Northern Mindanao

Regional inflation increased to 2.6 percent in October 2024 from 1.6 percent in the previous month. The inflation rate in October 2023 was higher at 5.8 percent. (Table A and Figure 1)

Table A. Year-on-Year Inflation Rates for All Items, Northern Mindanao:
October 2023, September 2024, and October 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 October 2024 in the following commodity groups (Table B):

1. Food and non-alcoholic beverages at 3.5 percent;
2. Clothing and footwear at 3.0 percent;
3. Transport at -1.0 percent; and
4. Recreation, sports, and culture at 3.6 percent.

On the other hand, downtrends were observed in the inflation of the following commodity groups: alcoholic beverages and tobacco at 7.3 percent; housing, water, electricity, gas, and other fuels at 1.1 percent; furnishings, household equipment, and routine household maintenance at 5.7 percent; information and communication at -0.3 percent; restaurants and accommodation services at 3.5 percent; and personal care, and miscellaneous goods and services at 2.3 percent.

Further, health, education services, and financial services had unchanged inflation rates.

The commodity groups that were the major contributors to the uptrend of inflation in October 2024 were the following: food and non-alcoholic beverages with 95.0 percent share, transport with 3.3 percent share, and clothing and footwear with 1.6 percent share.

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

Food inflation accelerated to 3.5 percent from 0.5 percent in the previous month. 
The regional food inflation in October 2024 was faster than the recorded food inflation a year ago at 10.7 percent. (Table C)

The inflation rates of the following sub-classes under the food commodity group increased in October 2024 when compared to the previous month:

1. Cereals and cereal products at 7.8 percent;
2. Meat and other parts of slaughtered land animals at 1.8 percent;
3. Fish and other seafood at -2.6 percent;
4. Milk, other dairy products, and eggs at 4.3 percent;
5. Oils and fats at 1.3 percent;
6. Fruits and nuts at 22.0 percent; and
7. Vegetables, tubers, plantains, cooking bananas, and pulses at -5.1 percent.

On the other hand, decreases were observed in the inflation of the following sub-classes under the food commodity groups compared to the previous month: sugar, confectionery, and desserts at -5.3 percent, and ready-made food and other food products n.e.c. at 4.0 percent.

Moreover, the inflation of cereals increased to 9.3 percent. On the other hand, the inflation of flour, bread and other bakery products, pasta products, and other cereals decreased to 0.9 percent in October 2024 compared to the previous month. Further, rice inflation in October 2024 accelerated to 7.9 percent, while corn inflation decelerated to 15.9 percent.

The major contributors to the downtrend of inflation of the food commodity group were cereals and cereal products (75.2%); vegetables, tubers, plantains, cooking bananas, and pulses (13.7%); and meat and other parts of slaughtered land animals (4.9%).

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

Provinces and Highly Urbanized Cities in Region X

All Items

All the provinces and HUCs in the region recorded higher inflation rates in October 2024 compared to the previous month: Bukidnon (3.1%), Camiguin (3.6%), Lanao del Norte (1.0%), Misamis Occidental (1.1%), Misamis Oriental (2.7%), Iligan City (0.9%), and Cagayan de Oro City (4.1%). (Table A)

Bukidnon (38.0%) was the major contributor to the uptrend of the regional inflation in October 2024.

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

Food Items

All the provinces and HUCs had accelerated inflation rates in October 2024 compared to the previous month. (Table D)
Further, Misamis Occidental (25.9%) had the largest contribution to the upward trend of the regional food inflation.
Year-on-year, all the provinces and HUCs in the region had lower food inflation rates compared to October 2023.

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

(SGD.) JANITH C. AVES, CE, DM
Regional Director
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.