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 increased to 5.0 percent in July 2024 from last month’s inflation at 3.8 percent. This was lower than the regional and national levels at 5.4 percent and 5.8 percent, respectively. However, the rate was higher by 1.2 percentage points from a year ago of the same month at 3.8 percent. The average inflation or the year-to-date inflation of the city was recorded at 4.5 percent.
 

The major contributors to the city’s uptrend inflation for the bottom 30% income households for the month of July 2024 were: Housing, water, electricity, gas and other fuels with 3.7 percent inflation from -2.6 percent which contributed 82.0 percent to the uptrend. Followed by food and non-alcoholic beverages with 7.1 percent from 6.8 percent. Also, transport contributed to the uptrend with 1.7 percent from 1.0 percent and recreation, sport and culture with 4.7 percent inflation from 4.1 percent in the previous month.

Meanwhile, the following commodity groups showed a downward trend for the bottom 30% income households for the month of July 2024:

a) Alcoholic beverages and tobacco, 3.8% from 3.9%;
b) Clothing and footwear, 1.4% from 1.7%;
c) Furnishings, household equipment and routine household maintenance, 1.0% from 1.3%; and
d) Personal care and miscellaneous goods and services, 3.0% from 3.1%.

The rest of the commodity groups: Health; information and communication; education services; restaurants and accommodation; and financial services maintained their previous month’s inflation rates. (Table B)
 

The major contributor to the inflation in the housing, water, electricity, gas and other fuels was electricity with 10.7 percent in July 2024 from -17.3 percent in the previous month which shared 97.3 percent. Other commodity groups such as liquified hydrocarbons shared 2.5 percent with 18.3 percent inflation from 10.9 percent in June 2024 and materials for the maintenance and repair of the dwelling depicted an upward trend at 1.0 percent from 0.4 percent. (Table C)

Meanwhile, General Santos City’s food inflation for the bottom 30% income households inclined to 7.5 percent in July 2024 from 7.2 percent in June 2024. The acceleration of food inflation for the bottom 30% income households in July 2024 was due to the  increase in the indices of fish and other seafoods with 7.7 percent inflation from 4.9 percent in the previous month. This was followed by fruits and nuts with 8.3 percent from 4.6 percent. Higher annual increment was also noted for meat and other parts of slaughtered land animals at -0.4 percent from -1.2 percent in June 2024. (Table D)

In contrast, decreased annual growth rates during the month were recorded in the following food groups:

a)Cereals and cereal products, 11.3% from 12.0%;
b)Vegetables, tubers, plantains, cooking bananas and pulses, 8.2% from 9.9%;
c)Sugar, confectionery and desserts, -5.6% from -4.6%; and
d)Ready-made food and other food products n.e.c., 5.9% from 7.2%. (Table D)