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 increased to 4.3 percent in July 2024 from June 2024 inflation at 2.7 percent. This was lower than the regional and national levels at 4.6 percent and 4.4 percent, respectively. However, the inflation level was higher by 1.9 percentage points from a year ago of the same month at 2.4 percent. The average inflation or the year-to-date inflation of the city was recorded at 3.4 percent.
 

The uptrend in the city’s inflation rate in July 2024 was primarily influenced by the higher annual increment of Housing, Water, Electricity, Gas and Other Fuels, from -2.6 percent to 4.6 percent, which contributed 88.3 percent to the uptrend. This was followed by Food and Non-Alcoholic Beverages, from 5.9 percent to 6.2 percent. The index of Transport also contributed to the uptrend with an inflation rate from 1.7 percent to 2.3 percent. Recreation, Sport and Culture also registered higher annual increment during the month, from 2.1 percent to 2.4 percent.

The inflation for Housing, Water, Electricity, Gas and Other Fuels was primarily due to the increase in the indices of Electricity with 10.7 percent inflation from -17.3 percent; Gas at 18.2 percent from 10.8 percent; and Security equipment and materials for the maintenance and repair of the dwelling at 1.7 percent from 1.2 percent.

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

On the contrary, the following commodity groups decreased its inflation this July 2024:

a)  Clothing and Footwear, from 1.7 percent to 1.5 percent;
b)  Furnishings, Household Equipment and Routine Household Maintenance, from 0.8 percent to 0.7 percent; and
c)  Personal Care, and Miscellaneous Goods and Services, from 2.9 percent to 2.8 percent.

The rest of the commodity groups: Alcoholic Beverages and Tobacco; Health; Information and Communication; Education Services; Restaurants and Accommodation Services and Financial Services maintained their previous month’s inflation rates (Table B).

Inflation on Food and Non-Alcoholic Beverages also increased from 5.9 percent in June 2024 to 6.2 percent in July 2024.

The acceleration of inflation in Food and Non-Alcoholic Beverages was due to the higher annual increase in the indices of Fish and other seafood at 7.0 percent from 4.6 percent; Fruits and Nuts at 8.3 percent from 4.4 percent; Meat and other parts of slaughtered land animals at -0.4 percent from -1.1 percent; and Coffee and Coffee Substitutes at 3.2 percent from 2.3 percent.

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