Northern Mindanao

Regional inflation increased to 5.5 percent in June 2022, from 4.6 percent in the previous month. The inflation rate in June 2021 was lower at 4.2 percent. (Table A and Figure 1)

Table A. Year-on-Year Inflation Rates for All Items, Northern Mindanao:
June 2021, May 2022, and June 2022
(In percent, 2018=100)

By Commodity Group

Month-on-month, inflation was higher in June 2022 in the following commodity groups: food and non-alcoholic beverages at 4.3 percent; alcoholic beverages and tobacco at 4.3 percent; housing, water, electricity, gas, and other fuels at 5.6 percent; transport at 20.2 percent; and personal care, and miscellaneous goods and services at 2.4 percent. (Table B)

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

a. Clothing and footwear at 3.2 percent;
b. Health at 2.0 percent; and
c. Recreation, sport, and culture at 1.9 percent.

The rest of the commodity groups had unchanged inflation rates.

Table B. Inflation Rate by Commodity Group for All Income Households,
Northern Mindanao: June 2021, May 2022, and June 2022
(In percent, 2018=100)

Food inflation accelerated to 4.7 percent, from 4.2 percent in the previous month. In June 2021, food inflation was higher at 5.8 percent. (Table C)

Among food commodity groups, the inflation rates of the following sub-commodities in June 2022 increased compared to May 2022:

a. Cereals and Cereal Products, 1.6 percent;
b. Meat and other parts of slaughtered land animals, 5.7 percent;
c. Milk, other dairy products, and eggs, 4.8 percent;
d. Oils and fats, 5.2 percent;
e. Fruits and nuts, 2.7 percent;
f. Vegetables, tubers, plantains, cooking bananas, and pulses, 11.5 percent;
g. Sugar, confectionery, and desserts, 7.8 percent.

On the other hand, rice deflation slowed down from -1.4 percent in May 2022 to -0.4 percent in June 2022. Corn inflation also slowed down to 7.7 percent from 10.5 percent in the preceding month. Further, inflation for flour, bread and other bakery products, pasta products, and other cereals also accelerated to 3.6 percent in June 2022 from 3.3 percent in the previous month. The rest of the food commodity groups registered lower inflation rates compared to May 2022.

Table C. Inflation Rate of Food Items for All Income Households,
Northern Mindanao: June 2021, May 2022, and June 2022
(In percent, 2018=100)

Provinces and HUCs in Region X

All Items

All the provinces in the region posted higher inflation rates in June 2022 compared to May 2022: Bukidnon (5.4%), Camiguin (6.4%), Lanao del Norte (3.1%), Misamis Occidental (5.7%), and Misamis Oriental (5.2%). Camiguin posted the highest inflation rate in June 2022 among the five provinces. (Table A)

On the other hand, the City of Iligan (7.0%) and the City of Cagayan de Oro (5.8%) had higher inflation rates in June 2022 than the previous month.

Year-on-year, inflation in all provinces (except in Lanao del Norte) and highly urbanized cities (HUCs) in the region accelerated in June 2022.

Food Items

Food inflation in all provinces in Northern Mindanao accelerated in June 2022 compared to the preceding month: Bukidnon (4.7%), Camiguin (7.5%), Lanao del Norte (0.5%), Misamis Occidental (4.8%), and Misamis Oriental (4.4%). (Table D)

Also, food inflation in the City of Iligan (8.4%) and the City of Cagayan de Oro (5.6%) accelerated in June 2022 compared to the previous month.

Year-on-year, provinces of Lanao del Norte, Misamis Occidental, Misamis Oriental, and City of Cagayan de Oro posted lower food inflation rates in June 2022. All the rest registered higher food inflation rates.

Table D. Inflation Rate of Food Items for All Income Households
by Province/HUC, Northern Mindanao: June 2021, May 2022, and June 2022
(In percent, 2018=100)

(Sgd.) JANITH C. AVES, CE, DM
(Chief Statistical Specialist)
Officer-in-Charge

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:

a. 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.

b. 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.

c. Weighing System – The weighing pattern uses the expenditures on various consumer items purchased by households as a proportion to total expenditure.

d. 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 (2012) weights.

e. 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 ower 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.