THE inflation rate of Davao Region moved upward to 8.6 percent in July 2022, from 7.2 percent in June this year, according to the Philippine Statistics Authority (PSA).
PSA said in a press release that the regional inflation is the highest record since January this year. This also doubled compared to the 4.2 percent rate in July 2021.
As for the average inflation, the agency said the rate for the first six months of the year stood at 6 percent.
"The increase in the region's inflation was mainly brought about by the higher annual increase in the index for food and nonalcoholic beverages at 9.4 percent; housing, water, electricity, gas and other fuels at 6.9 percent; and transport at 20.9 percent," PSA said.
The agency also added that contributing to the uptrend in the overall inflation during the period were the higher annual increments in the indices of the commodity groups as compared to the previous month's inflation rates.
These include restaurants and accommodation services at 6.2 percent; personal care, and miscellaneous goods and services (4.6 percent); furnishing, household equipment and routine household maintenance (4.9 percent); alcoholic beverages and tobacco (9.7 percent); clothing and footwear (3.6 percent); health (3.9 percent); and recreation, sports and culture (3.7 percent).
In terms of Purchasing Power of the Peso (PPP), PSA reported that it is lower than in July 2021 at 93 centavos. A peso in 2018 is worth 85 centavos in July 2022.
The food index in the region increased to 9.7 percent in July from 8.1 percent in the previous month. In June 2021, the food index was lower by 5.3 percent.
In addition, a double-digit share of inflation trend of food group was observed in fish and other seafood at 13.9 percent; meat and other parts of slaughtered land animals at 11.6 percent; and sugar, confectionery, and desserts at 25.1 percent.
Higher annual upticks were recorded in the following food groups: corn (22.9 percent); oils and fats (30.8 percent); flour, bread and other bakery products, and other Cereals (6.5 percent); milk, other dairy products and eggs (4.7 percent); ready-made food and other food products (6.0 percent); and fruit and nuts (5.6 percent).
PPP measures the real value of the Philippine peso in a given period relative to its value in the base period. RGL