YEAR-ON-YEAR INFLATION RATES

 The Inflation Rate for the Bottom 30% Income Households in SOCCSKSARGEN Region eases to 5.1% in March 2024 from 5.8% in February 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 March 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 8.3% to 7.9%); Alcoholic Beverages and Tobacco (from 10.4% to 7.4%); Clothing and Footwear (from 3.1% to 2.1%); Housing, Water, Electricity, Gas, and Other Fuels (from -1.2% to -2.1%); Information and Communication (from 0.2% to 0.1%); Recreation, Sports and Culture (from 6.7% to 6.2%); Restaurant and Accommodation Services (from 7.5% to 5.5%); and Personal Care, and Miscellaneous Goods and Services (from 4.3% to 3.9%). 

Of the 13 major commodity groups, Transport (from to 0.1% to 1.3%) is the only commodity group that recorded a higher price gain in March 2024.

No change was posted in Furnishing, Household Equipment and Routine Maintenance of the House, 4.4%, Health, 4.8%, Education Services, 2.6%, and Financial Services, -0.1%.  

Food Group 

The Food Group recorded a lower inflation of 8.2% in March 2024 from 8.7% in February 2024.

The top three (3) major contributors to the March 2024 inflation in the Food Group were: Cereals and Cereal Products (ND) (from 24.2% to 24.3%); Fruits and Nuts (ND) (from 5.4% to 7.8%); and Milk, other dairy products and eggs (ND) (from 7.8% to 3.8%).

The top three sources of deceleration were Fish and other seafood (ND) (from -1.1% to -5.8%); Meat and other parts slaughtered land animals (ND) (from 0.0% to -2.8%); and Milk, other dairy products and eggs (ND) (from 7.8% to 3.8%).

Among the Selected Food Items, higher price gains were recorded in Cereals and cereal products (ND) (from 24.2% to 24.3%); Oils and fats (ND) (from -1.7% to 0.4%); Fruits and nuts (ND) (from 5.4% to 7.8%); Vegetables, tubers, plantains, cooking bananas and pulses (ND) (from -8.8% t0 -2.5%); Sugar, confectionery and desserts (ND) (from -8.1% to -7.0%); and Ready-made food and other food products N.E.C. (ND) (from 6.4% to 6.6%).

INFLATION RATES AMONG PROVINCES

The highest contributors to the region’s 5.1% inflation rate in March 2024 for the Bottom 30% Income Households was North Cotabato. South Cotabato, Sultan Kudarat, Sarangani, and General Santos City were also contributors to the current inflation. The biggest source of the downtrend in the March 2024 inflation rate was North Cotabato.