Davao Region inflation up in January, bares PSA.
THE INFLATION of the Davao Region in January went up to 4.1%, which was higher compared with what was recorded a year ago, data from Philippine Statistics Authority (PSA) bared.
'The uptrend was primarily due to the higher annual increment of almost all of the commodities,' PSA XI said in a statement.
Based on the data from the agency, the region's inflation rate increased from 3.6% in January last year. This was attributed to the rise in the prices on commodities like alcoholic beverages and tobacco, clothing and footwear and pump products.
This January inflation rate was also the same as that of December last year.
The increment was observed following the implementation of the new tax law beginning in January. The Tax Reform for Acceleration and Inclusion law imposes hike on taxes on pump products, sweetened drinks and other products.
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 Compostela Valley had the highest inflation rate of 4.8% in January. It was followed by Davao del Norte (4.4%), Davao Oriental (4.1%) and Davao del Sur (3.4%),' PSA said.
Amid the increment, the purchasing power of peso in the region declined to P0.61 from P0.64 a year ago. As of January, the agency recorded that Davao del Sur's purchasing power of peso was P0.64, Compostela Valley with P0.61, and Davao de Norte and Davao Oriental with P0.59.
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|Publication:||Mindanao Times (Mindanao, Philippines)|
|Date:||Feb 1, 2018|
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