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 2.8 percent in September 2024 from last month’s inflation at 4.0 percent. This was higher than the regional and national levels at 2.7 percent and 2.5 percent, respectively. Moreover, the rate was lower by 2.5 percentage points from a year ago of the same month at 5.3 percent. The average inflation or the year-to-date inflation of the city was recorded at 4.2 percent.

The major contributor to the city’s downtrend inflation for the bottom 30% income households for the month of September 2024 was the housing, water, electricity, gas and other fuels with 1.3 percent inflation from 4.9 percent which contributed 46.8 percent to the downtrend. This was followed by transport with -4.7 percent in September 2024 from -2.6 percent in the previous month. Also, restaurants and accommodation contributed to the downtrend with 0.5 percent inflation during the month from 3.0 percent in August 2024.

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

a)    Food and non-alcoholic beverages, 5.2 percent from 5.5 percent;
b)    Alcoholic beverages and tobacco, 2.6 percent from 3.9 percent;
c)    Clothing and footwear, 1.7 percent from 2.1 percent;
d)    Furnishings, household equipment and routine household maintenance, 0.7percent from 1.0 percent;
e)    Health, 0.3 percent from 1.4 percent;
f)    Recreation, sport and culture, 5.3 percent from 5.8 percent; and
g)    Education services, 8.6 percent from 12.9 percent. (Table B)

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

a)    Information and communication, at 0.1 percent; 
b)    Financial services, at 0.0 percent; and
c)    Personal care and miscellaneous goods and services, at 3.1. (Table B) 

The major contributor to the downtrend inflation of housing, water, electricity, gas and other fuels was electricity with 5.0 percent in September 2024 from 15.9 percent in the previous month which shared 64.0 percent. This was followed by actual rentals paid by tenants for main residence with 0.0 percent in September 2024 from 2.4 percent inflation in August 2024 and gas with 8.9 percent during the month from 15.9 percent in the previous month. Also, security equipment and materials for the maintenance and repair of the dwelling contributed to the downtrend inflation with 0.5 percent in September 2024 from 0.7 percent inflation in August 2024. (Table C)

Meanwhile, General Santos City’s food inflation for the bottom 30% income households declined to 5.4 percent in September 2024 from 5.6 percent in August 2024. The deceleration of food inflation for the bottom 30% income households in September 2024 was due to the lower annual increment in the index of cereals and cereal products with 6.5 percent inflation from 8.3 percent in the previous month. Rice, in particular, decreased to 7.8 percent in September 2024 from 10.0 percent in the previous month. This was followed by vegetables, tubers, plantains, cooking bananas and pulses with -8.5 percent in September 2024 from 0.5percent in the previous month. Lower annual increment was also noted for ready-made food and other food products n.e.c at 5.5 percent during the month from 5.6 percent in August 2024. Also, downtrend was observed in the index of oil and fats with -1.6 percent in September 2024 from -1.5 percent in the previous month. (Table D)

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

a)    Meat and other parts of slaughtered land animals, 5.4 percent from 5.3 percent;
b)    Fish and other seafood, 9.4 percent from 5.5 percent;
c)    Milk, other dairy products and eggs, 6.2 percent from 5.4 percent;
d)    Fruits and nuts, 14.8 percent from 2.0 percent; and
e)    Sugar, confectionery and desserts, -5.8 percent from -6.2 percent. (Table D)