YEAR-ON-YEAR INFLATION RATES

The Inflation Rate for the Bottom 30% Income Households in SOCCSKSARGEN Region decreases to 4.6% in June 2024 from 5.0% in May 2024.  

From 2020 to 2023, the annual average Inflation Rate for the Bottom 30% Households in the region exhibited an uptrend from 4.0% in 2020 to 6.3% in 2023. From January 2020 to June 2024, the lowest monthly inflation was recorded in January 2020 at 1.7% while the highest was recorded in March 2023 at 8.4%. 

INFLATION RATE BY COMMODITY GROUP

The top three (3) major contributor to the June 2024 Bottom 30% Inflation was Food and Non-Alcoholic Beverages (from 8.3% to 7.6%), followed by Restaurant and Accommodation Services (from 4.2% to 4.4%) and Transport (from 2.8% to 2.1%).

The price downtrend was attributed to lower price gains in Food and Non-Alcoholic Beverages (from 8.3% to 7.6%); Transport (from 2.8% to 2.1%); Health (from 2.9% to 1.6); Furnishing, Household Equipment and Routine Maintenance of the House (from 3.2% to 2.5%); Alcoholic Beverages and Tobacco (from 4.1% to 3.7%); Clothing and Footwear (from 1.7% to 1.3%); %); Personal Care, and Miscellaneous Goods and Services (from 3.0% to 2.8%); and Recreation, Sport, and Culture (from 6.0% to 5.4%).
 

Of the 13 major commodity groups, two commodity group recorded a higher price gain in, these are Housing, Water, Electricity, Gas, and Other Fuels (from -3.0% to 2.4%); and Restaurant and Accommodation Services (from 4.2% to 4.4%).

No change was posted in Information and Communication, 0.5% Education Services, 2.6%, and Financial Services, -0.1%.  

Food Group 

The Food Group recorded a lower inflation of 8.1% in June 2024 from 8.8% in May 2024.

The top three (3) major contributors to the June 2024 inflation in the Food Group were: Cereals and Cereal Products (ND) (from 20.6% to 20.1%); Fish and other seafood (ND) (from -3.7% to -5.8%); and Meat and other parts slaughtered land animals (ND) (from -1.8% -0.9%).

Ready-made food and other food products n.e.c. (ND) (from 10.6% to 11.8%); and Vegetables, tubers, plantains, cooking bananas and pulses (ND) (from 9.2% to 5.5%).

Meanwhile, the main source of deceleration of the food groups are as follows: Fish and other seafood (ND) (from -3.7% to -5.8%); Fruits and nuts (ND) (from 5.4% to 4.0%);  Vegetables, tubers, plantains, cooking bananas and pulses (ND) (from 9.2% to 5.5%); Cereals and Cereal Products (ND) (from 20.6% to 20.1%); and Sugar, confectionery and desserts (ND) (from -4.7% to -6.2%).

Among the Selected Food Items, higher price gains were recorded in Meat and other parts slaughtered land animals (ND) (from -1.8% -0.9%);  Milk, other dairy products and eggs (ND) (from 1.6% to 4.4%); Oils and fats (ND) (from -0.7% to 0.3%); and Ready-made food and other food products N.E.C. (ND) (from 10.6% to 11.8%).

INFLATION RATES AMONG PROVINCES

The highest contributors to the region’s 4.6% inflation rate in June 2024 for the Bottom 30% Income Households were North Cotabato, followed by Sultan Kudarat, Sarangani, South Cotabato, and General Santos City. The biggest source of the downtrend in the June 2024 inflation rate is Sarangani. Only Sultan Kudarat recorded a high price gains among four provinces of SOCCSKSARGEN Region.

Definition of Terms

Base Period/Year - this refers to the period, usually a year, at which the index number/points is set to 100. It is the point of the index number series

Consumer Price Index - the average retail prices of a fixed basket of goods and services commonly purchased by households relative to a base year

Inflation Rate - the annual rate of change or the year-on-year change in the CPI expressed in percent

Market basket - refers to a sample of goods and services that are commonly purchased and bought by an average Filipino household

Weights - a system that considers the relevance of the components of the index