Davao Region’s inflation rate lowest in Mindanao

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DAVAO CITY (MindaNews / 5 Sept)—Davao Region reported the lowest inflation rate among the six regions in Mindanao as it further eased to 3.9% in August from 4.3% in July, according to the Philippine Statistics Authority (PSA).

Based on the data released by the PSA on Tuesday, the region’s inflation was below the national average, which stood at 5.3% in August.

Of the commodity groups, the agency reported that the slowdown was driven by a significant drop in the cost of “housing, water, electricity, gas, and other fuels” with -2.4% in August from 4.2% in July; education services with 3.9% from 6.8%; and furnishings, household equipment and routine household maintenance with 6% from 6.1%.

Slight jump was noted in the prices of food and non-alcoholic beverages, increasing to 6% in August from 5.3% in July; clothing and footwear with 5.9% from 5.7%; information and communication with 1.7% from 1.6%; recreation, sport and culture with 7.3% from 7.1%; restaurants and accommodation services with 6.8% from 6.7%; and personal care, miscellaneous goods and services with 6.1% from 5.5%

Other commodity groups such as alcoholic beverages and tobacco sustained its growth at 14.7% and health at 5.7%

Davao was the only region in Mindanao whose inflation rate slowed down while others accelerated.

The Zamboanga Peninsula’s inflation rate increased to 4.3% from 3%, Northern Mindanao with 5% from 4%, Soccsksargen with 4.6% from 3.6%, and Caraga with 4.4% from 3.8%.

The Bangsamoro Autonomous Region in Muslim Mindanao sustained its inflation at 5.1%

The PSA said the country’s headline inflation or overall inflation increased to 5.3% from 4.7% in July 2023, which brought the national average inflation from January to August 2023 to 6.6%.

The region with the highest inflation rate was Central Luzon with 7% in August, a significant increase from 5.2% in July while lowest was the Eastern Visayas at 3.1%. (Antonio L. Colina IV / MindaNews)

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