Davao: The Davao Region’s year-on-year regional inflation slowed down to -0.4 percent in July from 0.6 percent in June of this year, the regional Philippine Statistics Authority (PSA-11) reported Thursday. Compared to July 2024, the agency said the inflation rate was higher at 5.1 percent.
According to Philippines News Agency, the PSA-11 indicated that the region’s overall inflation decrease was primarily driven by a slower annual increase in the index for housing, water, electricity, gas, and other fuels, which went from 1.8 percent to -1.0 percent. Additionally, a more rapid decline was noted in the commodity group of food and non-alcoholic beverages, dropping from -1.4 percent to -2.4 percent.
Moreover, slower annual increments were recorded in several other categories: alcoholic beverages and tobacco at 4.2 percent from 4.5 percent, clothing and footwear at 2.4 percent from 2.7 percent, transport at 2.0 percent from -1.7 percent, recreation, sport, and culture at 4.9 percent from 5.4 percent, education services at 10.4 percent from 11.7 percent, and restaurants and accommodation services at 3.5 percent from 3.6 percent.
On the other hand, faster annual increments were noted in the indices of health, which increased to 3.3 percent from 3.2 percent, information and communication at 1.1 percent from 0.9 percent, and personal care and miscellaneous goods and services at 3.9 percent from 3.7 percent. Furnishings, household equipment, and routine household maintenance, as well as financial services, retained their previous month’s inflation rate at 3.2 percent and 0.0 percent, respectively.
The region’s food inflation recorded a faster price decline at -2.8 percent in July, compared to -1.9 percent in June. This represents a significant decrease from the 8.1 percent food inflation rate in July 2024. The main contributors to the downtrend in the region’s food inflation were the commodity group of fish and other seafood, which decreased from 5.3 percent to 3.5 percent, followed by cereals and cereal products at -13.1 percent from -12.3 percent, and vegetables, tubers, plantains, cooking bananas, and pulses at -5.8 percent from -2.5 percent.
Other commodity groups that experienced slower inflation in July compared to June include meat and other parts of slaughtered land animals at 4.6 percent from 5.2 percent, fruits and nuts at 0.9 percent from 2.3 percent, and ready-made food and other food products n.e.c. at 2.2 percent from 3.1 percent.
