NextGen Day

According to the Philippine Statistics Office in Region 11, Davao Region’s regional inflation rose from 8.6 percent in July to 8.9 percent last month.

The increase is the biggest recorded inflation since January of this year, according to the PSA-11.

It stated in a statement that “the average inflation for the first half of the year was at 6.3 percent.”

The greater yearly increment in the index for housing, water, electricity, gas, and other fuels at 8.9 percent is principally to blame for the rise.

Furniture, home appliances, and general household upkeep are also at 5.6 percent, while education services are at 6.8 percent.

The PSA-11 stated that the PPP (purchasing power of the peso), which decreased to 0.85 centavos in August compared to the same month previous year at 92 centavos, assesses the real worth of the Philippine peso in a given period relative to its value in the base period.

Higher annual increments in the indices of the following commodity groups as compared to their previous month’s inflation rates contributed to the uptrend in overall inflation during the period: clothing and footwear (4%), personal care, and miscellaneous goods and services (4.9%), health (4.2%), alcoholic beverages and tobacco (10%), and recreation, sport, and culture (4%). (4.2 percent).

The annual increments for the commodity categories for food and non-alcoholic beverages (9%) and transportation, on the other hand, were smaller (18.1 percent).

The food index dropped from 9.7 percent in July to 9.3 percent in August. The food index was 6.7% lower in August 2021.

Davao Oriental’s annualized provincial inflation for the provinces of the Davao Region considerably decreased from 8.5 percent in July to 7.7 percent in August of this year.

In Davao del Sur, the inflation rate dropped from 9.6 percent in July to 8.3 percent in August.

Davao del Norte’s prior growth rate fell from 7.1 percent in July to 6.9 percent in August, while Davao de Oro’s fell from 12.0 percent in July to 10.2 percent in August, according to PSA-13.

The inflation rate in Davao Occidental increased from 8.1 in July to 8.7 in August, while the rate in Davao City increased from 8.4 in July to 9.6 in the following month.

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