Davao Region inflation for March remains at 4.8%

DAVAO CITY – The year-on-year headline inflation of Davao Region remained at 4.8 percent in March this year, just like in the previous month, the Philippine Statistics Authority in Davao Region (PSA-11) said Friday.

In March 2023, the region's inflation was at a much higher 9.0 percent, the PSA noted.

The commodity group of food and non-alcoholic beverages was the major contributor to the region's inflation in March, accounting for 8.5 percent compared to 8.1 percent in February.

"Additionally, the commodity groups of restaurants and accommodation services at 6.8 percent, and transport at 3.5 percent, were also the main contributors to the region's overall inflation," the PSA-11 added.

In the same month, however, lower annual increments were noted in the indices of alcoholic beverages and tobacco at 9.1 percent from 11.2 percent, clothing and footwear (5.1 percent from 5.3 percent), and housing, water, electricity, gas, and other fuels (-3.4 percent from -3.2 percent).

Also, there were lower increments for information and communication at 0.2 percent from 0.3 percent; recreation, sport, and culture, 6.3 percent from 6.4 percent; and restaurants and accommodation services, 6.8 percent from 8.3 percent.

Meanwhile, the commodity group of health (4.4 percent), education services (4.0 percent), financial services (-0.1 percent ), and personal care, miscellaneous goods and services (4.7 percent) retained their previous month's inflation rate.

"The region's food inflation accelerated 8.7 percent in March 2024 from 8.4 percent in the previous month. In March 2023, the food inflation was higher at 10.2 percent," PSA-11 said.

Moreover, the following food groups recorded faster inflation than February 2024: sugar, confectionery, and desserts at -4.2 percent from -5.2 percent; and ready-made food and other food products at 6.4 percent from 6.0 percent.

On the other hand, prices of the following groups moved slower compared to the previous month: cereals and cereal products at 21.4 percent from 22.0 percent; milk, other dairy products, and eggs at 3.1 percent from 3.9 percent; and oils and fats at -4.6 percent from -4.3 percent.

"The meat and other parts of slaughtered land animals retained its previous month's inflation at -0.3 percent," the agency added. (PNA)