Financial Services (-0.1%)

The inflation of the index for food decreased from 2.9% in November 2024 to 2.5% in December 2024. The downtrend of the food inflation was mostly attributed by the slower annual increase in the price indices of rice; meat and other parts of slaughtered land animals; and ready-made food and other food product not elsewhere classified (Table E).

       4. Davao del Norte’s Inflation Rate vis-à-vis other Provinces of Davao Region

Among the five provinces and one HUC of Davao Region, Davao Oriental has the slowest recorded inflation rate in December 2024 with 0.7 percent. This was followed by Davao de Oro (0.8%), Davao del Norte (1.6%), Davao Occidental (2.2%), 
Davao City (2.6%), and Davao del Sur (3.4%) (Table F).

6. Purchasing Power of Peso

The Purchasing Power of Peso (PPP) measures the current value of the peso in reference to its value in the base year. It has an inverse relationship with the Consumer Price Index (CPI) which means that if the CPI increases, the PPP decreases.

Figure 2 showed that the PPP for the province of Davao del Norte steadied and was recorded at 0.82 from November 2024 to December 2024. This suggests that Php100.00 in 2018 is currently valued at PhP82.00.

Approved for Release:

PEPITO D. AMOYEN

Chief Statistical Specialist