YEAR-ON-YEAR INFLATION RATES

The headline inflation in Sarangani Province dropped to 0.5 percent in November 2024 from 1.2 percent in October 2024. This was lower than both the regional and national levels at 1.7 percent and 2.5 percent, respectively. In November 2023, the inflation rate was higher at 5.4 percent. The provincial average inflation rate for the last eleven (11) months of the year registered at 3.7 percent. 

The decrease in the province’s inflation rate in November 2024 was primarily influenced by the static movement of prices in food and non-alcoholic beverages at zero inflation, followed by health at 1.9 percent in November 2024 from 2.2 percent in October 2024.

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

a. Alcoholic beverages and tobacco, 2.8 percent from 2.2 percent;
b. Clothing and footwear, 1.1 percent from 0.4 percent; 
c. Housing, water, electricity, gas and other fuels, 0.4 percent from -1.6 percent; 
d. Furnishings, household equipment and routine household maintenance,1.0 percent from -0.3 percent;
e. Transport, -0.2 percent from -2.1 percent;
f. Recreation, sport and culture, 4.7 percent from 4.6 percent; and
g. Personal care, and miscellaneous goods and services, 4.1 percent from 3.9 percent. (Table 2)

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

a. Information and communication, at 0.3 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 food and non-alcohol beverages showed no movement in prices in November 2024 compared to previous month inflation at 2.4 percent. This was primarily due to the slower annual growth in the cereals and cereals products index at -5.2 percent in November 2024 from 3.2 percent in the previous month. This was followed by fish and other seafood at 4.9 percent during the month from 6.2 percent in October 2024. The index of fruits and nuts also contributed to the downtrend with 7.6 percent from 12.7 percent in October 2024.

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

a. Meat and other parts of slaughtered land animals, -0.7 percent from -0.4 percent; 
b. Milk, other dairy products and eggs, 6.0 percent from 7.1 percent; and
c. Ready-made food and other food products n.e.c., 5.0 percent from 7.2 percent. (Table 3)

Food inflation at the provincial level decreased to -0.2 percent in November 2024 from 2.5 percent in October 2024. In November 2023, food inflation was higher at 8.7 percent. (Table 4)

The deceleration of food inflation in November 2024 was due to the slower inflation rate in cereals and cereal products with -5.2 percent from 3.2 percent in October 2024, particularly, rice with -3.6 percent from 5.6 percent in October 2024. This was followed by fish and other seafood index with 4.9 percent from 6.2 percent in October 2024. The fruits and nuts also contributed to the downtrend with 7.6 percent during the month from 12.7 percent in October 2024. (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, -0.7 percent from -0.4 percent,            
b. Milk, other dairy products, and eggs, 6.0 percent from 7.1 percent; and
c. Ready-made food and other food products n.e.c., 5.0 percent from 7.2 percent. (Table 4)

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

a. Oil and fats, 15.5 percent from 6.5 percent;
b. Vegetables, tubers, plantains, cooking bananas and pulses, 1.4 percent from -8.4 percent; and
c. Sugar, confectionery and desserts, -7.2 percent from -9.5 percent. (Table 4)