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 4.0 percent in August 2024 from last month’s inflation at 5.0 percent. This was lower than the regional and national levels at 4.2 percent and 4.7 percent, respectively. Moreover, the rate was lower by 0.7 percentage points from a year ago of the same month at 4.7 percent. The average inflation or the year-to-date inflation of the city was recorded at 4.4 percent.

The major contributors to the city’s downtrend inflation for the bottom 30% income households for the month of August 2024 were food and non-alcoholic beverages with 5.5 percent inflation from 7.1 percent which contributed 67.0 percent to the downtrend, followed by transport with -2.6 percent from 1.7 percent in the previous month. Also, health contributed to the downtrend with 1.4 percent inflation during the month from 1.6 percent in July 2024.

Meanwhile, the following commodity groups showed an upward trend for the bottom 30% income households during the month:

a)    Alcoholic beverages and tobacco, 3.9 percent from 3.8 percent ;
b)    Clothing and footwear, 2.1 percent from 1.4 percent;
c)    Housing, water, electricity, gas and other fuels, 4.9 percent from 3.7 percent;
d)    Recreation, sport and culture, 5.8 percent from 4.7 percent;
e)    Education services, 12.9 percent from 4.0 percent; and
f)    Personal care, and miscellaneous goods and services, 3.1 percent from 3.0 percent. (Table B)

Furthermore, the following commodity groups maintained their previous month’s inflation rates:
a)    Furnishings, household equipment and routine household maintenance, at 1.0 percent; 
b)    Information and communication, at 0.1 percent; 
c)    Restaurants and accommodation, 3.0 percent; and 
d)    Financial services, at 0.0 percent. (Table B) 

The major contributor to the downtrend inflation of food and non-alcoholic beverages was cereals and cereal products with 8.3 percent in August 2024 from 11.3 percent in the previous month which shared 55.1 percent. This was followed by vegetables, tubers, plantains, cooking bananas and pulses with -0.5 percent from 8.2 inflation and fish and other seafood with 5.5 percent from 7.7 percent in the previous month. (Table C)
Other commodity groups also contributed to the downtrend inflation during the month were as follows:

a)    Fruits and nuts, 2.0 percent from 8.3 percent;
b)    Sugar, confectionery and desserts, -6.2 percent from -5.6 percent;
c)    Ready-made food and other food products, 5.6 percent from 5.9 percent; and
d)    Fruit and vegetable juices, 0.5 percent from 0.7 percent. (Table C)

Meanwhile, General Santos City’s food inflation for the bottom 30% income households declined to 5.6 percent in August 2024 from 7.5 percent in June 2024. The deceleration of food inflation for the bottom 30% income households in August 2024 was due to the lower annual increment in the indices of cereals and cereal products with 8.3 percent inflation from 11.3 percent in the previous month. Rice and corn, in particular, decreased to 10.0 percent from 14.0 percent and 3.9 percent from 5.0 percent, respectively. This was followed by vegetables, tubers, plantains, cooking bananas and pulses with -0.5 percent in August 2024 from 8.2 percent in the previous month. Lower annual increment was also noted for fish and other seafoods at 5.5 percent from 7.7 percent in July 2024. Also, downtrend was observed in the indices of fruits and nuts, with 2.0 percent from 8.3 percent, sugar, confectionery and desserts, with -6.2 percent from -5.6 percent and ready-made food and other food products n.e.c. with 5.6 percent in August 2024 from 5.9 percent in July 2024. (Table D)

In contrast, increased annual growth rates during the month were recorded in the indices of meat and other parts of slaughtered land animals, with 5.3 percent from -0.4 percent and milk, other dairy products and eggs, with 5.4 percent from 4.7 percent in the previous month. (Table D)