Davao Region’s year-on-year headline inflation slowed significantly to 0.2 percent in May this year, down from 0.5 percent in the previous month, the regional Philippine Statistics Authority (PSA-11) office reported Thursday.
This marks the lowest inflation rate for the region since October 2019 when it registered at -1.3 percent. In May 2024, the region’s inflation was higher at 5.3 percent.
PSA-11 attributed the decrease in the region’s overall inflation primarily to a slower annual growth rate in the index of housing, water, electricity, gas, and other fuels, which eased to 0.1 percent from 2.4 percent.
The downward trend in regional headline inflation was also driven by faster year-on-year decreases in the indices of furnishings, household equipment, and routine household maintenance (down to 3.1 percent from 3.3 percent), and recreation, sport, and culture (declining to 4.7 percent from 4.8 percent).
The faster annual increments were noted in several commodity groups during the month: alcoholic beverages and tobacco rose to 4.5 percent from 4.4 percent, health increased to 2.9 percent from 2.6 percent, and transport saw a decline to -3.5 percent from -3.7 percent.
Restaurants and accommodation services also experienced a faster increment at 3.0 percent from 2.8 percent, while personal care and miscellaneous goods and services at 3.5 percent from 3.3 percent.
Meanwhile, the following commodity groups maintained their previous month’s inflation rates: food and non-alcoholic beverages at -1.1 percent, clothing and footwear at 2.5 percent, information and communication at 1.0 percent, education services at 7.8 percent, and financial services at 0.0 percent.
On the other hand, the region’s food inflation recorded a slightly slower price decline at -1.4 percent in May from -1.5 percent in the previous month.
In the same period last year, food inflation was significantly higher at 9 percent. (PNA)
