YEAR-ON-YEAR INFLATION RATES

The headline inflation or the annual rate of change on the prices of goods and services in the market basket in General Santos City decreased to 2.7 percent in June 2024 from last month’s inflation at 4.3 percent. This was lower than the regional and national levels at 3.8 percent and 3.7 percent, respectively. This was also lower by 1.3 percentage points from a year ago of the same month at 4.0 percent. The average inflation or the year-to-date inflation of the city was recorded at 3.2 percent.
 

The downtrend in the city’s inflation rate in June 2024 was primarily influenced by the slower annual increment of housing, water, electricity, gas and other fuels, from 4.3 percent to -2.6 percent, which contributed 81.3 percent to the downtrend. This was followed by food and non-alcoholic beverages, from 6.6 percent to 5.9 percent. The index of transport also contributed to the downtrend with an inflation rate from 1.8 percent to 1.7 percent.

Moreover, the following commodity groups also registered lower annual increments during the month:
a)    Alcoholic Beverages and Tobacco, from 3.9 percent to 3.5 percent;
b)    Clothing and Footwear, from 1.8 percent to 1.7 percent;
c)    Health, from 1.8 percent to 1.7 percent; and
d)    Furnishings, Household Equipment and Routine Household Maintenance, from 0.9 percent to 0.8 percent.

On the contrary, Restaurants and Accommodation Services group increases its inflation this June 2024, from 2.7 percent to 3.1 percent.

The rest of the commodity groups: Information and Communication; Recreation, Sport and Culture; Education Services; Financial Services; and Personal Care, and Miscellaneous Goods and Services maintained their previous month’s inflation rates (Table B).
 

The commodity group that contributed to the decrease in the inflation under the Housing, Water, Electricity, Gas and Other Fuels was Electricity at -17.3 percent from 10.9 percent.

Please see Table C for the year-on-year inflation on Housing, Water, Electricity, Gas and Other Fuels group in percent.
 

Inflation on Food and Non-Alcoholic Beverages also decreased from 6.6 percent in May 2024 to 5.9 percent in June 2024.

The commodity groups that contributed to the decrease in Food and Non-Alcoholic Beverages were Fish and other seafood at 4.6 percent from 8.1 percent; Meat and other parts of slaughtered land animals at -1.1 percent from -0.2 percent; Vegetables, tubers, plantains, cooking bananas and pulses at 10.6 percent from 12.4 percent; Sugar, confectionery and desserts at -4.1 percent from -3.2 percent; Fruits and Nuts at 4.4 percent from 4.6 percent; and Fruit and Vegetable Juices at 2.4 percent from 2.7 percent.

Please see Table D for the year-on-year inflation on Food and Non-Alcoholic Beverages group in percent.