Table A. Year-on-Year Headline Inflation Rates, All Items in Percent:
November 2023, and October to November 2024
(2018=100)

Source: Philippine Statistics Authority, Retail Price Survey of Commodities for the Generation of Consumer Price Index
*Year-on-year change of CPI for January to November, 2024 vs 2023

Headline Inflation

In November 2024, Misamis Oriental’s headline inflation, or overall inflation, accelerated to 3.4 percent from 2.7 percent in October 2024. This brought about the 4.3 provincial average inflation rate from January to November 2024. During the month, the provincial inflation rate was higher than the national and regional inflation rates by 1.1 percentage point and 0.5 percentage point, respectively. (Table A)

The trend of the province’s inflation has been increasing since September 2024. The recorded inflation in November 2024 was the same rate in January 2023. Meanwhile, the posted inflation rates in September to November 2024 were slower than the rest of the months since November 2023. (Figure 1)

Figure 1. Headline Inflation Rates in Misamis Oriental, All Items
in Percent: November 2023 to November 2024
(2018=100)

Source: Philippine Statistics Authority, Retail Price Survey of Commodities for the Generation of Consumer Price Index
Main Drivers to the Upward Trend of the Headline Inflation

Food and non-alcoholic beverages mainly driven the uptrend of the province's overall inflation. The said commodity group increased to 4.1 percent in November 2024 from 3.1 percent in October 2024. This was followed by the turnaround of transport at 1.8 percent from -1.5 percent. Clothing and footwear came next with 3.9 percent from 1.8 percent. The following commodity groups also posted faster inflation rates during the month compared to the previous month: health at 6.0 percent from 4.4 percent; recreation, sport and culture at 9.9 percent from 8.0 percent; furnishings, household equipment and routine household maintenance at 3.4 percent from 3.2 percent; and alcoholic beverages and tobacco at 9.3 percent from 9.2 percent.

In comparison, three commodity groups posted slower inflation rates during the month than the prior month: housing, water, electricity, gas and other fuels at 3.5 percent from 3.8 percent; restaurants and accommodation services at 0.5 percent from 0.6 percent; and personal care, and miscellaneous goods and services at 2.2 percent from 3.6 percent.

Furthermore, three commodity groups retained their inflation rates in the previous month: information and communication at -1.9 percent; education services at 0.0 percent and financial services at -0.1 percent. (Table B)

Main Contributors to the Headline Inflation

The top three commodity groups contributing to the overall inflation during the month were the following:

1. Food and non-alcoholic beverages with 52.3 percent share or 78 percentage points;
2. Housing, water, electricity, gas and other fuels with 20.9 percent share or 0.71 percentage points; and
3. Alcoholic beverages and tobacco with 7.5 percent share or 25 percentage points.

The rest of the commodity groups accounted for 19.3 percent share or 0.66 percentage points.

Table B. Inflation Rates by Commodity Group in Misamis Oriental,
in Percent: November 2023, and October to November 2024
(2018 = 100)

Source: Philippine Statistics Authority, Retail Price Survey of Commodities for the Generation of Consumer Price Index

Food Inflation

The provincial food inflation rate registered 4.0 percent in November 2024, a 1.1 percentage point increase from 2.9 percent in October 2024. Regardless, the province’s food inflation during the month was slower than the posted rates from November 2023 to August 2024. (Figure 2)

As shown in Table C, the Consumer Price Index (CPI) of food in the province recorded at 140.8 in November 2024, which was higher than the CPI in October 2024 at 140.2. On average, prices have increased by 40.8 percent since the base year of 2018, when the CPI was at 100. The base year serves as a reference point for comparison to see how much prices have changed over time.

Figure 2. Food Inflation Rates in Misamis Oriental, in Percent:
November 2023 to November 2024
(2018=100)

Source: Philippine Statistics Authority, Retail Price Survey of Commodities for the Generation of Consumer Price Index

Main Drivers to the Upward Trend of the Food Inflation

The main driver of the province’s upward trend in food inflation in November 2024 was cereals and cereal products at 4.7 percent, an acceleration from 2.7 percent in October 2024. Milk, other dairy products and eggs followed at 14.0 percent from 8.5 percent. Next was meat and other parts of slaughtered land animals at 1.7 percent from 0.2 percent. The following food groups also posted faster inflation rates during the month than the prior month: vegetables, tubers, plantains, cooking bananas and pulses at -1.1 percent from -3.1 percent; and sugar, confectionery and desserts at -4.4 percent from -4.9 percent.

In contrast, four food groups recorded slower inflation rates during the month compared to the previous month: fish and other seafood at -1.7 percent from 0.3 percent; oils and fats at -0.4 percent from 0.1 percent; fruits and nuts at 32.4 percent from 37.2 percent; and ready-made food and other food products n.e.c. at 1.5 percent from 4.0 percent. (Table C)

Main Contributors to the Food Inflation

Food inflation shared 47.0 percent, or 1.60 percentage points, of the overall inflation during the month. The top three food groups in terms of contribution to the food inflation during the month were the following:

1. Cereals and cereal products with 45.9 percent share or 1.84 percentage points;
2. Milk, other dairy products and eggs with 30.8 percent share or 23 percentage points; and
3. Fruits and nuts with 25.7 percent share or 1.03 percentage points.

The remaining food groups shared -2.4 percent or contributed -0.09 percentage points to the total food inflation.

Table C. Consumer Price Index, and Year-on-Year Percent Changes by Food Group in Misamis Oriental
(2018 = 100)

Source: Philippine Statistics Authority, Retail Price Survey of Commodities for the Generation of Consumer Price Index

Note: CPIs and inflation rates by province and selected city are posted at the PSA OpenSTAT portal accessible at https://www.psa.gov.ph

(SGD.) MARIA LIZA M. BIGORNIA
(Chief Statistical Specialist)
Officer-In-Charge