Date of Release: 08 August 2024 
Reference No.: 2024SR – 1263 - 010
 

YEAR-ON-YEAR INFLATION RATES

The headline inflation or the annual rate of change on the prices of goods and services in the market basket of South Cotabato increased to 4.1 percent in July 2024. It was lower by 0.8 percentage points from the same month last year at 4.9 percent and 0.9 percentage points higher from June 2024 at 3.2 percent. South Cotabato’s inflation was lower by 0.3 percentage point compared to the national estimates and 0.5 percentage points lower compared to the regional estimates, respectively. The year-to-date province average inflation stood at 4.9 percent (Table 1).

The major contributors to the uptrend in the province’s inflation rate for the month of July 2024 were Food and Non-Alcoholic Beverages at 6.8 percent, Housing, Water, Electricity, Gas and Other Fuels at 4.1 percent, and Transport at 1.8 percent.

Higher annual increments were noted in the indices of the following commodity groups:

a.    Food and Non-Alcoholic Beverages, from 5.7% to 6.8%;
b.    Alcoholic Beverages and Tobacco, from 1.5% to 1.7%;
c.    Housing, Water, Electricity, Gas and Other Fuels, from 1.1% to 4.1%;
d.    Transport, from 1.2% to 1.8%;
e.    Education Services, from 4.7% to 5.3%; and
f.    Restaurants and Accommodation Services, from 1.3% to 1.5%

Major commodity groups which registered lower inflation are:

a.    Clothing and Footwear, from 1.2% to 0.5%;
b.    Furnishings, Household Equipment and Routine Household Maintenance, 
from 1.3% to 0.8%;
c.    Recreation, Sport and Culture, from 3.0% to 1.7%; and
d.    Personal Care, and Miscellaneous Goods and Services, from 2.7% to 2.3%
The rest of the commodity groups: Health (3.4%), Information and Communication (0.0%), and Financial Services (-0.1%), maintained their previous month’s inflation rates (Table 2).
 

Meanwhile, inflation for food increased to 7.2 percent in July 2024 from 6.0 percent in June 2024. In June 2023, food inflation was lower at 4.6 percent (Table 3).

The top three food groups that contributed to the decreased in food inflation were Fish and other seafood at -4.2%, Fruits and nuts at 11.3%, and Meat and other parts of slaughtered land animals at 0.9%.