SPECIAL RELEASE

Summary Inflation Report

Consumer Price Index: Davao del Norte 

(2018=100)

Year 2023

1. Average Inflation Rate of Davao del Norte

The average inflation rate of Davao del Norte for the year 2023 was valued at 3.7 percent – lower by 2.2 percentage points compared to the province’s average inflation rate of 5.9 percent in 2022 (Figure 1).

               Source: Retail Price Survey of Commodities for the Generation of Consumer Price Index,

                Philippines Statistics Authority

It can also be observed that in 2023, the average inflation rate of Davao del Norte was comparatively lower than the Philippines’ and Davao Region’s figure which was recorded at 6.0 and 6.3 percent, respectively.

2. Contribution to the Average Inflation Rate

Table A. shows that the top three contributors to the average inflation rate of Davao del Norte in 2023 are the indices of food and non-alcoholic beverages (7.3%); transport (1.6%); and health (6.7%).

Source: Retail Price Survey of Commodities for the Generation of Consumer Price Index,

                     Philippines Statistics Authority

3. Share to the Downtrend of the Average Inflation Rate

The decrement of the average inflation rate of Davao del Norte can be observed with its downward trend from 5.9 percent in 2022 to 3.7 percent in 2023. This decrease was mainly contributed by the slower average annual increase in the index of housing, water, electricity, gas and other fuels, from an average inflation rate of 9.8 percent in 2022 to -3.5 percent in 2023. This was followed by the indices of transport (from 11.7% to 1.6%), and alcoholic beverages and tobacco (from 8.2% to 7.2%) (Table B).

Source: Retail Price Survey of Commodities for the Generation of Consumer Price Index,

                     Philippines Statistics Authority

Despite the decrease in the average inflation rate of Davao del Norte, an upward trend in 2023 can also be observed in Table B for the following indices:

• Food and non-alcoholic beverages (4.6% to 7.3%);

• Clothing and footwear (1.6% to 3.1%);

• Furnishings, household equipment and routine household maintenance (2.2% to 3.6%);

• Health (6.0% to 6.7%);

• Information and communication (0.4% to 1.0%);

• Recreation, sport and culture (2.2% to 5.2%);

• Education services (1.5% to 4.1%);

• Restaurants and accommodation services (0.4% to 0.9%); and

• Personal care, and miscellaneous goods and services (3.0% to 3.8%)

The index for food has shown an upward trend from an average inflation rate of 4.8 percent in 2022 to 7.6 percent in 2023. This increase is mainly contributed by the faster average annual increase in the index for rice which recorded an average inflation rate of 11.8 percent in 2023 from a rate of -2.3 percent in 2022. This was followed by the indices for fish and other seafood (from 2.0% to 7.1%); and fruits and nuts (from -2.6% to 13.9%) (Table C).

Source: Retail Price Survey of Commodities for the Generation of Consumer Price Index,

                     Philippines Statistics Authority

4. Average 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.

It can be observed in Figure 2 that the average PPP of Davao del Norte is exhibiting a downward trend with its figure recorded at 0.85 in 2023. This suggests that Php100.00 in 2018 is valued at Php85.00 in 2023.

                  Source: Retail Price Survey of Commodities for the Generation of Consumer Price Index,

                   Philippines Statistics Authority

PEPITO D. AMOYEN

Chief Statistical Specialist