Davao’s food inflation up in May 2024

Davao’s food inflation up in May 2024
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Food inflation in the Davao Region for the bottom 30 percent income households increased to 11.4% in May 2024, according to a recent report from the Philippine Statistics Authority - Davao (PSA-Davao).

This is slightly higher than April’s 10.9% and is far ahead from May 2023 with only 6.7%.

The food inflation report is part of PSA-Davao’s May 2024 Inflation Summary Report Consumer Index for the bottom 30% income households that was released on June 6. 

Based on the report, numerous essential commodity groupings significantly contributed to overall food inflation in May 2024.

Fish and Other Seafood increased significantly, rising to 7.6 % from 5.7 %. Vegetables, tubers, plantains, cooking bananas, and pulses all saw a significant increase, rising to 11.7 % from 8.9 %. The inflation rate for oils and fats improved to -4.5 % from -10.7%.

Additionally, the commodity groupings with the highest year-on-year growth were Sugar, Confectionery, and Desserts, which increased to -4.6 % from -5.5 % and Ready-Made Food and Other Food Products NEC, which increased to 9.2 % from 8.5 %

However, several commodity categories had slower price fluctuations. Cereals and Cereal Products fell slightly to 21.0 % from 21.1 %; Meat and Other Parts of Slaughtered Land Animals dropped to -1.5% from -1.3%; Milk, Other Dairy Products, and Eggs fell significantly to 1.6% from 4.4%; and Fruits and Nuts dropped significantly to 21.7% from 24.9%.

The changes seen in several food groups illustrate the variety of factors influencing food prices for households in the Davao Region's lowest 30% Income level. KBP

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