All five provinces across the Northern Mindanao region exhibited decreased inflation rates during the month of June 2023. Although the province of Bukidnon recorded the highest inflation rate of 6.5 percent in June 2023, it was down by 0.3 percentage points from 6.8 percent in May 2023. Meanwhile, the province of Lanao del Norte recorded the lowest at 4.8 percent in June 2023, which was also down by 0.4 percentage points in May 2023. The provinces of Misamis Occidental and Misamis Oriental recorded lower inflation rates of 4.9 percent and 6.1 percent, respectively.

(See Figure 2)

The downtrend of the inflation rate in the province was mainly brought about by the slower annual increase on the year-on-year growth in the heavily weighted food and non-alcoholic beverages index at 8.5 percent from 10.0 percent in June 2023, or a 1.5 percentage point difference. Also, lower annual increments were noted in the indices of the following commodity groups in June 2023:

 

• Alcoholic beverages and tobacco, 7.0 percent;

• Clothing and footwear, 2.6 percent;

• Housing, water, electricity, gas, and other fuels, 5.1 percent;

• Furnishings, household equipment and routine household maintenance, 2.0 percent;

• Health, 0.3 percent;

• Transport, -0.7 percent; 

• Recreation, sports, and culture, 3.8 percent;

• Restaurants and accommodation services; 14.8 percent; and

• Personal care, and miscellaneous, goods and services (6.3%). 

 

On the other hand, the information and communication index retained its recorded rate in May 2023 for June 2023 at 1.3 percent, while the indices of information and communication, and financial services recorded a zero percent annual inflation rate in June 2023. (See Table 1)

While the inflation rate of the food and non-alcoholic beverages index in June 2023 decelerated, the food indices of flour, bread and other bakery products, pasta products, and other cereals was up by 1.3 percentage points in June 2023 as it registered 14.6 inflation, from 13.3 percent in May 2023 and vegetables, tubers, plantains, cooking bananas and pulses increased by 0.2 percentage point as it recorded an inflation rate of 14.9 percent in June 2023, from 14.7 percent in May 2023. 

 

The observed slower growth rate of the food and non-alcoholic beverages index was primarily caused by the lower annual increments in the following commodity groups:

 

• Rice, 4.6 percent;

• Meat and other parts of slaughtered land animals, 13.2 percent;

• Fish and other seafood, -2.1 percent;

• Milk, other dairy products and eggs, 17.5 percent;

• Oils and fats, 6.9 percent; 

• Fruits and nuts, 5.0 percent; 

• Sugar, confectionery and desserts, 26.5 percent; and

• Ready-made food and other food products n.e.c., 1.5 percent.

 (See Table 1a, p. A-1)

 

 

 

(SGD.)FRANCISCO C. GALAGAR JR.

Chief Statistical Specialist