Northern Mindanao

Regional inflation decreased to 2.6 percent in December 2024 from 2.7 percent in the previous month. The inflation rate in December 2023 was higher at 4.8 percent. (Table A and Figure 1)

Table A. Year-on-Year Inflation Rates for All Items, Northern Mindanao:
December 2023, November 2024, and December 2024
(In percent, 2018=100)

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

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

By Commodity Group

Month-on-month, inflation was higher in December 2024 in the following commodity groups (Table B):

1. housing, water, electricity, gas and other fuels at 2.1 percent;
2. furnishings, household equipment, and routine household maintenance at 5.5 percent;
3. transport at 5.0 percent;
4. information and communication at 0.1 percent;
5. recreation, sports, and culture at 4.0 percent; and
6. personal care, and miscellaneous goods and services at 2.7 percent.

On the other hand, slowdowns were observed in the inflation of the following commodity groups: food and non-alcoholic beverages at 1.8 percent; alcoholic beverages and tobacco at 7.7 percent; and health at 5.6 percent.

Further, clothing and footwear, education services, restaurants and accommodation services and financial services had unchanged inflation rates.

Food and non-alcoholic beverages with 97.3 percent share was the major contributor to the downtrend of inflation in December 2024.

Table B. Inflation Rate by Commodity Group for All Income Households,
Northern Mindanao: December 2023, November 2024, and December 2024
(In percent, 2018=100)

Regional food inflation decelerated to 1.7 percent from 3.1 percent in the previous month. Likewise, the regional food inflation in December 2024 was slower than the recorded food inflation a year ago at 9.6 percent. (Table C)

The inflation rates of the following sub-classes under the food commodity group decreased in December 2024 when compared to the previous month: cereals and cereal products at 2.2 percent; meat and other parts of slaughtered land animals at 1.3 percent; milk, other dairy products, and eggs at 6.1 percent; and fruits and nuts at 16.8 percent.

On the other hand, accelerated inflation rates were observed in the following:

1. Fish and other seafood at -2.6 percent;
2. Oils and fats at 1.1 percent;
3. Vegetables, tubers, plantains, cooking bananas and pulses at -1.4 percent;
4. Sugar, confectionery, and desserts at -1.9 percent; and
5. Ready-made food and other food products at 3.6 percent.

Moreover, the inflation of cereals decelerated in December 2024 at 2.6 percent while flour, bread and other bakery products, pasta products, and other cereals accelerated at 0.1 percent compared to the previous month. Further, the inflation of rice and corn decelerated to 1.3 percent and 8.8 percent, respectively.

The major contributors to the downtrend of inflation of the food commodity group 
were cereals and cereal products (86.4%); meat and other parts of slaughtered land animals (6.3%); and milk, other dairy products, and eggs (5.4%).

Table C. Inflation Rate of Food Items for All Income Households, Northern Mindanao:
December 2023, November 2024, and December 2024
(In percent, 2018=100)

Provinces and HUCs in Region X

All Items

The provinces of Camiguin (3.4%), Misamis Occidental (2.9%), and Misamis Oriental (4.5%) recorded higher inflation rates in December 2024 compared to the previous month. (Table A)

Year-on-year, all the provinces and HUCs except for Misamis Occidental had lower inflation rates compared to December 2023.

Cagayan de Oro City (73.7%) is the major contributor to the downtrend of the regional inflation in December 2024.

Food Items

The provinces of Bukidnon (-0.2%), Camiguin (0.4%), Lanao del Norte (0.6%), and Cagayan de Oro City (0.7%) had decelerated food inflation rates in December 2024 compared to the previous month. (Table D)

Year-on-year, only Misamis Occidental had higher food inflation rates compared to December 2023.

Further, Cagayan de Oro City (57.2%) had the largest contribution to the downtrend of the regional food inflation.

Table D. Inflation Rate of Food Items for All Income Households by Province/HUC,
Northern Mindanao: December 2023, November 2024, and December 2024
(In percent, 2018=100)

(SGD.) JANITH C. AVES, CE, DM
Regional Director
PSA RSSO 10
SBB/ASC/ANC

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
Email: rsso10@psa.gov.ph
Telephone: (088) 291 1672; 0917 821 9152

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:

1. 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.
2. 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.
3. Weighing System – The weighing pattern uses the expenditures on various consumer items purchased by households as a proportion to total expenditure.
4. 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 (2018) weights.
5. 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.