Northern Mindanao
Regional inflation increased to 5.0 percent in August 2023, from 4.0 percent in the previous month. The inflation rate in August 2022 was higher at 6.6 percent. (Table A and Figure 1)
Table A. Year-on-Year Inflation Rates for All Items, Northern Mindanao:
August 2022, July 2023, and August 2023
(In percent, 2018=100)
By Commodity Group
Month-on-month, inflation was higher in August 2023 in the following commodity groups: Food and Non-Alcoholic Beverage at 9.1 percent; Clothing and Footwear at 5.5 percent; Education Services at 3.4 percent; Recreation, Sports, and Culture at 2.8 percent; Information and communication at 1.3 percent; and Transport at -1.5 percent. (Table B)
On the other hand, slowdowns were observed in the inflation of the following commodity groups:
a. Alcoholic Beverage and Tobacco at 6.5 percent;
b. Housing, Water, Electricity, Gas, and Other Fuels at 0.4 percent;
c. Restaurants and Accommodation Services at 6.6 percent; and
e. Personal Care, and Miscellaneous Goods and Services at 5.4 percent.
The commodity groups that were the major contributors to the uptrend of inflation in August 2023 were Food and Non-Alcoholic beverages
at 53.2 percent share and Transport at 42.8 percent share.
On the other hand, Furnishings, Household Equipment, and Routine Household Maintenance; Health; and Financial Services had unchanged inflation rates.
Food inflation increased to 9.4 percent, from 7.8 percent in the previous month.
In August 2022, food inflation was lower at 6.6 percent. (Table C)
The inflation of the following food commodity groups accelerated in August 2023 compared to July 2023: Cereals and cereal products
at 9.5 percent; Fish and other seafood at 8.1 percent; Fruits and nuts at 12.0 percent; and Vegetables, tubers, plantains, cooking bananas and pulses at 25.1 percent
On the other hand, the following food commodity groups decelerated in August 2023 compared to July 2023:
a. Meat and other parts of slaughtered land animals, 3.2 percent;
b. Milk, other dairy products, and eggs at 5.6 percent;
c. Oil and fats at 9.4 percent;
e. Sugar, confectionery, and desserts, 24.1 percent; and
Ready-made food and other products n.e.c at 7.3 percent.
On the other hand, the inflation rate of Rice accelerated to 10.8 percent in August 2023, from 3.5 percent in July 203. Likewise, the inflation of Flour, bread, and other bakery products, pasta products, and Other Cereals also increased to 8.8 percent in August 2023, from 8.5 percent in July 2023. However, Corn inflation decelerated to 5.3 percent in August 2023, from 6.2 percent in July 2023.
The major contributors to the downtrend of inflation of the food commodity groups were Rice at 80.5 percent, and Vegetables, tubers, plantains, cooking bananas, and pulses at 15.8 percent.
Provinces and Highly Urbanized Cities (HUCs) in Region X
All Items
All the provinces and highly urbanized cities (HUCs) in the region posted higher inflation rates in August 2023 compared to July 2023 except for the province of Camiguin. (Table A)
Bukidnon (28.9%), City of Cagayan de Oro (21.2%), and Misamis Oriental (20.1%) were the major contributors to the overall regional inflation of August 2023.
On the other hand, Lanao del Norte (33.3%), City of Cagayan de Oro (27.9%), and City of Iligan (20.4%) were the major contributors to the uptrend of the regional inflation.
Year-on-year, only the province of Lanao del Norte had higher inflation rate in August 2023 among all provinces and HUCs in the region.
Food Items
Food inflation in the provinces and HUCs of Northern Mindanao accelerated in August 2023 compared to the previous month except for Misamis Occidental (7.4%)
.
(SGD.) JANITH C. AVES, CE, DM
(Chief Statistical Specialist)
Officer-in-Charge
SBB/LCSC
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:
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 (2018) 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 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.
