Release Date :
Reference Number :
DAVOC-SR-2022-14
The Davao Occidental annual headline inflation eased up to 8.4 percent in September 2022, from 8.7 percent in August 2022. With this month’s inflation, Davao Occidental average inflation from January to September 2022 stood at 5.1 percent. In September 2021, inflation rate was lower at 2.3 percent. (Table A and Figure 1)
The main source of the downward trend of the September 2022 inflation was the lower annual growth rate in the index for food and non-alcoholic beverages at 8.5 percent, from 9.8 percent in the previous month. Also contributing to the down trend in the overall inflation during the period was transport at 17.1 percent, from 18.0 in August 2022.
On the other hand, the following commodity groups showed uptrend index.
- Housing, water, electricity, gas, and other fuels, 11.2 percent;
- Furnishings, household equipment, and routine household maintenance, 4.2 percent;
- Health, 3.9 percent;
- Recreation, sport, and culture, 3.7 percent; and
- Restaurants and accommodation services, 1.6 percent.
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 declined to 8.5 percent from 9.8 percent in the previous month. In September 2021, food and non-alcoholic beverages index was lower at 2.2 percent.
The annual growth rate of oils and fats index went down to 26.7 percent during the month, from 29.1 percent in the previous month. In addition, double-digit deceleration rate was observed in fruits and nuts at 10.8 percent, and meat and other parts of slaughtered land animals at 10.7 percent.
The following food groups exhibited lower annual increments during the month:
- Milk, other dairy products, and eggs, 8.1 percent; and
- Cereals and cereal products, 3.7 percent.
On the other hand, the sugar, confectionery and desserts index had a higher annual uptick at 71.2 percent from 65.5 percent in August 2022. Also exhibiting higher increments are vegetables, tubers, plantains, cooking bananas at 13.1 percent; pulses, fish and other seafood at 6.4 percent; and ready-made food and other food products n.e.c. at 3.8 percent from 3.4 percent in previous month. (Table C)
In addition, the September 2022 Purchasing Power of Peso (PPP) in Davao Occidental increased to 0.86 from 0.85 in August 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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