YEAR-ON-YEAR INFLATION RATES

The headline inflation in Sarangani Province dropped to 1.2 percent in October 2024 from 1.5 percent in September 2024. This was lower than both the regional and national levels at 2.3 percent. In October 2023, the inflation rate was higher at 5.2 percent. The provincial average inflation rate for the last ten (10) months of the year registered at 4.0 percent. (Table 1 and Figure 1).

The downtrend in the province’s inflation rate in October 2024 was primarily influenced by the slower annual increment of housing, water, electricity, gas and other fuels at -1.6 percent from 1.3 percent inflation in September 2024. This was followed by furnishings, household equipment and routine household maintenance at -0.3 percent in October 2024 from 0.5 percent in September 2024. The index of health also contributed to the downtrend with an inflation rate of 2.2 percent during the month from 3.4 percent in September 2024.

Additionally, the following commodity groups noted lower inflation rates during the month:

a. Alcoholic beverages and tobacco, 2.2 percent from 2.7 percent; and
b. Recreation, sport and culture, 4.6 percent from 6.7 percent. (Table 2)

On the contrary, the following commodity groups registered faster annual increments during the month:

a. Clothing and footwear, 0.4 percent from 0.2 percent;
b. Transport, -2.1 percent from -3.2 percent; 
c. Information and communication, 0.3 percent from 0.1 percent; and
d. Personal care, and miscellaneous goods and services, 3.9 percent from 3.7 percent. (Table 2)

The following are the commodity groups that retained their previous month’s inflation rates:

a. Food and non-alcoholic beverages, at 2.4 percent;
b. Education services, at zero percent;
c. Restaurants and accommodation services, at zero percent; and
d. Financial services, at zero percent. (Table 2)
 

The inflation rate for housing, water, electricity, gas and other fuels moved downward at -1.6 percent in October 2024 from 1.3 percent in September 2024. This was primarily due to the slower annual growth in the electricity index at -9.6 percent in October 2024 from 4.8 percent in the previous month. This was followed by solid fuels at 0.7 percent during the month from 1.1 percent in September 2024. The index of gas also contributed to the downtrend with 4.2 percent from 6.0 percent in September 2024.

The following indices also contributed to the lower inflation rates during the month:

a. Water supply, -0.2 percent from zero percent; and
b. Liquid fuels, -1.2 percent from 4.1 percent. (Table 3)

Food inflation at the provincial level increased to 2.5 percent in October 2024 from 2.4 percent in September 2024. In October 2023, food inflation was higher at 7.5 percent. (Table 4)

The acceleration of food inflation in October 2024 was due to the faster inflation rate in fish and other seafood with 6.2 percent from 2.1 percent in September 2024. This was followed by vegetables, tubers, plantains, cooking bananas, and pulses with -8.4 percent during the month from -9.7 percent in September 2024. The index of sugar, confectionery and desserts also contributed to the uptrend with -9.5 percent during the month from -10.7 percent in September 2024. (Table 4)

Faster annual increments were also noted in the indices of the following food groups during the month:

a. Rice, 5.6 percent from 2.7 percent;
b. Flour, bread and other bakery products, pasta products, and other cereals, 3.8 percent from 3.4 percent; 
c. Oils and fats, 6.5 percent from 4.9 percent;
d. Ready-made food and other food products n.e.c., 7.2 percent from 6.6 percent. (Table 4)

In contrast, slower annual growth rates during the month were recorded in the indices of the following food groups:

a. Corn, -5.0 percent from 11.7 percent;
b. Meat and other parts of slaughtered land animals, -0.4 percent from 0.6 percent;
c. Milk, other dairy products, and eggs, 7.1 percent from 7.2 percent; and
d. Fruits and nuts, 12.7 percent from 21.3 percent. (Table 4)