Ben Madilynn
TAGUM CITY — Davao del Norte’s headline inflation rate in July 2024 went up to 4.7 percent as it took an uptick of 3.4 percentage points compared with the same month a year ago when it settled at only 1.3 percent.
Data from the Philippine Statistics Authority (PSA) Davao del Norte showed that the July 2024 headline inflation rate of Davao del Norte was higher than the July 2024 headline inflation rate of the Philippines calculated at 4.4 percent but lower than the Davao Region at 5.1 percent.
Based on the monthly headline inflation rates generated by PSA Davao del Norte since January 2024, the July inflation rate was a recurrence of more than 4 percent levels of inflation rates after a downtrend at 3.4 percent in the month of June 2024.
Davao del Norte hit the lowest recorded headline inflation rate of 1.0 percent in January 2024 based on the year-on-year data of PSA Davao del Norte since 2021.
The headline inflation rate of the province started picking up in February at 3.5 percent. It continued to take an uptick in March at 3.2 percent, further moved upward to 4.1 percent in April, and still inched up to 4.9 percent in May.
It went down to 3.4 percent in June but the faster annual increase of the consumer price indices in July for the commodity group of Housing, Water, Electricity, Gas and Other Fuels, as well as the increases of price indices for Food and Non-alcoholic Beverages; and Transport, again, pushed the headline inflation rate of the province to almost five percent level.
Data from PSA Davao del Norte showed that the overall price indices for Housing, Water, Electricity, Gas and Other Fuels went up from negative 4.8 percent to 0.1 percent, contributing a share of 61.2 percent to the uptrend of the July headline inflation rate of the province.
Other commodity groups that had significantly contributed to the uptrend of the July headline inflation rate of Davao del Norte , were the Food and Non-alcoholic Beverages that took an uptick from 6.5 percent to 7.5 percent, contributing a share of 31.6 percent, and the Transport group that contributed a share of 5.6 percent.
PSA Davao del Norte noted that the Fish and Other Seafood contributed a 63.8 percent share to the overall increase of the Food commodity group inflation.
Meats and Other Parts of Slaughtered Land Animals commodity group posted the second highest share of 17.7 percent to the overall increase of the Food Group inflation, while the Vegetables, Tubers, Plantains, Cooking Bananas and Pulses commodity group contributed a share of 14.7 percent. PIA DAVAO
