Date of Release: 07 May 2024 
Reference No.: 2024PR – 1263 - 032

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 decreased to 4.5 percent in May 2024. It was lower by 2.3 percentage points from the same month last year at 6.8 percent and 1.8 percentage points lower from 6.3 percent in April 2024. South Cotabato’s inflation was higher by 0.6 percentage point compared to the national estimate of 3.9 percent and was at the same rate as that of the region. The province average inflation stood at 5.5 percent. The May 2024 inflation was the lowest since May 2023 (Figure 1).

The major contributors to the downtrend in the province’s inflation rate for the month of May 2024 were Food and Non-Alcoholic Beverages at 5.6 percent; Housing, Water, Electricity, Gas and Other Fuels at 8.7 percent; and Personal Care, and Miscellaneous Goods and Services at 2.7 percent. 

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

a.    Food and Non-Alcoholic Beverages, from 8.7% to 5.6%
b.    Alcoholic Beverages and Tobacco, from 2.5% to 1.6%
c.    Clothing and Footwear, from 1.9% to 1.7%
d.    Housing, Water, Electricity, Gas and Other Fuels, from 12.7% to 8.7%
e.    Furnishings, Household Equipment and Routine Household Maintenance, from 1.9% to 1.6%
f.    Recreation, Sport and Culture, from 4.5% to 4.4%; and
g.    Personal Care, and Miscellaneous Goods and Services, from 3.3% to 2.7%

The major commodity group which registered a higher inflation is Transport, from 0.9% to 1.6%.
The rest of the commodity groups, namely: Health (3.1%), Information and Communication (0.0%), Education Services (4.7%), Restaurants and Accommodation Services (1.3%), and Financial Services (-0.1%) maintained their previous month’s inflation rates (Table 2).

Meanwhile, inflation on Food Group decreased to 5.9 percent in May 2024 from 9.2 percent in April 2024. In May 2023, food inflation was higher at 8.5 percent (Table 3).

The top three Food Groups that contributed to the decrease in food inflation were Cereals and cereal products at 18.9 percent; Vegetables, tubers, plantains, cooking bananas and pulses, 7.6 percent; and Ready-made food and other food products, n.e.c. at 12.0 percent.

Approved for Release:

For inquiries, please contact:

HAZELLE KAYE G. ABARO
Statistical Analyst
Philippine Statistics Authority - South Cotabato 
Telephone Number (083) 877-1905