YEAR-ON-YEAR INFLATION RATES

The headline inflation in Sarangani eased to 4.2 percent in June 2024 from 5.8 percent in May 2024. This is higher than the regional and national levels at 3.8 percent and 3.7 percent, respectively. In June 2023, the inflation rate was higher at 5.6 percent. The provincial average inflation for the first semester of the year registered at 5.0 percent. (Table 1 and Figure 1).

The downtrend in the province’s inflation rate in June 2024 was primarily influenced by the slower annual increment of housing, water, electricity, gas and other fuels at -2.9 percent from 2.3 percent inflation in May 2024. This was followed by food and non-alcoholic beverages at 7.4 percent in June 2024 from 8.8 percent in May 2024. The index of transport also contributed to the downtrend with an inflation rate of 3.9 percent during the month from 5.0 percent in May 2024. (Table 2)

Moreover, the following commodity groups also registered lower annual increments during the month:

a.    Clothing and footwear, 0.3 percent from 1.2 percent; 
b.    Furnishings, household equipment and routine household maintenance, 1.0 percent from 2.0 percent;
c.    Personal care and miscellaneous goods and services, 3.9 percent from 4.2 percent;
d.    Alcoholic beverages and tobacco, 3.0 percent from 3.2 percent; and
e.    Recreation, sport and culture, 8.2 percent from 8.6 percent. (Table 2)
 

The rest of the commodity groups retained their previous month’s annual rates (Table 2):
a.    Health, at 3.7 percent;
b.    Information and communication, at 0.1 percent;
c.    Education services, at zero percent;
d.    Restaurants and accommodation services , at zero percent and 
e.    Financial services, at zero percent. 
 

Food inflation at the provincial level slowed down to 7.7 percent in June 2024 from 9.3 percent in May 2024. In June 2023, food inflation was higher at 9.4 percent. (Table 3)

The deceleration of food inflation in June 2024 was due to the slower annual increase in the indices of vegetables, tubers, plantains, cooking bananas, and pulses at 6.0 percent in June 2024 from 17.1 percent in May 2024. This was followed by fish and other seafood at -3.9 percent in June 2024 from -2.9 percent in the previous month. Rice also contributed to the downtrend with 28.1 percent inflation rate in June 2024 from 29.2 percent in May 2024.  (Table 3)

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

a. Fruits and nuts, 9.2 percent from 12.8 percent;
b. Sugar, confectionery and desserts, -9.2 percent from -7.5 percent; 
c. Meat and other parts of slaughtered land animals, 0.5 percent from 0.9 percent; and
c. Oils and fats, 4.1 percent and 4.6 percent.

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

a. Corn, 11.6 percent from 11.4 percent; 
b. Flour, bread and other bakery products, pasta products,  and other cereals, 5.6 percent  
   to 5.3 percent;
c. Milk, other dairy products, and eggs, 2.5 percent from 0.9 percent; and
d. Ready-made food and other food products n.e.c., 11.5 percent from 11.0 percent. 
(Table 3)

The inflation for housing, water, electricity, gas, and other fuels index moved downward at -2.9 percent in June 2024 from 2.3 percent in May 2024. This was primarily due to the slower annual growth in the electricity index at -16.6 percent in June 2024 from 10.3 percent in May 2024. Security equipment and materials for the maintenance and repair of the dwelling also contributed to the downtrend with -4.1 percent in June 2024 from -2.7 percent in May 2024. A lower annual increment was also observed in liquid fuels at 9.1 percent in June 2024 from 10.0 percent in the previous month. (Table 4)