YEAR-ON-YEAR INFLATION RATES

The Inflation Rate for the Bottom 30% Income Households in SOCCSKSARGEN Region eases to 5.0% in May 2024 from 5.8% in April 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 May 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 price downtrend was attributed to lower price gains in Food and Non-Alcoholic Beverages (from 9.3% to 8.3%); Housing, Water, Electricity, Gas, and Other Fuels (from -1.9% to -3.0%); Alcoholic Beverages and Tobacco (from 5.1% to 4.1%); Health (from 4.7% to 2.9%); Personal Care, and Miscellaneous Goods and Services (from 3.5% to 3.0%);Furnishing, Household Equipment and Routine Maintenance of the House (from 4.1% to 3.2%); Restaurant and Accommodation Services (from 4.4% to 4.2%); and Clothing and Footwear (from 1.9% to 1.7%).

Of the 13 major commodity groups, three commodity group recorded a higher price gain in Transport (from 2.4% to 2.8%); Information and Communication (from 0.3% to 0.5%); Recreation, Sports and Culture (from 5.8% to 6.0%). 

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

Food Group 

The Food Group recorded a lower inflation of 8.8% in May 2024 from 9.9% in April 2024.

The top three (3) major contributors to the May 2024 inflation in the Food Group were: Cereals and Cereal Products (ND) (from 22.0% to 20.6%); Vegetables, tubers, plantains, cooking bananas and pulses (ND) (from 7.8% to 9.2%); Ready-made food and other food products n.e.c. (ND) (from 9.2% to 10.6%).

The five sources of deceleration were Cereals and Cereal Products (ND) (from 22.0% to 20.6%); Fish and other seafood (ND) (from -0.7% to -3.7%); Milk, other dairy products and eggs (ND) (from 3.6% to 1.6%); Fruits and nuts (ND) (from 7.7% to 5.4%); and Oils and fats (ND) (from 0.3% to -0.7%).

Among the Selected Food Items, higher price gains were recorded in Vegetables, tubers, plantains, cooking bananas and pulses (ND) (from 7.8% to 9.2%); Meat and other parts slaughtered land animals (ND) (from -2.4% to -1.8%); Sugar, confectionery and desserts (ND) (from -5.4% to -4.7%); and Ready-made food and other food products N.E.C. (ND) (from 9.2% to 10.6%).

INFLATION RATES AMONG PROVINCES

The highest contributors to the region’s 5.0% inflation rate in May 2024 for the Bottom 30% Income Households were North Cotabato, followed by Sarangani, South Cotabato, Sultan Kudarat, and General Santos City. The biggest sources of the downtrend in the May 2024 inflation rate were South Cotabato and Sultan Kudarat.