Davao records 5.1% inflation rate for April

Drone shot by Mark Perandos
Drone shot by Mark Perandos

Davao City  — The inflation rate in Davao Region for April 2024 was at 5.1 percent. This is higher than the March 2024 inflation rate of 4.8 percent. But this is lower than the inflation rate of the same period last year, which was at 7.5 percent.

The figures are based on the Davao Region Inflation Report for April 2024 as presented by Randolph Anthony Gales, Chief Statistical Specialist of the Philippine Statistical Authority Regional Statistical Services Office-11 during an online press briefing held on May 10.

Food and non-alcoholic beverages registered an inflation rate of 9.1 percent, the main source of acceleration of the April 2024 inflation. This is a 63.4 percent share of the uptrend of inflation.

Housing, water, electricity, gas, and other fuels had an inflation rate of -3 percent. It contributed 19.9 percent to the acceleration of the inflation rate.

Transport registered 4.2 percent inflation and contributed 16.0 percent to the upward trend.

Food and non-alcoholic beverages contributed 77.8 percent to the regional inflation rate,  followed by restaurants and accommodation sector with 10.3 percent contribution to regional inflation. Transport was third with a 7.8 percent contribution.

For food groups--the vegetables, tubers, etc. registered the highest inflation at 9.8 percent; higher compared to March 2024 figures of 2.0 percent inflation. This is followed by ready-made food and other food products, with an inflation rate of 7.8 percent.

Rice registered lower inflation compared to last month. In April 2024 it registered an inflation rate of 29.6 percent, which is lower than the 31.7 percent for March 2024. Flour, bread, etc. had a 5.8 percent inflation lower compared to March 2024 6.1 percent, while fruits and nuts had 21.8 percent inflation lower than last month’s 24 percent.

The provinces of Davao del Norte (4.1 percent inflation), Davao de Oro (4.4 percent), Davao Occidental (7.0 percent) inflation, and the City of Davao (4.4 percent) had higher inflation compared to last month.

Davao Oriental’s inflation of 4.2 percent (March 2024 5.3 percent) was lower compared to last month, while Davao del Sur’s inflation rate of 4.8 percent was the same as in March 2024, Davao del Sur is also the local government unit with the highest inflation rate in Davao Region. Meanwhile, Davao del Norte (4.1 percent) has the lowest inflation rate in the region.

The inflation rate for the bottom 30 percent income households was at 5.5 percent, which is higher than last month's (March 2024) figures of 5.3 percent but is lower than the April 2023 rate of 9.0 percent. Food and non-alcoholic beverages were the major sources of its acceleration contributing 79.5 percent to the uptrend in the inflation.

In helping cope with inflation and rising prices, particularly in food commodities the government has several programs, among which is the Kadiwa ng Pangulo (KNP) activities held across the region, the most recent KNP was held last May 8 at the Davao Oriental State University (Dorsu) campus in Mati City.

This is the first-ever KNP situated inside a university setting, and Dorsu pledging to sustain the program by opening Kadiwa stalls every Wednesday for this year.

Kadiwa ng Pangulo is a marketing initiative of the Department of Agriculture (DA) that seeks to provide consumers with quality yet affordable goods and commodities aside from facilitating the access of farmers, fishers, and agricultural microenterprises to the market. This also hopes to increase the purchasing power of the peso despite the inflation. (RVC/RGA/PIA11)

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