Davao’s inflation rate slightly drops

Davao’s inflation rate slightly drops
Mark Perandos/SunStar File Photo

DAVAO Region’s inflation slightly decreased from September’s 5.4 percent to October’s 5.2 percent, as reported by the Philippine Statistics Authority (PSA).

Although above the country's overall inflation, which eased to 4.9 percent from September's 6.1 percent, the Davao Region's average inflation for January to October 2023 was 6.6 percent.

The PSA attributed the slowdown to a reduced annual growth rate in food and non-alcoholic beverages, dropping from 8.0 percent in the previous month to 7.1 percent this month. 

Alcoholic beverages and tobacco also experienced a decrease from 15.2 percent to 13.8 percent, and transport declined from 1.5 percent to 1.2 percent in September.

Fluctuations were noted in various indices, with personal care and miscellaneous goods seeing a slight increase, while furnishings and household maintenance witnessed a decrease in annual growth rates.

Transport indices increased from -0.3 percent to 1.5 percent, personal care and other goods and services rose from 6.1 percent to 6.4 percent, and alcoholic drinks and tobacco increased from 14.7 percent to 15.2 percent.

Meanwhile, clothing and footwear, housing, and restaurants/ accommodation services exhibited faster annual growth rates.

Clothing and footwear indices rose from 5.9 percent to 6.1 percent, housing, water, electricity, gas, and other fuels increased from -1.1 percent to -0.6 percent, and restaurants and accommodation services increased from 9.5 percent to 11.3 percent. ICE with reports from PNA

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