YEAR-ON-YEAR INFLATION RATES

The headline inflation or the annual rate of change in the prices of goods and services in the market basket in General Santos City retained its level at 1.2 percent in November 2024 from the previous month October 2024. It was lower than the national level at 2.5 percent and the regional level at 1.7 percent. The city level average inflation from January to November 2024 stood at 2.9 percent. In November 2023, the inflation rate was higher at 4.1 percent. (Table A and Figure 1).

The main contributors to the city’s inflation for the month of November 2024 were food and non-alcoholic beverages with 2.2 percent inflation, education services with 8.7 percent inflation, and housing, water, electricity, gas and other fuels with 0.8 percent inflation.

The following major commodity groups registered higher inflation rates during the month:

a. Alcoholic beverages and tobacco, 2.3 percent from 2.2 percent;
b. Housing, water, electricity, gas and other fuels, 0.8 percent from -2.0 percent, and
c. Transport, -2.4 percent from -4.0 percent. (Table B)

On the contrary, the following major commodity groups registered lower inflation rates during the month:

a. Food and non-alcoholic beverages, 2.2 percent from 4.0 percent;
b. Clothing and footwear, 0.7 percent from 1.2 percent;
c. Furnishings, household equipment and routine household maintenance, 0.2 percent from 0.3 percent;
d. Recreation, sport and culture, 0.7 percent from 1.0 percent; and
e. Personal care and miscellaneous goods and services, 1.0 percent from 1.3 percent. (Table B)

The following are the major commodity groups that retained their previous month’s inflation rates:

a. Health, at 1.4 percent;
b. Information and communication, at 0.0 percent; 
c. Education services, at 8.7 percent;
d. Restaurants and accommodation services, at 0.0 percent; and
e. Financial services, at 0.0 percent. (Table B)
 

The main contributor to the city’s inflation was food and non-alcoholic beverages. It was primarily due to the index of fish and other seafood at 7.8 percent in November 2024 from 9.6 percent in October 2024. The index of fruits and nuts also contributed to the city’s inflation with 11.1 percent during the month from 18.9 percent in October 2024. The ready-made food and other food products n.e.c. index registered 5.3 percent inflation in November 2024 from 5.2 percent in the previous month. (Table C)

Food inflation in General Santos City decreased to 2.2 percent in November 2024 from 4.1 percent in October 2024. In November 2023, food inflation was higher by 5.0 percentage points at 7.2 percent. (Table D)

The deceleration of food inflation in November 2024 was due to lower annual increase of rice with -0.8 percent from 4.9 percent in October 2024. Also, the index of fish and other seafood decreased to 7.8 percent in November 2024 from 9.6 percent in October 2024. The index of fruits and nuts also contributed to the downtrend with 11.1 percent during the month from 18.9 percent in October 2024. (Table D)

Moreover, the following food groups contributed lower annual increments during the month:

a. Flour, bread and other bakery products, pasta products,  and other cereals, 1.0 percent from 2.6 percent;
b. Meat and other parts of slaughtered land animals, 1.4 percent from 1.6 percent; and 
c. Milk, other dairy products and eggs, 1.2 percent from 4.1 percent. (Table D)

In contrast, higher annual increments were noted in the indices of the following food groups during the month:

a. Corn, 6.1 percent from 3.3 percent;
b. Oils and fats, 3.6 percent from 0.7 percent;
c. Vegetables, tubers, plantains, cooking bananas and pulses, -0.5 percent from -6.5 percent; 
d. Sugar, confectionery and desserts, -5.4 percent from -7.0 percent; and
e. Ready-made food and other food products n.e.c., 5.3 percent from 5.2 percent. (Table D)