YEAR-ON-YEAR INFLATION RATES

The inflation or the annual rate of change on the prices of goods and services in the market basket for the bottom 30% income households or the low-income group in General Santos City declined to 1.4 percent inflation in November 2024 from last month’s inflation at 2.0 percent. This was lower than the regional and national levels at 1.9 percent and 2.9 percent, respectively. Moreover, the rate was lower by 3.8 percentage points from a year ago of the same month at 5.2 percent. The average inflation or the year-to-date inflation of the city was recorded at 3.7 percent.

 

The major contributor to the downtrend in the city’s inflation for the bottom 30% income households for the month of November 2024 was food and non-alcoholic beverages with 2.1 percent inflation from 4.5 percent in the previous month which contributed 98.2 percent to the downtrend.

In addition, the following commodity groups also showed a downtrend inflation for the bottom 30% income households during the month:

a) Clothing and footwear, 0.9 percent from 1.1 percent;
b) Furnishings, household equipment and routine household maintenance, -0.1 percent from 0.2 percent;
c) Recreation, sport and culture, 2.2 percent from 3.1 percent; and
d) Personal care and miscellaneous goods and services, 1.3 percent from 1.5 percent. (Table B)

In contrary, the following commodity groups showed an uptrend inflation for the bottom 30% income households in November 2024:

a) Alcoholic beverages and tobacco, 2.3 percent from 2.2 percent;
b) Housing, water, electricity, gas and other fuels, 1.4 percent from -1.5 percent; and
c) Transport, -1.9 percent from -2.8 percent. (Table B)

Furthermore, the following commodity groups maintained their previous month’s inflation rates:

a) Health, at 0.1 percent;
b) Information and communication, at zero inflation;
c) Education services, at 8.6 percent;
d) Restaurants and accommodation services, at zero inflation;
e) Financial Services, at zero inflation. (Table B)
 

The major contributor to the downtrend inflation of food and non-alcoholic beverages was cereals and cereal products with -0.5 percent in November 2024 from 4.7 percent in the previous month with 74.5 percent share. This was followed by fish and other seafood with 8.8 percent in November 2024 from 11.0 percent inflation in October 2024. Also milk, other dairy products and eggs contributed to the downtrend with 1.4 percent inflation during the month from 4.7 percent in the previous month. (Table C)

Moreover, the following also contributed to the downtrend inflation of food and non-alcoholic beverages during the month:

a) Meat and other parts of slaughtered land animals, 1.3 percent from 1.5 percent;
b) Fruits and nuts, 11.0 percent from 18.6 percent;
c) Fruit and vegetable juices, -0.7 percent from -0.6 percent;
d) Cocoa drinks,1.1 percent from 1.3 percent; and
e) Soft drinks, 1.1 percent from 1.3 percent.
 
 

Meanwhile, General Santos City’s food inflation for the bottom 30% income households decreased to 2.1 percent in November 2024 from 4.7 percent in October 2024. The deceleration of food inflation for the bottom 30% income households in November 2024 was due to the lower annual increment in the index of cereals and cereal products with -0.5 percent inflation from 4.7 percent in the previous month. In particular, rice had a slower inflation rate of -1.1 percent from 5.4 percent in the previous month. This was followed by fish and other seafoods with 8.8 percent inflation in November 2024 from 11.0 percent in the previous month. Lower annual increment was also noted in milk, other dairy products and eggs at 1.4 percent during the month from 4.7 percent in October 2024.

Also, downtrend inflation was observed in the following indices during the month:

a) Meat and other parts of slaughtered land animals, 1.3 percent from 1.5 percent; and
b) Fruits and nuts, 11.0 percent from 18.6 (Table D)

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

a) Vegetables, tubers, plantains, cooking bananas and pulses, 0.5 percent from -5.7 percent;
b) Sugar, confectionary and desserts, -5.2 percent from -6.2 percent; and
c) Ready-made food and other food products n.e.c., 5.6 percent from 5.5 percent. (Table D)