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 1.2 percent in October 2024 from 2.2 percent in September 2024. This was lower than both the national and regional levels which stood at 2.3 percent. The city’s average inflation from January to October 2024 stood at 3.1 percent. In October 2023, the inflation rate was higher at 4.5 percent. (Table A and Figure 1).
 

The downtrend in the city’s inflation rate in October 2024 was mainly driven by the lower annual increment of housing, water, electricity, gas and other fuels at -2.0 percent from 1.6 percent inflation in September 2024. This was followed by food and non-alcoholic beverages at 4.0 percent in October 2024 from 5.1 percent in September 2024. The index of personal care, and miscellaneous goods and services also contributed to the downtrend with an inflation rate of 1.3 percent during the month from 2.6 percent in September 2024.

Also, the following commodity groups registered lower inflation rates during the month:

a. Alcoholic beverages and tobacco, 2.2 percent from 2.5 percent;
b. Clothing and footwear, 1.2 percent from 1.7 percent;
c. Furnishings, household equipment and routine household maintenance, 0.3 percent from 0.6 percent;
d. Health, 1.4 percent from 2.4 percent;
e. Information and communication, 0.0 percent from 0.2 percent;
f. Restaurants and accommodation services, 0.0 percent form 0.5 percent; and
g. Recreation, sport and culture, 1.0 percent from 2.3 percent. (Table B)

On the contrary, the index of transport registered higher inflation rate during the month at -3.7 percent from -6.1 percent in September 2024. (Table B)

The following are the commodity groups that retained their previous month’s annual rates:

a. Educational services, at 8.7 percent; and
b. Financial services, at 0.0 percent. (Table B)

The decreased inflation for housing, water, electricity, gas, and other fuels was primarily due to the slower annual growth in the electricity index at -10.0 percent in October 2024 from 5.0 percent in September 2024. The index of gas also contributed to the downtrend with 4.1 percent during the month from 8.9 percent in September 2024. A lower annual increment was also observed in security equipment and materials for the maintenance and repair of the dwelling at -0.5 percent in October 2024 from 0.4 percent in the previous month. (Table C)

Food inflation in General Santos City decreased to 4.1 percent in October 2024 from 5.2 percent in September 2024. In October 2023, food inflation was higher at 6.5 percent. (Table D)

The deceleration of food inflation in October 2024 was due to lower annual increase of the index of rice with 4.9 percent from 7.7 percent in September 2024. Also, meat and other parts of slaughtered land animals decreased to 1.6 percent in October 2024 from 5.8 percent in September 2024. The index of milk, other dairy products and eggs also contributed to the downtrend with 4.1 percent during the month from 5.6 percent in September 2024.

Moreover, the following food groups contributed to lower inflation rates during the month:

a. Flour, bread and other bakery products, pasta products,  and other cereals, 2.6 percent from 2.8 percent; and
b. Sugar, confectionery and desserts, -7.0 percent from -6.9 percent. (Table D)

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

a. Corn, 3.3 percent from 2.0 percent; 
b. Fish and other seafood, 9.6 percent from 9.4 percent;
c. Oils and fats, 0.7 percent from -0.3 percent; 
d. Fruits and nuts, 18.9 percent from 14.8 percent; and 
e. Vegetables, tubers, plantains, cooking bananas and pulses, -6.5 percent from -9.2 percent. (Table D)

The index of ready-made food and other food products n.e.c. maintained their previous month’s inflation rates at 5.2 percent. (Table D)