DAVAO CITY—Inflation in the region dipped further to half of the average rate since the beginning of the year, the Philippine Statistics Authority (PSA) has reported.
The PSA said inflation in the Davao Region slowed down to 3.9 percent, half of the average monthly inflation print of 6.9 percent from January to August this year.
Inflation in July was recorded at 4.3 percent.
Davao del Norte has the lowest August inflation print at 1.6 percent while Davao City posted a higher 4.7 percent. Davao Oriental, however, remained high at 7 percent.
The PSA identified the main drivers for the slowdown of inflation rate as housing, water, electricity, gas and other fuels. PSA-XI OIC Regional Director Randolph Anthony B. Gales said these drivers tallied a 2.4-percent inflation print, which is a 96.3-percent share to the downtrend of inflation in the region.
The restaurants and accommodation services group had the largest contribution to general inflation in the region at 6.8 percent inflation rate. Food and non-alcoholic beverages at 6 percent inflation also fueled the brisk pace of price increases in the region.
Alcoholic beverages and tobacco was the third contributor to the overall inflation in the region for August, at 14.7 percent.
At the opposite end of the commodity groups were furnishing, household equipment and routine household maintenance, with 6-percent inflation and education services with 3.9 percent inflation.
Nonetheless, the PSA said the inflation rate for August for the bottom 30-percent income household dropped to a level of 3 percent, lower than the 4.3 percent in July. This was an improvement to the 10.5-percent inflation rate in August last year.
The average inflation rate for the bottom 30-percent income household from January to August this year was 8 percent, the PSA data showed.