DavNor posts lowest Dec 2023 inflation rate in Davao region

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Davao Del Norte -- The province of Davao del Norte is noted to have pegged the lowest inflation rate in the entire Davao Region in December 2023 at 2.9 percent.

Data from the Philippine Statistics Authority (PSA) Davao Region revealed that during the period, Davao City posted the highest inflation rate at 6.5 percent, followed by Davao Oriental at 6.0 percent; Davao Occidental, 5.1 percent; Davao de Oro, 4.7 percent; and Davao del Sur, 4.2 percent.

According to PSA Davao del Norte, the Inflation rate of the province started at its peak at 6.9 percent in January 2023, and settled at 2.9 percent at the end of the year, posting an annual average of 3.7 percent.

The 2.9 December 2023 inflation rate of the province was way below the Davao Region rate of 5.3 percent in the same month and was still lower than the national inflation rate calculated at 3.9 percent.

Likewise, the data cited was that the 2.9 December 2023 inflation rate of Davao del Norte manifested a decrease of 3.7 percent compared to the same month last year at 6.6 percent.

The downtrend of inflation rate in the province was noted since November 2023 when it was pegged at 3.2 percent.

The downward movement of the index for housing, water, electricity, gas, and other fuels from a rate of -7.3 percent in Nov 2023 to -8.8 percent in December 2023 was the reason for the downtrend of the inflation rate.

Slow price movements of personal care, miscellaneous goods and services, and health were also factored in as contributing to the lower inflation rate in Davao del Norte.

Several commodity items remained stable, from November 2023 to December 2023, relatively providing the foundation of the generally slow movement of prices, the data showed.

PSA revealed that these commodities were furnishings, household equipment, and routine household maintenance; education services; restaurants and accommodation services; and financial services.

It also noted a stable price index on the food group (rice, fish, and other seafood; fruits and nuts) at 7.4 percent in November and December last year. (JMDA/ Davao del Norte/ With reports from PSA Davao del Norte and PSA Davao Region)


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