DAVAO REGION Inflation rate up in April

THE INFLATION rate of Davao Region hit 4.3% in April, higher than the figure during the same period last year following the surge in prices of some commodities and services, data from Philippine Statistics Authority (PSA) bared.

Data from PSA XI showed that the region’s inflation rate spiked from 2.6% in April last year. It was also slightly higher compared with the figures recorded in the months January to March when the inflation rate of the region was 4.1%.

The agency said in a statement that the spike was attributed to the increase to the rates in alcoholic beverages and tobacco, transport, food and non-alcoholic beverages, health, clothing and footwear, restaurant and miscellaneous goods and services.

“Among the provinces of Davao Region, Davao del Norte had the highest inflation rate at 5.1% in April. This was followed by Davao Oriental with 5%, then Compostela Valley at 4.1% and Davao del Sur at 3.9%,” PSA XI said.

PSA defined the inflation rate “as the annual rate of change or the year-on-year of the consumer price index expressed in percent. Inflation is interpreted in terms of declining purchasing power of money.”

The region’s peso purchasing power (PPP) as of April, meanwhile, was P0.86 from P0.87 in March.

“Highest PPP was at P0.87 in Davao del Sur, while Davao Oriental had the lowest at P0.83,” PSA XI said.

The movement of the inflation rate was among those that were reviewed by the Regional Tripartite Wages and Productivity Board (RTWPB) XI before it could decide whether to increase or not the minimum wage in the region.

The RTWPB XI reported that their decision will be released next month. (KMF)

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