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 slowed down to 3.6 percent in August 2024 from 4.3 percent in July 2024. This was higher than the national level at 3.3 percent and equal to the regional level at 3.6 percent. Additionally, the inflation rate increased by 0.2 percentage points from a year ago of the same month at 3.4 percent. The city's average inflation rate from January to August 2024 stood at 3.4 percent.

The downtrend in the city’s inflation rate in August 2024 was mainly driven by the lower annual increment of transport from -3.6 percent from 2.3 percent in July 2024. This was followed by Food and Non-Alcoholic Beverages at 5.0 percent in August 2024 from 6.2 percent in July 2024.The information and communication index also contributed to the downtrend with an inflation rate of 0.2 percent during the month from 0.3 percent in July 2024. (Table B)

On the other hand, the following commodity groups registered higher annual increment during the month:

a) Clothing and footwear, 2.1 percent from 1.5 percent;
b) Housing, water, electricity, gas and other fuels, 5.8 percent to 4.6 percent;
c) Health, 2.4 percent from 1.7 percent;
d) Recreation, sport and culture, 2.7 percent from 2.4 percent;
e) Education services, 13.5 percent from 4.4 percent; and
f) Personal care, and miscellaneous goods and services, 2.9 percent from 2.8 percent. (Table B)

The commodity group that retained their previous month’s annual rates are as follows:

a) Alcoholic beverages and tobacco, at 3.5 percent;
b) Furnishings, household equipment and routine household maintenance, at 0.7 percent;
c) Restaurants and accommodation services, at 3.1 percent; and
d) Financial services, at 0.0 percent. (Table B)

The deceleration of inflation for transport index was primarily due to slower annual growth in fuels and lubricants for personal transport equipment at -8.8 percent in August 2024 from 6.1 percent in July 2024. The index of passenger transport by air also contributed to the downtrend with -20.0 percent during the month from 2.7 percent in July 2024. A lower annual increment was also observed in the index of motorcycles at 0.0 percent in August 2024 from 0.3 percent in the previous month.

Additionally, lower inflation rate were noted in passenger transport by sea and inland waterway which dropped to -26.3 percent from 19.9 percent in July 2024 (Table C). 

Food inflation at the city level slowed down to 5.1 percent in August 2024 from 6.6 percent in July 2024. In August 2023, food inflation was higher at 7.1 percent. (Table D)

The deceleration of food inflation in August 2024 was due to the slower annual increase in cereals and cereals products with 8.5 percent from 11.4 percent in July 2024. Rice and corn in particular, decreased by 10.6 percent from 14.8 percent and 3.9 percent from 5.0 percent, respectively. (Table D).

Slower annual increments were also noted in the indices of the following food groups during the month:

a. Vegetables, tubers, plantains, cooking bananas, and pulses, -1.3 percent from 9.0     percent.
b. Fish and other seafood, 4.8 percent from 7.0 percent;
c. Fruits and nuts, 2.6 percent from 8.3 percent;
d. Sugar, confectionery and desserts, -7.4 percent from -5.0 percent; and
e. Ready-made food and other food products n.e.c., 5.5 percent from 5.8 percent. (Table D)

In contrast, higher annual growth rates during the month were recorded in the indices of the following food groups:

a. Flour, bread and other bakery products, pasta products,  and other cereals, 3.1 percent from 3.0 percent; 
b. Meat and other parts of slaughtered land animals, 5.7 percent from -0.4 percent; and
c) Milk, other dairy products and eggs, 4.8 percent from 4.2 percent. (Table D)

The oils and fats food group maintained their previous month’s inflation rate at -0.4 percent. (Table D)