Northern Mindanao

Regional inflation increased to 8.4 percent in January 2023, from 7.8 percent in the previous month. The inflation rate in January 2022 was lower at 4.5 percent. (Table A and Figure 1)

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

By Commodity Group

Month-on-month, inflation was higher in January 2023 in the following commodity groups: food and non-alcoholic beverages at 12.1 percent; alcoholic beverages and tobacco at 5.9 percent; clothing and footwear at 3.3 percent; housing, water, electricity, gas, and other fuels at 5.3 percent; furnishing, household equipment, and routine household maintenance at 4.3 percent; recreation, sports, and culture at 2.0 percent; restaurants and accommodation services at 8.2 percent; and personal care and miscellaneous goods and services at 5.6 percent. Among these, the biggest contributor to the uptrend of inflation in January 2023 was food and non-alcoholic beverages (62.2%). (Table B)

On the other hand, transport inflation slowed down at 9.4 percent, while health, information and communication, education services, and financial services had unchanged inflation rates.

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

Food inflation accelerated to 12.6 percent, from 11.4 percent in the previous month.
In January 2022, food inflation was lower at 5.2 percent. (Table C)

Among food commodity groups, the inflation rates of the following sub-commodities in January 2023 increased compared to December 2022:

1. Meat and other parts of slaughtered land animals, 14.8 percent;
2. Fish and other seafood, 13.6 percent;
3. Milk, other dairy products, and eggs, 8.5 percent;
4. Oils and fats, 11.0 percent;
5. Fruits and nuts, 9.5 percent;
6. Vegetables, tubers, plantains, cooking bananas, and pulses, 29.1 percent; and
7. Sugar, confectionery, and desserts, 46.6 percent.

On the other hand, rice inflation decelerated to 5.2 percent in January 2023 from 5.7 percent in December 2022. Corn inflation increased to 11.4 percent in January 2023. Further, inflation of flour, bread and other bakery products, pasta products, and other cereals decelerated to 9.4 percent in January 2023 from 9.7 percent in the previous month.

The major contributors to the uptrend of inflation of the food commodity group were vegetables, tubers, plantains, cooking bananas, and pulses (40.9%), fish and other seafood (30.8%), and meat and other parts of slaughtered land animals (13.9%).

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

Provinces and HUCs in Region X

All Items

Among the provinces in the region, Bukidnon (8.3), Lanao del Norte (8.4%), Misamis Occidental (8.3%), and Misamis Oriental (8.9%) posted higher inflation rates in January 2023 compared to December 2022, while Camiguin (8.9%) registered lower inflation rate. (Table A)

On the other hand, the City of Iligan (8.6%) had higher inflation rate while the City of Cagayan de Oro (8.0%) had lower inflation rate in January 2023 than the previous month.

The provinces that had major contribution to the uptrend of the regional inflation were Lanao del Norte and Bukidnon.

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

Food Items

Food inflation in all provinces and highly urbanized cities in the region accelerated in January 2023, except for Camiguin and City of Cagayan de Oro.

Bukidnon and Lanao del Norte had the largest contributions to the upward trend of the regional food inflation.

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

Table D. Inflation Rate of Food Items for All Income Households by Province/HUC,
Northern Mindanao: January 2022, December 2022, and January 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: rsso10@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.