YEAR-ON-YEAR INFLATION RATES

The inflation or the annual rate of change on the prices of goods and services in the market basket for the bottom 30% income households or the low-income group in Sarangani Province decelerated to 1.5 percent in October 2024 from last month’s inflation at 2.0 percent. This was lower than the regional and national levels at 3.1 percent and 3.4 percent, respectively. Moreover, the rate was lower by 4.9 percentage points from a year ago of the same month at 6.4 percent. The average inflation or the year-to-date inflation of the province was recorded at 5.0 percent.
 

The downtrend in the province’s inflation for the bottom 30% income households in October 2024 was housing, water, electricity, gas and other fuels with -1.1 percent inflation from 1.3 percent of the previous month which contributed 52.0 percent to the overall inflation. This was followed by food and non-alcoholic beverages with 2.3 percent in October 2024 from 2.7 percent in September 2024. Alcoholic beverages and tobacco also contributed to the downtrend with 2.0 percent during the month from 2.7 percent in the previous month.

The following commodity groups also contributed to the downtrend inflation during the month:

a)    Furnishings, household equipment and routine household maintenance, -0.5 percent from 0.3          percent;
b)    Health, 1.8 percent from 2.0 percent;
c)    Information and communication, 0.4 percent from 0.5 percent; and
d)    Recreation, sport and culture, 3.8 percent from 6.4 percent. (Table B)

In contrary, the clothing and footwear registered higher inflation rate at 0.7 percent during the month from 0.5 percent in September 2024. Transport also registered faster inflation rate at --1.2 percent from -2.4 percent in the previous month. (Table B)

Furthermore, the following commodity groups maintained their previous month’s inflation rates:

a)    Education services, at 0.0 percent;
b)    Restaurants and accommodation services, at 0.0 percent;
c)    Financial services, at 0.0 percent; and
d)    Personal care and miscellaneous goods and services, at 4.0 percent. (Table B)
 

The major contributor to the downtrend inflation of housing, water, electricity, gas and other fuels was electricity with -9.6 percent in October 2024 from 4.8 percent in the previous month with 93.2 percent share. This was followed by solid fuels with 1.4 percent in October 2024 from 1.8 percent inflation in September 2024 and liquid fuels with -1.2 percent during the month from 4.1 percent in the previous month. Also, water supply showed a downtrend during the month with -0.2 percent from 0.0 percent in September 2024. (Table C)

Meanwhile, Sarangani Province’s food inflation for the bottom 30% income households declined to 2.4 percent in October 2024 from 2.8 percent in September 2024. In October 2023, food inflation for the bottom 30% income households was higher at 8.5 percent. (Table D)

The deceleration of food inflation for the bottom 30% income households in October 2024 was due to the slower inflation rate of corn at -5.0 percent in October 2024 from 11.7 percent in the previous month. This was followed by fruits and nuts at 13.2 percent during the month from 21.5 percent in September 2024. The index of meat and other parts of slaughtered land animals contributed to the downtrend with -0.6 percent during the month from 0.3 percent in the previous month. In addition, milk, other dairy products and eggs also contributed to the downtrend with 7.9 percent from 8.0 percent in September 2024. (Table D)

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

a)    Rice, 5.5 percent from 2.7 percent;
b)    Flour, bread and other bakery products, pasta products, and other cereals, 3.7 percent from 3.2        percent;
c)    Fish and other seafoods, 5.7 percent from 1.8 percent;
d)    Oils and fats, -2.2 percent from -2.4 percent;
e)    Vegetables, tubers, plantains, cooking bananas and pulses, -8.6 percent from -9.5 percent;
f)    Sugar, confectionery and desserts, -9.7 percent from -11.1 percent;
g)    Ready-made food and other food products n.e.c., 7.8 percent from 7.2 percent. (Table D)