YEAR-ON-YEAR INFLATION RATES

 The Inflation Rate for the Bottom 30% Income Households in SOCCSKSARGEN Region eases to 4.2% in August 2024 from 5.4 in July 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 August 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 July 2024 Bottom 30% Inflation was Food and Non-Alcoholic Beverages (from 8.0% to 6.1%), followed by Housing, Water, Electricity, Gas, and Other Fuels (from 1.5% to 2.4%) and Restaurant and Accommodation Services (from 4.7% to 4.7%).

The price downtrend was attributed to higher price gains in Food and Non-Alcoholic Beverages (from 8.0% to 6.1%); Transport (from 2.6% to -1.1%); Personal Care, and Miscellaneous Goods and Services (2.4% to 2.1%); Alcoholic Beverages and Tobacco (from 3.2% to 2.9%); Recreation, Sports, and Culture (from 4.7% to 4.1%); and Furnishing, Household Equipment and Routine Maintenance of the House (from 2.5% to 2.4%).

Of the 13 major commodity groups, four commodity group recorded a higher price gain in, these are Clothing and Footwear (from 1.1% to 1.3%); Housing, Water, Electricity, Gas, and Other Fuels (from 1.5% to 2.4%); Education Services (from 2.7% to 3.3%); and Restaurant and Accommodation Services (from 4.5% to 4.7%).

No change was posted in Health, 1.6%, Information and Communication, 0.5% and Financial Services, -0.1%.  

Food Group 

The Food Group recorded a lower inflation of 6.4% in August 2024 from 8.5% in July 2024.

The top three (3) major contributors to the June 2024 inflation in the Food Group were: Cereals and Cereal Products (ND) (from 19.1% to 15.1%); Vegetables, tubers, plantains, cooking bananas and pulses (ND) (from 6.9% to 6.0%); and Milk, other dairy products and eggs (ND) (from 4.5% to 6.4%).

Meanwhile, the main source of deceleration of the food groups are as follows: Cereal and cereal products (ND) (from 19.1% to 15.1%); Fish and other seafood (ND) (from -3.4% to -6.7%); Vegetables, tubers, plantains, cooking bananas and pulses (ND) (from 6.9% to 6.0%); Ready-made food and other food products N.E.C. (ND) (from 10.4% to 8.4%); and Sugar, confectionery and desserts (ND) (from -6.8% to -7.8%).

Among the Selected Food Items, higher gains were recorded in Meat and other parts slaughtered land animals (ND) (from -0.3% to -0.1%); Milk, other dairy products and eggs (ND) (from 4.5% to 6.4%); Oils and fats (ND) (from -0.1% to 0.6%); and Fruits and nuts (ND) (from 5.3% to 9.1%).

INFLATION RATES AMONG PROVINCES

The highest contributors to the region’s 4.2 % inflation rate in August 2024 for the Bottom 30% Income Households were by Cotabato Province followed by Sultan Kudarat, South Cotabato, Sarangani, and General Santos City. The biggest source of the downtrend in the August 2024 inflation rate is Sultan Kudarat. All provinces of SOCCSKSARGEN Region recorded a low-price gain.

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