Inflation Rate in Davao Region Drops to 5.2% in October

Davao City – The Davao Region recorded a decrease in its inflation rate, which eased to 5.2 percent in October from 5.4 percent in September, as reported by the Philippine Statistics Authority – Region 11 (PSA – 11) on Friday. The region’s inflation rate in October 2022 was notably higher at 9.8 percent, and the average rate from January to October 2023 stood at 6.6 percent.

According to Philippines News Agency, the decline in overall inflation was primarily attributed to a slower annual growth rate in food and non-alcoholic beverages, which dropped to 7.1 percent from 8.0 percent in the previous month.

Additionally, the region observed slower annual increments in other sectors such as alcoholic beverages and tobacco, which decreased to 13.8 percent from 15.2 percent, and transport, which went down to 1.2 percent from 1.5 percent in September. The report also highlighted changes in the indices of several sectors, including personal care, miscellaneous goods and services, health, and information and communication. Despite these decreases, faster annual growth rates were noted in clothing and footwear, housing, water, electricity, gas, and other fuels, and restaurants and accommodation services. The food inflation rate in the region also decreased from 8 percent in September to 7 percent in October 2023, compared to a higher rate of 12 percent in October last year.