Inflation in the Davao Region was 9.8% in October 2022

According to the most recent Summary Inflation Report, the Davao Region's inflation rate increased slightly from 9.6 percent in September to 9.8 percent this month, making it the region with the highest inflation in the AONCR on both occasions.

According to PSA data, the highest inflation rate in the Davao Region was found in the transport commodity group at 15.3 percent, followed by tobacco and alcoholic beverages at 12.2 percent and food and non-alcoholic beverages at 11.7 percent.

Transport commodity group's inflation rate had already decreased from 17.2 percent the previous month, while that of the groups for Food and Non-Alcoholic Beverages, Alcoholic Beverages and Tobacco, and Food had increased from 10.3 percent and 10.5 percent, respectively.

Clothing and footwear, Housing, Water, Electricity, Gas, and Other Fuels, Furnishings, Household Equipment, and Routine Household Maintenance, have inflation rates of 4.7 percent, 6.5 percent, 8.4 percent, and 5.3 percent, respectively.

While the inflation rate for information and communication is 1.1 percent, it is 6.8 percent for education services, 5.1 percent for recreation, sport, and culture, 6.4 percent for restaurants and lodging, and 5.7 percent for personal care and other miscellaneous goods and services.

The lowest inflation rates in Mindanao were recorded in Soccsksargen and Bangsamoro Autonomous Region in Muslim Mindanao (Barmm), both at 6.5 percent.

From 7.0 percent in September to 7.6 percent in October, the AONCR's average inflation rate has increased.

The PSA reports that the national inflation rate increased from 6.9 percent in September of this year to 7.7 percent in October, the highest rate since December 2008.

The acceleration in the annual growth of food and non-alcoholic beverages, which is 9.4% percent, followed by alcoholic beverages and tobacco, which is 10.4% percent, is what is to blame for the country's higher inflation rate.

The inflation rate for food also increased to 9.8 percent in October from 7.7 percent the previous month, while the inflation rate for vegetables, tubers, plantains, cooking bananas, and pulses was 16.0 percent. Meat and other parts of slaughtered land animals were at 11.5 percent.

According to a statement from PSA, food inflation was lower in October 2021, at 4.0 percent.