Dec. inflation rate in Davao Region up 4.1%: PSA

THE INFLATION rate in the Davao Region slightly increased to 4.1% in December last year compared with the same period the previous year, data from Philippine Statistics Authority (PSA) XI bared.

“This was mainly affected by the increase of alcoholic beverages and tobacco, food and non-alcoholic beverages, furnishing, household equipment and routine maintenance of the house, recreation and culture,” PSA said in a statement released yesterday.

The inflation rate of the region, the agency said, spiked from 3.5% in December of 2016.

Clothing and footwear, education, restaurant and miscellaneous goods and services and communication maintained its rate, similar to the previous year. Housing, water, electricity, gas, and other fuels, health and transport had slower increments.

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.”

“Among the provinces of Davao Region, the province of Davao Oriental had the highest inflation rate at 4.7% in December 2017. It was followed by Davao del Norte and Davao del Sur at 4.1%, then Compostela Valley at 3.8%,” PSA said.

Davao Oriental’s inflation rate in December 2016 was 3.4%. The inflation rate in December the previous year of Davao del Norte, Davao del Sur and Compostela Valley were 3.3, 3.3 and four, respectively.

PSA cited that the purchasing power of peso in Davao Region was P0.62 in December last year, which was lower from P0.64 in the same month the previous year.

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