In the Philippines, the inflation rate observed a decline of 1.0 percentage point from 7.6 percent in March 2023 to 6.6 percent in April 2023. Meanwhile, the inflation rate in Northern Mindanao reported an inflation rate of 6.4 percent for the month of April 2023 which is 1.0 percent lower than the previous month. Furthermore, the inflation rate in the City of Cagayan de Oro decreased from 6.5 percent in the previous month to 5.8 percent in April 2023 with a posted decrease of 0.7 percentage points.

Consumer Price Index

For the month of April 2023, the City of Cagayan de Oro reported a Consumer Price Index (CPI) of 121.1. This indicates that since 2018, the prices of the commodities in City had increased by as much as 21.1 percent.

The highest increase in the prices in the City is observed in the Food and Non- Alcoholic Beverages items at 124.5. In a year’s period, prices for the said commodity group had increased approximately to 9.79 percent.

Inflation Rate

The Inflation rate in Cagayan de Oro City decreased to 5.8 percent in April 2023 from 6.5 percent in March 2023. Decrease in the indices were observed on the following commodity group, Food and Non-Alcoholic Beverages at 9.8 percent; Clothing And Footwear at 1.9 percent; Housing, Water, Electricity, Gas and Other Fuels at 4.2 percent; and Transport at 0.9 percent;

However, as shown in Table C. the following indices increased such as Alcoholic Beverages and Tobacco at 4.4 percent; and Personal Care, And Miscellaneous Goods and Services at 6.7 percent. Meanwhile a steady pace was observed in the Furnishings, Household Equipment and Routine Household Maintenance at 1.8 percent; Health at 1.3 percent; Information and Communication at 0.7 percent; Recreation, Sport and Culture at 2.1 percent; Education Services at 2.4 percent; Restaurants and Accommodation Services at 8.7 percent; and Financial Services at 0 percent.

Purchasing Power of Peso

The strength of the Philippine Peso in the current month in Cagayan de Oro City was observed at 83 centavos same for the City of Iligan. This means that your 100 pesos in 2018 is only worth 83 pesos in the current month.

The highest PPP recorded among the provinces in Northern Mindanao were observed in the province of Lanao Del Norte at 84 centavos. The province of Camiguin posted the lowest PPP at 80 centavos among other provinces in the region. While Misamis Oriental’s PPP was observed at 81 centavos.