Davao inflation for poorest households drops to 4.3% in 2024

DAVAO CITY – The annual average inflation rate for the bottom 30 percent income households in the Davao Region eased to 4.3 percent in 2024, down from 6.8 percent in 2023, the Philippine Statistics Authority in Davao Region (PSA-11) reported Friday.

PSA-11 attributed the slowdown to lower price movements in key commodity groups, particularly housing, water, electricity, gas, and other fuels, which recorded a significant decline to -5.7 percent from 1.1 percent the previous year.

Slower annual growth was also noted in food and non-alcoholic beverages (7.2 percent from 8.6 percent) and alcoholic beverages and tobacco (5.8 percent from 14.9 percent).

“Other commodity groups also saw moderate increases, such as clothing and footwear (4.5 percent from 5.0 percent), furnishings, household equipment and routine household maintenance (3.5 percent from 6.7 percent), and health (2.5 percent from 6.4 percent),” PSA-11 said.

Additional slowdowns were recorded in transport (1.0 percent from 2.1 percent); information and communication (-0.1 percent from 0.5 percent); recreation, sport and culture (8.9 percent from 10.6 percent); and restaurants and accommodation services (6.3 percent from 8.1 percent).

Meanwhile, the region's annual average food inflation for the bottom 30 percent income households also dropped to 7.4 percent in 2024, down from 8.7 percent in 2023.

The decrease was driven mainly by sharp price reductions in sugar, confectionery, and desserts (-7.8 percent from 21.8 percent); meat and other parts of slaughtered land animals (0.1 percent from 5.6 percent); vegetables, tubers, plantains, cooking bananas and pulses (3.2 percent from 8.3 percent); and milk, other dairy products and eggs (4.0 percent from 9.8 percent).

However, some commodity groups posted higher annual average inflation, such as cereals and cereal products (13.8 percent from 12.7 percent); fish and other seafood (4.2 percent from 1.4 percent); fruits and nuts (17.1 percent from 13.8 percent); and ready-made food and other food products (7.7 percent from 7.1 percent). (Che Palicte)