YEAR-ON-YEAR INFLATION RATES

The headline inflation or the annual rate of change in the prices of goods and services in the market basket in General Santos City eased to 1.1 percent in December 2024 from 1.2 percent in November 2024. This was lower than the national level at 2.9 percent and the regional level at 1.2 percent. This was also lower by 2.8 percentage points from a year ago of the same month at 3.9 percent. For the entire year of 2024, the average inflation of the city was recorded at 2.7 percent. (Table A and Figure 1)
 

The downtrend in the city’s inflation rate in December 2024 was mainly driven by the lower annual increment in the index of food and non-alcoholic beverages at 1.5 percent from 2.2 percent inflation in November 2024.

The commodity groups that contributed to the decrease in food and non-alcoholic beverages were fish and other seafood at 4.8 percent from 7.8 percent in November 2024 and cereal and cereal products at -1.2 percent from -0.2 percent. A lower annual increment was also observed in fruits and nuts at 6.9 percent in December 2024 from 11.1 percent in the previous month. (Table C)

On the contrary, the following commodity groups posted a slight increase during the month:

a. Alcoholic beverages and tobacco, 2.4 percent from 2.3 percent;
b. Housing, water, electricity, gas and other fuels, 0.9 percent from 0.8 percent, 
c. Furnishings, household equipment and routine household maintenance, 0.3 percent from 0.2 percent, and
d. Transport, -0.5 percent from -2.4 percent. (Table B)

The rest of the commodity groups maintained their previous month’s inflation rates as follows:

a. Clothing and footwear, at 0.7 percent;
b. Health, at 1.4 percent;
c. Information and communication, at zero inflation; 
d. Recreation, sport and culture, at 0.7 percent; 
e. Education services, at 8.7 percent;
f. Restaurants and accommodation services, at zero inflation;
g. Financial services, at zero inflation; and
h. Personal care and miscellaneous goods and services, at 1.0 percent. (Table B)
 

Food inflation in General Santos City decreased to 1.5 percent in December 2024 from 2.2 percent in November 2024. In December 2023, food inflation was higher by 5.6 percentage points at 7.1 percent. (Table D)

The deceleration of food inflation in December 2024 was due to lower annual increase in the index of fish and other seafood with 4.8 percent from 7.8 percent in November 2024. Also, the index of rice decreased to -2.2 percent in December 2024 from -0.8 percent in November 2024. The index of fruits and nuts also contributed to the downtrend with 6.9 percent during the month from 11.1 percent in November 2024. (Table D)

Moreover, the flour, bread and other bakery products, pasta products, and other cereals contributed lower annual increment at 0.7 percent during the month from 1.0 percent in November 2024. (Table D)

In contrast, higher annual increments were noted in the indices of the following food groups during the month:

a. Corn, 8.4 percent from 6.1 percent;
b. Meat and other parts of slaughtered land animals, 2.5 percent from 1.4 percent;
c. Milk, other dairy products and eggs, 1.9 percent from 1.2 percent;
d. Oils and fats, 6.5 percent from 3.6 percent;
e. Vegetables, tubers, plantains, cooking bananas and pulses, 0.6 percent from -0.5 percent; 
f. Sugar, confectionery and desserts, -4.3 percent from -5.4 percent; and
g. Ready-made food and other food products n.e.c., 5.4 percent from 5.3 percent. (Table D)