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 declined to 3.8 percent in August 2024 from last month’s inflation at 5.8 percent. This was lower than the regional and national levels at 4.2 percent and 4.7 percent, respectively. Moreover, the rate was lower by 3.3 percentage points from a year ago of the same month at 7.1 percent. The average inflation or the year-to-date inflation of the province was recorded at 5.8 percent.

The major contributors to the province’s downtrend inflation for the bottom 30% income households for the month of August 2024 were food and non-alcoholic beverages with 5.0 percent inflation from 7.9 percent of the previous month which contributed 80.1 percent to the over-all inflation. This was followed by transport with 0.6 percent from 7.3 percent, personal care and miscellaneous goods and services with 3.5 percent from 4.3 percent. Furnishings, household equipment and routine household maintenance also contributed to the downtrend inflation with 0.7 percent from 1.2 percent inflation from the previous month. (Table B)

In contrary, the following commodity groups registered an upward trend for the bottom 30% income households during the month:

a)    Clothing and footwear, 0.5 percent from 0.2 percent;
b)    Housing, water, electricity, gas and other fuels, 3.3 percent from 2.6 percent;
c)    Health, 1.4 percent from 1.0 percent; and
d)    Recreation, sport and culture, 6.9 percent from 6.7 percent. (Table B)
Furthermore, the following commodity groups maintained their previous month’s inflation rates:

a)    Alcoholic beverages and tobacco, 3.1 percent; 
b)    Information and communication, 0.5 percent;
c)    Education services, 0.0 percent;
d)    Restaurants and accommodation services, 0.0 percent; and 
e)    Financial services, 0.0 percent. (Table B)

The major contributor to the deceleration of inflation in the food and non-alcoholic beverages in the bottom 30% income households was cereals and cereal products with 12.7 percent in August 2024 from 18.0 percent in the previous month which shared 62.3 percent. This was followed by vegetables, tubers, plantains, cooking bananas and pulses with 0.7 percent from 10.2 percent inflation in July 2024 and fish and other seafood with -6.6 percent from -3.7 percent in the previous month.

Other commodity groups also contributed to the downtrend inflation during the month were as follows:

a)    Ready-made food and other food products, 7.9 percent from 10.5 percent;
b)    Sugar, confectionery and desserts, -10.4 percent from -10.1 percent;
c)    Fruit and vegetable juices, -0.1 percent from 0.5 percent;
d)    Other non-alcoholic beverages, 0.6 percent from 3.3 percent. (Table C)

Meanwhile, Sarangani Province’s food inflation for the bottom 30% income households declined to 5.2 percent in August 2024 from 8.3 percent in July 2024. In August 2023, food inflation for the bottom 30% households was higher at 10.6 percent. (Table D)

The deceleration of food inflation for the bottom 30% income households in August 2024 was due to the decrease in the indices of the following:

a)    Cereals and cereal products, 12.7 percent from 18.0 percent;
b)    Vegetables, tubers, plantains, cooking bananas and pulses, 0.7 percent from 10.2 percent;
c)    Fish and other seafoods, -6.6 percent from -3.7 percent;
d)    Ready-made food and other food products n.e.c, 7.9 percent from 10.5 percent; and
e)    Sugar, confectionery and desserts, -10.4 percent from -10.1 percent.

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

a)    Meat and other parts of slaughtered land animals, 1.7 percent from -0.3 percent;
b)    Milk, other dairy products and eggs, 6.3 percent from 2.7 percent; and
c)    Fruits and nuts, 10.4 percent from 6.9 percent. (Table D)