DABAWENYOS attributed the rising rice and petroleum prices as key reasons they remain unconvinced that inflation has subsided.
This sentiment persists despite the Philippine Statistics Authority (PSA) report indicating a decline in the region's food inflation to 5.0 percent in July 2023 from 6.1 percent the previous month.
The PSA report also underscored that the slower yearly increase in housing, water, electricity, gas, and other fuels at 4.2 percent in July 2023, down from 6.5 percent in June 2023, reduced the region's inflation.
However, Marites Guanzon, a housekeeper, said that her family's budgeting has become challenging due to the escalating rice prices, which have soared to P60 per kilogram (/kg).
“Unahon nimo ang bugas, tas inig unahon nimo’g palit ang bugas, halos 60 percent na ang nakaon sa timo-timo nakong budget, unsaon na lang ang kuryente, tubig, panud-an (You buy the rice first, when you buy the rice first, almost 60 percent of my budget has been consumed, what about the electricity, water, and water)?" Guanzon said.
She added, "Asa na man tong bente per kilo nga bugas (Where is that promise of twenty pesos per kilo rice)," referring to President Ferdinand "Bongbong" Marcos Jr.'s commitment to lower rice prices.
In contrast, Junio Antonio, a sari-sari vendor, noted that the drop in inflation has primarily benefited a few individuals, as he's observed a decline in the amount buyers are willing to spend on goods.
Meanwhile, Junio Antonio, a sari-sari vendor, said the inflation drop "had only benefited select people" because he had seen buyers only willing to pay less and less amount of goods.
“Kung ang lana magmahal, wala ta’y mabuhat ana, kay kami sab sa among mga baligya, among mga butane mosaka pod, ang ubang pamaliton siguradong mosaka sab (If oil prices surge, we have no control over that, as the costs of our products, including butane, will inevitably rise, along with other commodity prices),” he said.
The Davao City Chamber of Commerce and Industry (DCCCI) president, John Carlo Tria, underscored the need to effectively manage the food and transportation sectors to alleviate inflation rates sustainably.
"We have to look at what's driving inflation... as the main drivers are high food and fuel prices," Tria said.
"[If] the two drivers will be addressed, if short-term measures [which are] to keep prices low and long-term measures [which are] to lower the costs over time eventually, then that will equate resilience [of our country's economy]," Tria added.
Inflation signifies the general escalation of prices for goods and services over time. During inflation, the value of money decreases, requiring more money to purchase the same items.
Headline inflation denotes the alteration rate in the overall consumer price index (CPI) documented by the PSA.
The CPI, as defined by the PSA, indicates changes in the average retail prices of a fixed selection of goods and services commonly acquired by households.
Meanwhile, CPI gauges how the costs of goods and services frequently purchased by households evolve. It compares the average retail prices of specific items to those established in a base year by the PSA.
The CPI also assists in determining whether the cost of living is growing or diminishing and its impact on consumers' purchasing power. ICE