YEAR-ON-YEAR INFLATION RATES
The headline inflation in Sarangani accelerated to 4.8 percent in July 2024 from 4.2 percent in June 2024. This was higher than the regional and national levels at 4.6 percent and 4.4 percent, respectively. In July 2023, the inflation rate was lower at 4.4 percent. The provincial average inflation from January to July 2024 stood at 5.0 percent. (Table 1 and Figure 1).
The uptrend in the province’s inflation rate in July 2024 was primarily influenced by the higher annual increment of housing, water, electricity, gas and other fuels at 2.5 percent from -2.9 percent inflation in June 2024. This was followed by transport at 5.0 percent in July 2024 from 3.9 percent in June 2024. The index of furnishings, household equipment and routine household maintenance also contributed to the uptrend with an inflation rate of 1.1 percent during the month from 1.0 percent in June 2024. (Table 2)
The increased inflation for housing, water, electricity, gas, and other fuels was primarily due to the faster annual growth in the electricity index at 10.3 percent in July 2024 from -16.6 percent in June 2024. The index of gas also contributed to the uptrend with 8.0 percent during the month from 3.6 percent in June 2024. A higher annual increment was also observed in security equipment and materials for the maintenance and repair of the dwelling at -3.0 percent in July 2024 from -4.1 percent in the previous month. (Table 3)
On the contrary, the following commodity groups registered lower annual increments during the month:
a. Food and non-alcoholic beverages, 7.0 percent from 7.4 percent;
b. Alcoholic beverages and tobacco, 2.9 percent from 3.0 percent; and
c. Recreation, sport and culture, 7.3 percent from 8.2 percent. (Table 2)
The following are the commodity groups that retained their previous month’s annual rates:
a. Clothing and footwear, at 0.3 percent;
b. Health, at 3.7 percent;
c. Information and communication, at 0.1 percent;
d. Education services, at zero percent;
e. Restaurants and accommodation services , at zero percent;
f. Financial services, at zero percent; and
g. Personal care and miscellaneous goods and services, at 3.9 percent. (Table 2)
Food inflation at the provincial level slowed down to 7.3 percent in July 2024 from 7.7 percent in June 2024. In July 2023, food inflation was higher at 8.4 percent. (Table 4)
The deceleration of food inflation in July 2024 was due to the slower annual increase in cereals and cereals products with 17.3 percent from 19.1 percent in June 2024. Rice and corn in particular, decreased from 28.1 percent to 24.7 percent and from 11.6 percent to 10.3 percent, respectively. (Table 4)
Slower annual increments were also noted in the indices of the following food groups during the month:
a. Meat and other parts of slaughtered land animals, 0.1 percent from 0.5 percent;
b. Fish and other seafood, -4.0 percent from -3.9 percent;
c. Oils and fats, 1.3 percent from 4.1 percent;
d. Fruits and nuts, 6.2 percent from 9.2 percent;
e. Sugar, confectionery and desserts, -9.8 percent from -9.2 percent; and
f. Ready-made food and other food products n.e.c., 9.9 percent from 11.5 percent.
In contrast, higher annual growth rates during the month were recorded in the indices of the following food groups:
a. Milk, other dairy products, and eggs, 2.7 percent from 2.5 percent; and
b. Vegetables, tubers, plantains, cooking bananas, and pulses, 10.4 percent from 6.0 percent. (Table 4)