Northern Mindanao

Regional inflation decreased to 1.6 percent in September 2024 from 4.2 percent in the previous month. The inflation rate in September 2023 was higher at 6.7 percent. (Table A and Figure 1)

Table A. Year-on-Year Inflation Rates for All Items, Northern Mindanao:
September 2023, August 2024, and September 2024
(In percent, 2018=100)

Source: Retail Price Survey of Commodities for the Generation of Consumer Price Index,
Philippine Statistics Authority.

By Commodity Group

Month-on-month, inflation was lower in September 2024 in the following commodity groups (Table B):

1. Food and non-alcoholic beverages at 0.6 percent;
2. Clothing and footwear at 2.4 percent;
3. Transport at -1.5 percent;
4. Information and communication at -0.2 percent;
5. Recreation, sports, and culture at 3.4 percent; and
6. Personal care, and miscellaneous goods and services at 2.7 percent.

On the other hand, uptrends were observed in the inflation of the following commodity groups: alcoholic beverages and tobacco at 7.5 percent; housing, water, electricity, gas, and other fuels at 2.1 percent; furnishings, household equipment, and routine household maintenance at 5.9 percent; health at 5.6 percent; education services at 3.5 percent; and restaurants and accommodation services at 3.8 percent.

Further, financial services had unchanged inflation rate.

The commodity groups that were the major contributors to the downtrend of inflation 
in September 2024 were the following: food and non-alcoholic beverages with 88.6 percent share and transport with 9.9 percent share.

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

Source: Retail Price Survey of Commodities for the Generation of Consumer Price Index,
Philippine Statistics Authority.

Food inflation decelerated to 0.5 percent from 6.5 percent in the previous month. 
The regional food inflation in September 2024 was slower than the recorded food inflation a year ago at 13.9 percent. (Table C)

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

1. Cereals and cereal products at 2.0 percent;
2. Meat and other parts of slaughtered land animals at 0.7 percent;
3. Fish and other seafood at -3.1 percent;
4. Vegetables, tubers, plantains, cooking bananas, and pulses at -11.3 percent; and
5. Sugar, confectionery, and desserts at -4.7 percent.

On the other hand, increases were observed in the inflation of the following sub-classes under the food commodity groups compared to the previous month: milk, other dairy products and eggs at 3.5 percent; oils and fats at 0.8 percent; fruits and nuts at 20.7 percent; and ready-made food and other food products at 5.0 percent.

Moreover, the inflation of cereals decreased to 2.0 percent. On the other hand, inflation of flour, bread and other bakery products, pasta products, and other cereals increased to 1.6 percent in September 2024 compared to the previous month. Further, rice and corn inflation in September 2024 decelerated to -1.6 percent and 19.9 percent, respectively.

The major contributors to the downtrend of inflation of the food commodity group 
were cereals and cereal products (84.4%); vegetables, tubers, plantains, cooking bananas, and pulses (10.5%); and meat and other parts of slaughtered land animals (2.9%).

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

Source: Retail Price Survey of Commodities for the Generation of Consumer Price Index,
Philippine Statistics Authority.

Provinces and Highly Urbanized Cities in Region X

All Items

All the provinces and HUCs in the region recorded lower inflation rates in September 2024 compared to the previous month: Bukidnon (1.4%), Camiguin (3.2%), Lanao del Norte (-1.2%), Misamis Occidental (0.4%), Misamis Oriental (2.5%), Iligan City (-0.3%), and Cagayan de Oro City (3.3%). (Table A)

Bukidnon (31.5%) was the major contributor to the downtrend of the regional inflation in September 2024.

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

Food Items

All the provinces and HUCs had decelerated inflation rates in September 2024 compared to the previous month. (Table D)

Further, Bukidnon (32.5%) had the largest contribution to the downward trend of the regional food inflation.

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

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

Source: Retail Price Survey of Commodities for the Generation of Consumer Price Index,
Philippine Statistics Authority.

(SGD.)JOSE B. TUASON, JR.
(Registration Officer IV)
Officer-in-Charge, PSA RSSO 10

CTG/MAO/ASC

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.