YEAR-ON-YEAR INFLATION RATES

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 dropped to 0.3 percent in November 2024 from last month’s inflation at 1.5 percent. This was lower than the regional and national levels at 1.9 percent and 2.9 percent, respectively. Moreover, the rate was lower by 6.3 percentage points from a year ago of the same month at 6.6 percent. The average inflation or the year-to-date inflation of the province was recorded at 4.6 percent.
 

The main contributor to the downtrend in the province’s inflation for the bottom 30% income households in November 2024 was food and non-alcoholic beverages with -0.5 percent from 2.3 percent in the previous month which contributed 99.9 percent to the overall inflation. Also health contributed to the downtrend with 1.7 percent inflation from 1.8 percent in October 2024 which contributed 0.1 percent to the overall inflation.

In contrary, the following commodity groups showed an uptrend inflation for the bottom 30% income households during the month:

a) Alcoholic beverages and tobacco, 2.6 percent from 2.0 percent;
b) Clothing and footwear, 1.5 percent from 0.7 percent;
c) Housing, water, electricity, gas and other fuels, 0.7 percent from -1.1 percent;
d) Furnishings, household equipment and routine household maintenance, 0.8 percent from -0.5 percent;
e) Transport, 0.9 percent from -1.2 percent; and
f) Personal care and miscellaneous goods and services, 4.5 percent from 4.0 percent. (Table B)

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

a) Information and communication, at 0.4 percent;
b) Recreation, sport and culture, at 3.8 percent;
c) Education services, at zero inflation;
d) Restaurants and accommodation services, at zero inflation; and
e) Financial services, at zero inflation. (Table B)
 

The major contributor to the downtrend inflation of food and non-alcoholic beverages was cereals and cereal products with -5.5 percent in November 2024 from 3.0 percent in the previous month with 88.4 percent share. This was followed by fruits and nuts with 8.8 percent in November 2024 from 13.2 percent in the previous month. Also, fish and other seafoods showed a downtrend during the month with 5.0 percent inflation from 5.7 percent in October 2024.

Moreover, the following also contributed to the downtrend inflation of food and non-alcoholic beverages during the month:

a) Meat and other parts of slaughtered land animals, -0.8 percent from -0.6 percent;
b) Milk, other dairy products and eggs, 6.6 percent from 7.9 percent;
c) Oil and fats, -3.1 percent from -2.2 percent; and
d) Ready-made food and other food products, 5.4 percent from 7.8 percent. (Table C)

 

Meanwhile, the provincial food inflation for the bottom 30% income households declined to -0.7 percent in November 2024 from 2.4 percent in October 2024. In November 2023, food inflation for the bottom 30% income households was higher at 9.6 percent. (Table D)

The deceleration of food inflation for the bottom 30% income households in November 2024 was due to the slower inflation rate of rice with -3.6 percent in November 2024 from 5.5 percent in the previous month. This was followed by corn at -14.0 percent inflation during the month from -5.0 percent in October 2024. The index of fruits and nuts also contributed to the downtrend with 8.8 percent during the month from 13.2 percent in the previous month. (Table D)

In addition, slower food inflation was also recorded in the following indices:

a) Flour, bread and other bakery products, pasta products, and other cereals, -2.4 percent from 3.7 
    percent;
b) Meat and other parts of slaughtered land animals, -0.8 percent from -0.6 percent;
c) Fish and other seafood, 5.0 percent from 5.7 percent;
d) Milk, other dairy products and eggs, 6.6 percent from 7.9 percent;
e) Oils and fats, -3.1 percent from -2.2 percent;
f) Ready-made food and other food products n.e.c., 5.4 percent from 7.8 percent. (Table D)

 

In contrast, higher annual growth rates were observed in the indices of vegetables, tubers, plantains, cooking bananas and pulses with 0.9 percent in November 2024 from -8.6 percent in the previous month and sugar, confectionery and desserts with -7.4 percent inflation during the month from -9.7 percent in October 2024.