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Davao Region inflation rate for August 2023 slows down to 3.9%

DAVAO CITY (PIA) -- Davao Region showed improvement in its economic performance for the month of August as it registered a drop down in the inflation rate, which was recorded at 3.9% compared to the 4.3% in July.

Record from the Philippine Statistics Authority (PSA)-Davao showed that out of the five provinces and one highly urbanized city in Davao Region, Davao del Norte has the lowest inflation rate at 1.6%, while Davao City is at 4.7%. The province of Davao Oriental recorded the highest inflation rate at 7.0%.

The average inflation rate from January to August is at 6.9%. The main drivers for the slowdown of inflation rate was reflected in the slow price movement of housing, water, electricity, gas and other fuels.

PSA-XI OIC Regional Director Randolph Anthony B. Gales attributed the overall inflation in August 2023 to the index of the main contributors which tallied 2.4 inflation rate or 96.3% share to the downtrend of inflation in the region.

First on the commodity groups that contributed to inflation status is the Food and Non-Alcoholic beverages which has recorded 6.0% inflation rate, the second commodity group with the largest contribution to the general inflation were restaurants and accommodation services with 6.8% inflation rate.

Alcoholic beverages and tobacco is the third largest contributor of the overall inflation for August 2023, this commodity group recorded 14.7% inflation rate.

Meanwhile, two commodity groups showed slower price increase in August 2023 compared to July 2023. These include furnishing, household equipment and routine household maintenance with 6.0% inflation rate and education services with 3.9% inflation rate.

The following commodity groups remained at the same level of inflation last July 2023, namely alcoholic beverages and tobacco with 14.7%, health at 5.7%, and financial services at 0.0% inflation rate. 

This August 2023, the inflation rate for the bottom 30% income household dropped to a level of 3.0%, which is lower than the 4.3% in July 2023, and in comparison to the rates recorded from August 2022 at 10.5% inflation rate.

The average inflation rate for the bottom 30% income household from January to August 2023 is at 8.0%. (PSA-XI/ITL- PIA-XI)

About the Author

Carina Cayon

Regional Editor

Region 11

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