October inflation rate highest in Davao Region at 9.8%

Trade officials inspect the prices of prime commodities at a mall in Davao City. Mindanews file photo

DAVAO CITY (MindaNews / 04 November) – The Davao Region posted an inflation rate of 9.8% in October, the highest among 17 regions in the country, according to a report released by the Philippines Statistics Authority (PSA) on Friday.

Based on the Summary Inflation Report Consumer Price Index, PSA said the inflation rate in the region further accelerated from 9.6% reported in September.

The region comprises the provinces of Davao del Oro, Davao del Norte, Davao del Sur, Davao Occidental, Davao Oriental, and Davao City.

The inflation rate for the whole country in October was 7.7%.

The PSA said the increase in inflation rate in the region was largely caused by the movement in the prices of alcoholic beverages and tobacco at 12.2% from 10.3%, and food and non-alcoholic beverages at 11.7% from 10.5% in September.

Mackie Macalipes, head of the City Economic Enterprise, told Davao City Disaster Radio (DCDR 87.5) on Friday that the opening of 24/7 Davao Food Terminal Complex in Barangay Daliao, Toril in Davao City last October 18 would help stabilize the prices of vegetables and fruits in the local markets as the local retailers could get their supply at a lower price.

According to the City Information Office, “All fruits and vegetables from neighboring regions will be directed through the DFTC before reaching the retail markets” such as Agdao, Bankerohan, Buhangin, Piapi, Matina Crossing, Calinan, Toril, Sasa, and Tibungco,” making it easier for the local government to monitor prices.

According to the agency, clothing and footwear reported a slight increase in October at 4.7% as against 4.4% in September; furnishings, household equipment, and routine household maintenance at 6.5% from 5.9%; and health at 5.3% from 5% in the region.

However, the cost of housing, water, electricity, gas, and other fuels decreased from 9.3% to 8.4% last month in the region.

Zamboanga Peninsula’s inflation rate posted the second highest inflation rate in the country at 9.0% in October, although it improved from 9.6% recorded in September.

Meanwhile, the Bangsamoro Autonomous Region in Muslim Mindanao and Region 12 reported the lowest inflation in the country at 6.5% last month while Northern Mindanao and Caraga reported 7.2% and 7.8%, respectively. (Antonio L. Colina IV/MindaNews)