DAVAO CITY – Inflation rate in the Davao Region eased to 5.2 percent in October from 5.4 percent in September this year, the regional office of the Philippine Statistics Authority - Region 11 (PSA - 11) reported on Friday.
In October 2022, the region’s inflation was at 9.8 percent while the average inflation rate from January to October 2023 stood at 6.6 percent.
“The decrease in the region’s overall inflation is primarily due to the slower annual growth rate in food and non-alcoholic beverages at 7.1 percent from 8.0 percent in the previous month,” PSA-11 said in its report.
In addition, the agency noted that slower annual increments of alcoholic beverages and tobacco at 13.8 percent from 15.2 percent and transport at 1.2 percent from 1.5 percent in September contributed to the downward trend of the regional headline inflation.
The indices of transport were also at 1.5 percent from -0.3 percent; personal care, and miscellaneous goods and services at 6.4 percent from 6.1 percent; alcoholic beverages and tobacco at 15.2 percent from 14.7 percent.
Moreover, the indices of furnishings, household equipment, and routine household maintenance were at 5.9 percent from 6.1 percent; health (5.2 percent from 5.3 percent), and information and communication (1.2 percent from 1.3 percent).
Similarly, indices for recreation, sport, and culture were at 7.3 percent from 7.5 percent; while personal care, miscellaneous goods, and services at 6.3 percent from 6.4 percent have displayed lower annual growth rates compared with their previous monthly inflation rates.
On the other hand, PSA-11 said faster annual growth rates were observed in the indices of clothing and footwear at 6.1 percent from 5.9 percent, housing, water, electricity, gas, and other fuels (-0.6 percent from -1.1 percent), and restaurants and accommodation services (11.3 percent from 9.5 percent).
PSA-11 said food inflation rate in the region decreased from 8 percent in September to 7 percent in October this year.
In October last year, food inflation was higher at 12 percent. (PNA)
