YEAR-ON-YEAR INFLATION RATES

 The Inflation Rate for the Bottom 30% Income Households in SOCCSKSARGEN Region increases to 5.8% in April 2024 from 5.1% in March 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 April 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 uptrend was attributed to higher price gains in Food and Non-Alcoholic Beverages (from 7.9% to 9.3%); Transport (from 1.3% to 2.4%); Housing, Water, Electricity, Gas, and Other Fuels (from -1.2% to -1.9%); and Information and Communication (from 0.1% to 0.3%).

Of the 13 major commodity groups, seven commodity group recorded a lower price gain in Alcoholic Beverages and Tobacco (from 7.4% to 5.1%); Clothing and Footwear (from 2.1% to 1.9%); Furnishing, Household Equipment and Routine Maintenance of the House (from 4.4% to 4.1%); Health (from 4.8% to 4.7%); Recreation, Sports and Culture (from 6.2% to 5.8%); Restaurant and Accommodation Services (from 5.5% to 4.4%); and Personal Care, and Miscellaneous Goods and Services (from 3.9% to 3.5%). 

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

Food Group 

The Food Group recorded a higher inflation of 9.9% in April 2024 from 8.2% in March 2024.

The top three (3) major contributors to the April 2024 inflation in the Food Group were: Cereals and Cereal Products (ND) (from 24.3% to 22.0%); Vegetables, tubers, plantains, cooking bananas and pulses (ND) (from -2.5% to 7.8%); Ready-made food and other food products n.e.c. (ND) (from 6.6% to 9.2%).

The five sources of acceleration were Fish and other seafood (ND) (from -5.8% to -0.7%); Vegetables, tubers, plantains, cooking bananas and pulses (ND) (from 7.8% to 7.8%); Ready-made food and other food products N.E.C. (ND) (from 6.6% to 9.2%); Sugar, confectionery and desserts (ND) (from -7.0% to -5.4%); and Meat and other parts slaughtered land animals (ND) (from -2.8% to -2.4%).

Among the Selected Food Items, lower price gains were recorded in Cereals and cereal products (ND) (from 24.3% to 22.2%); ; and Milk, other dairy products and eggs (ND) (from 3.8% to 3.6%); Oils and fats (ND) (from 0.4% to 0.3%); Fruits and nuts (ND) (from 7.8% to 7.7%).

INFLATION RATES AMONG PROVINCES

The highest contributors to the region’s 5.8%% inflation rate in April 2024 for the Bottom 30% Income Households were North Cotabato, followed by South Cotabato, Sarangani, Sultan Kudarat, and General Santos City. The biggest sources of the downtrend in the April 2024 inflation rate were North Cotabato and Sarangani.