DAVAO CITY – The year-on-year headline inflation of the Davao Region slowed down to 4.9 percent in November this year, from 5.2 percent in the previous month, the regional Philippine Statistics Authority (PSA-11) office said Friday.
In a statement, PSA-11 said the average inflation rate from January to November this year stood at 6.4 percent.
In November 2022, the region’s inflation was higher, at 9.7 percent.
“The decrease in the region’s overall inflation is primarily due to the slower annual growth rate in housing, water, electricity, gas, and other fuels at -1.5 percent from -0.6 percent in the previous month,” the agency added.
PSA-11 said the slower annual increments of restaurants and accommodation services also stood at 10.1 percent from 11.3 percent in October 2023, and transport at 0.4 percent from 1.2 percent in the previous month contributed to the downward trend of the regional headline inflation.
Decreases in indices were also noted in alcoholic beverages and tobacco at (12.5 percent); clothing and footwear (5.6 percent); furnishings, household equipment, and routine household maintenance (5.1 percent); health (4.6 percent); information and communication (1.0 percent); recreation, sport, and culture (7.0 percent); and personal care, and miscellaneous goods and services (5.6 percent).
On the other hand, faster annual growth rates were observed in the indices of food and non-alcoholic beverages (7.7 percent).
“The indices for education services and financial services retained their previous month’s inflation rates,” PSA-11 added.
Meanwhile, the region's food inflation accelerated to 7.7 percent in November from 7.0 percent in the previous month. In November 2022, food inflation was higher, at 11.9 percent.
“The main driver in the increase of food inflation in the region in November 2023 is cereals and cereal products at 16.3 percent from 14.6 percent in the previous month,” the agency said. (PNA)
