R-11 INFLATION HITS 7.1% IN AUG

The increase in the prices of alcoholic beverages and tobacco, and food and non-alcoholic beverages drove the inflation in the region up.

The inflation rate of Davao Region further accelerated to 7.1 percent in August 2018 from 6.2 percent in July, the Philippine Statistics Authority (PSA) 11 said.

The agency reported that the region’s inflation rate is much higher than the national rate of 6.4 percent in August 2018. This is also higher than the previous year’s rate of 3.1 percent in the same period.

The region’s inflation rate is driven by the increase in the prices of alcoholic beverages and tobacco (16%), food and non-alcoholic beverages (8.1%), housing, water, electricity, gas, and other fuels (7%), health (6.5%), recreation and culture (4.2%), furnishing, household equipment, and routine maintenance of the house (4.1%), and communication (1.6%).

“Transportation, and clothing and footwear displayed slower annual rates while education and restaurant and miscellaneous goods and services retained its previous month’s annual growth rate,” PSA 11 said.

The agancy also reported that among the selected food items, higher increments were recorded on fish (14.4%), meat (9.4%), rice (7.6%), bread and cereals (6.7%), vegetables (5.6%), and other cereals, flour, cereal preparation, bread, pasta, and other bakery products (3.3%).

“Fruits (0.9%), oils and fats (3.5%), and food products n.e.c. (5.5%), retained its previous rate,” PSA 11 said.

The agency added that the rest of the commodities moved at a slower growth rate.

Meanwhile, Compostela Valley recorded the highest inflation rate in Davao Region in August at 7.2 percent. This is followed by Davao del Sur and Davao del Norte with 7.1 percent and Davao Oriental with 6.4%.