Northern Mindanao

Regional inflation increased to 3.9 percent in March 2024, from 3.4 percent in the previous month. The inflation rate in March 2023 was higher at 7.4 percent. (Table A and Figure 1)

Table A. Year-on-Year Inflation Rates for All Items, Northern Mindanao:     
March 2023, February 2024, and March 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 March 2024 in the following commodity groups: food and non-alcoholic beverages at 6.6 percent; housing, water, electricity, gas, and other fuels at 0.0 percent; and transport at 2.4 percent. (Table B)

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

1. Alcoholic beverages and tobacco at 7.1 percent;
2. Clothing and footwear at 2.9 percent;
3. Furnishings, household equipment, and routine household maintenance      
   at 4.5 percent;
4. Health at 2.6 percent;
5. Information and communication at 0.7 percent;
6. Restaurants and accommodation services at 1.7 percent; and
7. Personal care, and miscellaneous goods and services at 3.0 percent.

Further, recreation, sports, and culture, education services, and financial services had unchanged inflation rates.

The commodity groups that were the major contributors to the uptrend of inflation in March 2024 are the following: food and non-alcoholic beverages with 69.5 percent share; housing, water, electricity, gas, and other fuels with 18.0 percent share; and transport with 12.4 percent share.

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

Food inflation accelerated to 6.8 percent, from 5.9 percent in the previous month. However, slower than the recorded food inflation rate a year ago at 11.2 percent. (Table C)

The inflation rates of the following sub-classes under the food commodity group increased in March 2024: cereals and cereal products at 20.2 percent; fruits and nuts at 15.8 percent; vegetables, tubers, plantains, cooking bananas and pulses at -5.3 percent; and sugar, confectionery and desserts at -2.6 percent.

Moreover, the inflation of cereals accelerated to 24.0 percent in March 2024 from 22.3 percent in February 2024, while the inflation of flour, bread and other bakery products, pasta products, and other cereals decelerated to 5.0 percent. Further, rice and corn inflation accelerated to 28.7 percent and 5.2 percent, respectively, in March 2024.

The major contributors to the uptrend of inflation of the food commodity group were vegetables, tubers, plantains, cooking bananas, and pulses (44.8%); cereals and cereal products (44.6%); and fruits and nuts (7.6%).

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

Commodity Group

Provinces and HUCs in Region X

All Items

Among the provinces Highly Urbanized Cities (HUCs) in the region, Lanao del Norte (5.1%), Cagayan de Oro City (3.3%), Iligan City (3.3%), and Misamis Occidental (2.3%) posted higher inflation rates in March 2024 compared to February 2024. 

On the other hand, Bukidnon (5.0%), Camiguin (4.2%), and Misamis Oriental (3.8%) posted lower inflation rates. (Table A)

Lanao del Norte (45.0%), Cagayan de Oro City (29.4%), and Iligan City (20.5%)  were the major contributors to the uptrend of the regional inflation in March 2024.

Year-on-year, all the provinces and HUCs had lower inflation rates compared to March 2023.

Food Items

Food inflation in Cagayan de Oro City (9.4%), Bukidnon (7.8%), Lanao del Norte (7.0%), Iligan City (5.3%), and Misamis Occidental (1.9%) accelerated in March 2024 compared to the previous month. On the other hand, food inflation in Camiguin (9.4%) and Misamis Oriental (7.2%) decelerated in March 2024.

Further, Bukidnon (34.9%), Cagayan de Oro City (25.9%), and Lanao del Norte (25.8%) had the largest contributions to the upward trend of the regional food inflation.

Year-on-year, all the provinces and HUCs had lower food inflation rates compared to March 2023.

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

(SGD.)JANITH C. AVES, CE, DM     
(Chief Statistical Specialist)     
Officer-in-Charge, PSA RSSO 10     

 

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.