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 decreased to 3.8 percent in June 2024 from last month’s inflation at 5.3 percent. This was lower than the regional and national levels at 4.6 percent and 5.5 percent, respectively. This was also lower by 1.8 percentage points from a year ago of the same month at 5.6 percent. The average inflation or the year-to-date inflation of the city was recorded at 4.4 percent.

The top three major contributors to the city’s downtrend inflation for the bottom 30% income households for the month of June 2024 were: Housing, water, electricity, gas and other fuels with -2.6 percent inflation from 3.6 percent which contributed 59.8 percent to the downtrend. Followed by food and non-alcoholic beverages with 6.8 percent from 8.0 percent and transport with 1.0 percent from 1.3 percent.

Other major commodity groups also showed a downward trend:

a)    Clothing and footwear, 1.7% from 2.2%;
b)    Alcoholic beverages and tobacco, 3.8% from 4.3%; and
c)    Furnishing, household equipment and routine household, 1.3% from 1.4%.

Meanwhile, health and restaurants and accommodation services showed an upward trend with 1.6 percent from 1.5 percent and 3.0 percent from 2.7 percent, respectively for the bottom 30% income households for the month of June 2024.

The rest of the commodity groups: Information and communication; recreation, sport and culture; education services; financial services; and personal care and miscellaneous goods and services maintained their previous month’s inflation rates. (Table B)
 

The inflation for the bottom 30% households in General Santos City for housing, water, electricity, gas and other fuels decreased at -2.6 percent in June 2024 from 3.6 percent in May 2024. This was mainly brought about by the higher year-on-year increase in electricity at -17.3 percent in June 2024 from 10.9 percent in the previous month. (Table C)

General Santos City’s food inflation for the bottom 30% households  declined to 7.2 percent in June 2024 from 8.4 percent in May 2024. In June 2023, food inflation for the bottom 30% households was higher at 8.4 percent. (Table D)

The deceleration of food inflation for the bottom 30% households in June 2024 was due to the  decrease in the indices of fish and other seafoods at 4.9 percent in June 2024 from 9.9 percent in the previous month. This was followed by vegetables, tubers, plantains, cooking bananas and pulses index at 9.9 percent in June 2024 from 12.1 percent in May 2024. Cereals and cereal products also contributed to the downtrend with 12.0 percent inflation rate in June 2024 from 12.2 percent in May 2024.  Higher annual increments was also noted for meat and other parts of slaughtered land animals at -1.2 percent during the month from -0.3 percent in May 2024.

Moreover, a slight decrease was also observed in Sugar, confectionery and desserts at -4.6% during the month from -3.6% in May 2024. (Table D)

In contrast, increased annual growth rates during the month were recorded in milk, other dairy products and eggs at 4.7 percent during the month from 3.1 percent in the previous month. Also,  in ready-made food and other food products n.e.c at 7.2 percent from 6.3 percent. (Table D)