Report on Inflation in Northern Mindanao for the Month of October 2022 (2018=100)

Reference Number: 

PSAX-SR-2022-27

Release Date: 

Tuesday, November 8, 2022

Northern Mindanao

Regional inflation increased to 7.2 percent in October 2022, from 7.0 percent in the previous month. The inflation rate in October 2021 was lower at 3.8 percent. (Table A and Figure 1)
 

Table A. Year-on-Year Inflation Rates for All Items, Northern Mindanao:
October 2021, September 2022, and October 2022
(In percent, 2018=100)

By Commodity Group

Month-on-month, inflation was higher in October 2022 in the following commodity groups: food and non-alcoholic beverages at 8.4 percent; alcoholic beverages and tobacco at 5.4 percent; clothing and footwear at 2.3 percent; furnishings, household equipment and routine household maintenance at 4.3 percent; and restaurants and accommodation services at 5.8 percent. Among these, the major contributors to the uptrend of inflation in October 2022 were food and non-alcoholic beverages, restaurants and accommodation services, and clothing and footwear. (Table B)

On the other hand, slowdowns were observed in the inflation of the following commodity groups:
 
a. Housing, water, electricity, gas and other fuels at 6.5 percent;
b. Transport at 13.5 percent;
c. Information and communication at 0.4 percent; and
d. Recreation, sport, and culture at 1.6 percent.

Health, education services, financial services, and personal care, and miscellaneous goods and services had unchanged inflation rates.

 

Table B.  Inflation  Rate  by  Commodity  Group  for  All  Income  Households,
Northern Mindanao: October 2021, September 2022, and October 2022
(In percent, 2018=100)

 
 
Food inflation accelerated to 8.7 percent, from 8.0 percent in the previous month. 
In October 2021, food inflation was lower at 5.7 percent. (Table C)
 
Among food commodity groups, the inflation rates of the following sub-commodities in October 2022 increased compared to September 2022:
 
a. Cereals and Cereal Products, 4.6 percent;
b. Meat and other parts of slaughtered land animals, 11.6 percent;
c. Fish and other seafood, 11.9 percent;
d. Milk, other dairy products and eggs, 6.8 percent;
e. Oils and fats, 8.1 percent;
f. Fruits and nuts, 5.1 percent;
g. Vegetables, tubers, plantains, cooking bananas, and pulses, 12.8 percent;
h. Sugar, confectionery, and desserts, 35.2 percent; and
i. Ready-made food and other food products n.e.c., 4.4 percent.
 
On the other hand, rice inflation accelerated to 2.3 percent in October 2022 from 1.9 percent in September 2022. Corn inflation decelerated to 10.5 percent from 10.7 percent in the preceding month. Further, inflation for flour, bread and other bakery products, pasta products, and other cereals accelerated to 8.3 percent in October 2022 from 7.8 percent in the previous month.
 
The major contributors of the uptrend of the food commodity group were fish and other seafood, rice, and meat and other parts of slaughtered land animals. 
 

Table C. Inflation Rate of Food Items for All Income Households, Northern Mindanao:
October 2021, September 2022, and October 2022
(In percent, 2018=100)

 
 
Provinces and HUCs in Region X
 
All Items
 
Among the provinces in the region, Bukidnon (7.0%), Camiguin (8.5%), Lanao del Norte (5.5%), and Misamis Oriental (7.6%) posted higher inflation rates in October 2022 compared to September 2022, while Misamis Occidental (6.8%) registered lower inflation rate. (Table A)
 
On the other hand, the City of Iligan (7.4%) and the City of Cagayan de Oro (7.5%) had lower inflation rates in September 2022 than the previous month. 
 
The provinces and highly urbanized cities that had major contribution to the uptrend of the regional inflation were Bukidnon, Misamis Oriental, and Camiguin.
 
Year-on-year, inflation in all provinces and highly urbanized cities (HUCs) in the region accelerated in October 2022.
 
 
Food Items
 
Food inflation in the following provinces accelerated in October 2022 compared to the preceding month: Bukidnon (7.6%), Camiguin (10.9%), Lanao del Norte (7.0%), and and Misamis Oriental (10.0%). The food inflation in Misamis Occidental (8.0%) decelerated in October 2022.  (Table D)
 
Also, food inflation in the City of Iligan (13.2%) and the City of Cagayan de Oro (8.4%) accelerated in October 2022 compared to the previous month.
 
Misamis Oriental, Bukidnon, and Lanao del Norte had the largest contributions to the upward trend of the regional food inflation.
 
Year-on-year, food inflation in all provinces and highly urbanized cities (HUCs) in the region accelerated in October 2022.
 

Table D.  Inflation Rate of Food Items for All Income Households by Province/HUC,
Northern Mindanao: October 2021, September 2022, and October 2022
(In percent, 2018=100)

 

 

 

(Sgd.) JANITH C. AVES, CE, DM
(Chief Statistical Specialist)
Officer-in-Charge
 
 
 
 
 
 
 
For further inquiries, you may contact:
 
Statistical Operations and Coordination Division
Philippine Statistics Authority Regional Statistical Service Office 10
Limketkai Module-2 BPO & Cyberpark Bldg.,
Rosario Crescent, Limketkai Center, Cagayan de Oro City
Telephone: (088) 291-1672; 09178219152
 
 
 
TECHNICAL NOTES
 
Consumer Price Index (CPI) – The CPI is an indicator of the changes in the average retail prices of a fixed basket of goods and services commonly purchased by households relative to a base year.
 
Used of CPI – CPI is most widely used in the calculation of the inflation rate and purchasing power of peso. It is a major statistical series used for economic analysis and as a monitoring indicator of government economic policy.
 
Computation of CPI – The computation of the CPI involves consideration of the following important points:
 
a. Base Period – The reference data or base period is the benchmark or reference date or period at which the index is taken as equal to100.
 
b. Market Basket – A sample of the thousands of varieties of goods purchased for consumption and services availed by the households in the country selected to represent the composite price behavior of all goods and services purchased by consumers.
 
c. Weighing System – The weighing pattern uses the expenditures on various consumer items purchased by households as a proportion to total expenditure.
 
d. Formula – The formula used in computing the CPI is the weighted arithmetic mean of price relatives, the Laspeyre’s formula with a fixed base year period (2012) weights.
 
e. Geographic Coverage – CPI values are computed at the national, regional, and provincial levels, and for selected cities.
 
Inflation Rate (IR) – is the rate of change of the CPI expressed in percent. Inflation is interpreted in terms of declining purchasing power of peso.
 
Purchasing Power of Peso (PPP) – shows how much the peso in the base period is worth in the current period. It is computed as the reciprocal of the CPI for the period under review multiplied by 100.

 

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