Release Date :
Reference Number :
DAVOC-SR-2022-15
The Davao Occidental annual headline inflation slightly increased to 8.5 percent in October 2022, from 8.4 percent in September 2022. With this month’s inflation, Davao Occidental average inflation from January to October 2022 stood at 5.5 percent. In October 2021, inflation rate was lower at 2.1 percent. (Table A and Figure 1)
The main source of the upward trend of the October 2022 inflation was attributed to higher annual growth rate in the index for food and non-alcoholic beverages at 9.1 percent, from 8.5 percent in the previous month. Also contributing to the upward trend in the overall inflation during the period was alcoholic beverages and tobacco at 17.0 percent, from 14.2 in September 2022.
On the other hand, housing, water, electricity, gas, and other fuels, showed downtrend index from 11.2 percent in September to 10.8 percent this month. Transport also exhibited a dip scenario from 17.1 percent last September 2022 tO 12.7 percent this October 2022.
The rest of the commodity groups either retained their previous month’s inflation rates or had zero percent annual growths. (Table B)
For food and non-alcoholic beverages index, it accelerated further to 9.1 percent from 8.5 percent in the previous month. In October 2021, food and non-alcoholic beverages index was lower at 1.4 percent.
The annual growth rate of sugar, confectionery and desserts index went up to 74.6 percent during the month, from 71.2 percent in the previous month. In addition, doubledigit acceleration rate was observed in vegetables, tubers, plantains, cooking bananas and pulses at 20.5 percent in October 2022 from 13.1 percent last September 2022.
The following food groups exhibited higher annual increments during the month:
- Fish and other seafood, 8.6 percent;
- Milk, other dairy products and eggs, 8.4 percent; and
- Ready-made food and other food products n.e.c., 5.1 percent.
On the other hand, the meat and other parts of slaughtered land animals index had declined at 9.8 percent from 10.7 percent in September 2022. Also exhibiting lower increments is cereals and cereal products at 2.6 percent from 3.7 percent in the previous month. (Table C)
In addition, the September 2022 Purchasing Power of Peso (PPP) in Davao Occidental decreased to 0.85 from 0.86 in September 2022. (Figure 2)
Technical Notes:
Consumer Price Index (CPI) - The CPI is an indicator of the change in the average retail prices of a fixed basket of goods and services commonly purchased by households relative to a base year.
Inflation Rate (IR) - The inflation rate is the annual rate of change, or the year-on-year change of the CPI expressed in percent. Inflation is interpreted in terms of declining purchasing power of money.
Headline Inflation - measures changes in the cost of living based on movements in the prices of a specified basket of major commodities. It refers to the annual rate of change or the year-on-year change in the Consumer Price Index (CPI).
Purchasing Power of the Peso (PPP) - The purchasing power of the peso shows how much the peso in the base period is worth in the current period. It is computed as the reciprocal of the CPI for the period under review multiplied by 100.
Approved for Release:
JESSIE A. MADULIN
Chief Statistical Specialist
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