DAVAO Region still has the highest inflation rate among all areas outside of the National Capital Region (AONCR) for October 2022, according to the Philippine Statistics Authority on Friday, November 4.
Based on the latest Summary Inflation Report, the inflation rate of Davao Region slightly increased to 9.8 percent from 9.6 percent in September wherein the region had the highest inflation in AONCR on both occasions.
PSA’s data showed that the Transport commodity group had the highest inflation in Davao Region at 15.3 percent, followed by Alcoholic Beverages and Tobacco at 12.2 percent, and Food and Non-Alcoholic Beverages at 11.7 percent.
The inflation rate of the Transport commodity group already declined from 17.2 percent in the previous month while Alcoholic Beverages and Tobacco, and Food and Non-Alcoholic Beverages increased from 10.3 percent and 10.5 percent respectively.
The commodity group Clothing and Footwear have an inflation rate of 4.7 percent; Housing, Water, Electricity, Gas, and Other Fuels at 8.4 percent; Furnishings, Household Equipment, and Routine Household Maintenance at 6.5 percent; Health with 5.3 percent.
At the same time, the inflation rate for Information and Communication is 1.1 percent; Recreation, Sport, and Culture is at 5.1 percent; Education Services at 6.8 percent; Restaurants and Accommodation Services at 6.4 percent; and Personal Care, and Miscellaneous Goods and Services at 5.7 percent.
In Mindanao, Soccsksargen and Bangsamoro Autonomous Region in Muslim Mindanao (Barmm) both had the lowest inflation rate at 6.5 percent.
The average inflation rate for AONCR is 7.6 percent in October from 7.0 percent in September.
According to PSA, the inflation rate nationwide saw an uptrend from 6.9 percent in September this year to 7.7 percent in October - making it the highest recorded inflation since December 2008.
The higher inflation in the country is brought about by the acceleration in the annual growth of food and non-alcoholic beverages index at 9.4 percent, followed by alcoholic beverages and tobacco at 10.4 percent.
Inflation for food also further increased to 9.8 percent in October from 7.7 percent the previous month, while meat and other parts of slaughtered land animals is at 11.5 percent, and vegetables, tubers, plantains, cooking bananas and pulses is at 16.0 percent.
“In October 2021, food inflation was lower at 4.0 percent,” PSA said in a statement. ICM