Inflation in Davao Region slows down in June

DAVAO CITY (MindaNews / 7 July) — Inflation rate in Davao Region further declined to 5.7% in June 2023 from 6.3% in May, according to a report released by the Philippine Statistics Authority (PSA)-Davao on Thursday.

Based on the report, the region’s inflation rate for June was higher than the national average of 5.4%.

Davao region is composed of the provinces of Davao del Norte, Davao del Sur, Davao Oriental, Davao Occidental, and City of Davao.

The agency said the decline in the region’s overall inflation was mainly attributed to the slower movement in the cost of transportation at -2.9% in June from -0.3% in May.

A vendor repacks cooking oil at the Bankerohan Market in Davao City on Thursday, 08 June 2023. Vendors say that prices of cooking oil have dropped from at least P100 per kilo to P90 recently.. The inflation rate in Davao Region decelerated to 6.3 percent in May 2023 from 7.5 percent the previous month, according to the recent Summary Inflation Report from the Philippine Statistics Authority (PSA).MindaNews Photo

For other commodity groups, lower monthly growth rate was also observed in housing, water, electricity, gas, and other fuels at 6.5% in June from 7.3% in May; alcoholic beverages and tobacco at 15% in June from 18.3% in May; restaurants and accommodation services at 9.4% in June 9.9% from 9.9% in May; personal care, and miscellaneous goods and services at 5.9% in June from 6.7% in May;

Clothing and footwear at 5.9% in June from 6.5% in May; furnishings, household equipment and routine household maintenance at 6.6% in June from 7.2% in May; recreation, sport and culture at 7.8% in June from 8.3% in May; and information and communication at 1.6% in June from 1.7% in May.

PSA reported higher growth rates among food and non-alcoholic beverages at 6.4% in June from 6% in May, and health at 5.7% from 5.6%

It added that indices for education services and financial services retained their previous month’s inflation rates.

Among all regions in Mindanao, the Bangsamoro Autonomous Region in Muslim Mindanao posted the highest inflation at 6%, followed by Davao Region at 5.7%, Northern Mindanao at 5.2%, Soccsksargen at 4.9%, Caraga at 4.7%, and Zamboanga Peninsula at 4.6%. (Antonio L. Colina IV/MindaNews)

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