Northern Mindanao

Regional inflation decreased to 8.0 percent in February 2023, from 8.4 percent in the previous month. The inflation rate in February 2022 was lower at 4.0 percent. (Table A and Figure 1)

Table A. Year-on-Year Inflation Rates for All Items, Northern Mindanao:
February 2022, January 2023, and February 2023
(In percent, 2018=100)

By Commodity Group

Month-on-month, inflation was higher in February 2023 in the following commodity groups: clothing and footwear at 4.5 percent; furnishing, household equipment, and routine household maintenance at 4.5 percent; health at 2.9 percent; information and communication at 0.9 percent; and recreation, sport, and culture at 2.1 percent. (Table B)

On the other hand, slowdowns were observed in the inflation of the following commodity groups:

1. Food and non-alcoholic beverages at 11.8 percent;
2. Alcoholic beverages and tobacco at 5.7 percent;
3. Transport at 7.7 percent;
4. Restaurants and accommodation services at 7.2 percent; and
5. Personal care and miscellaneous goods and services at 5.5 percent.

Among these, the major contributors to the downtrend of inflation in February 2023 was transport (42.3%), food and non-alcoholic beverages (37.2%), and restaurants and accommodation services (18.1%).

On the other hand, housing, water, electricity, gas, and other fuels, education services, and financial services had unchanged inflation rates.

Table B. Inflation Rate by Commodity Group for All Income Households,
Northern Mindanao: February 2022, January 2023, and February 2023
(In percent, 2018=100)

Food inflation decelerated to 12.2 percent, from 12.6 percent in the previous month. In February 2022, food inflation was lower at 3.9 percent. (Table C)

Among food commodity groups, the inflation rates of the following sub-commodities in February 2023 increased compared to January 2022: vegetables, tubers, plantains, cooking bananas, and pulses, 31.6 percent and ready-made food and other food products n.e.c. at 6.5 percent.

On the other hand, the following food commodity groups decelerated in February 2023 from January 2023:

1. Meat and other parts of slaughtered land animals, 14.7 percent;
2. Fish and other seafood, 13.1 percent;
3. Milk, other dairy products, and eggs, 5.5 percent;
4. Oils and fats, 10.0 percent; and
5. Fruits and nuts, 8.8 percent;

Further, rice inflation decelerated to 4.6 percent in February 2023 from 5.2 percent in January 2023. Corn inflation decreased to 10.8 percent in February 2023. Meanwhile, the inflation of flour, bread and other bakery products, pasta products, and other cereals accelerated to 9.8 percent in February 2023 from 9.4 percent in the previous month.

The major contributors to the downtrend of inflation of the food commodity group were milk, other dairy products, and eggs (41.8%), rice (29.7%), and fish and other seafood (13.6%).

Table C. Inflation Rate of Food Items for All Income Households,
Northern Mindanao: February 2022, January 2023, and February 2023
(In percent, 2018=100)

Provinces and HUCs in Region X

All Items

Among the provinces in the region, Bukidnon (8.5%) and Camiguin (9.3%) posted higher inflation rates in February 2023 compared to January 2023, while Misamis Occidental (7.6%) and Misamis Oriental (8.2%) registered lower inflation rates. Meanwhile, Lanao del Norte (8.4%) had unchanged inflation rate in the month of February 2023. (Table A)

On the other hand, the City of Iligan (8.1%) and the City of Cagayan de Oro (7.5%) had lower inflation rates in February 2023 than the previous month.

The provinces and HUC that had major contribution to the downtrend of the regional inflation were Misamis Oriental, City of Cagayan de Oro, and Misamis Occidental.

Year-on-year, inflation in all provinces and highly urbanized cities (HUCs) in the region accelerated in February 2023.

Food Items

Food inflation in Bukidnon (11.8%), Camiguin (13.1%), and Lanao del Norte (12.3%) accelerated in February 2023, while Misamis Occidental (10.1%) and Misamis Oriental (13.4%) decelerated in February 2023 compared to the previous month.

On the other hand, the City of Iligan (14.1%) and the City of Cagayan de Oro (12.6%) had lower inflation rates in February 2023.

Misamis Occidental, Misamis Oriental, and City of Iligan had the largest contributions to the downward trend of the regional food inflation.

Year-on-year, food inflation in all provinces and highly urbanized cities (HUCs) in the region accelerated in February 2023.

Table D. Inflation Rate of Food Items for All Income Households by Province/HUC,
Northern Mindanao: February 2022, January 2023, and February 2023
(In percent, 2018=100)

For the Regional Director:

(SGD.)SARAH B. BALAGBIS
(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
Email: rsso10socd@psa.gov.ph
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:

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 to 100.
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.