Northern Mindanao

Regional inflation decreased to 5.8 percent in October 2023, from 6.7 percent in the previous month. The inflation rate in October 2022 was higher at 7.2 percent. (Table A and Figure 1)

Table A. Year-on-Year Inflation Rates for All Items, Northern Mindanao:
October 2022, September 2023, and October 2023
(In percent, 2018=100)

By Commodity Group

Month-on-month, inflation was higher in October 2023 in the following commodity groups: alcoholic beverages and tobacco at 6.5 percent; housing, water, electricity, gas, and other fuels at 1.2 percent; furnishings, household equipment and routine household maintenance at 3.3 percent; transport at 0.6 percent; information and communication at 1.5 percent; recreation, sport, and culture at 3.2 percent; and personal care, and miscellaneous goods and services at 5.2 percent. (Table B)

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

1. Food and non-alcoholic beverages at 10.1 percent;
2. Clothing and footwear at 5.1 percent; and
3. Restaurants and accommodation services at 4.1 percent.

The commodity groups that were the major contributors to the downtrend of inflation in October 2023 with percent shares are the following: food and non-alcoholic beverages at 97.4 percent; restaurants and accommodation services at 2.3 percent; and clothing and footwear at 0.3 percent.

On the other hand, health, education services, and financial services had unchanged inflation rates.

Table B. Inflation Rate by Commodity Group for All Income Households, 
Northern Mindanao: October 2022, September 2023, and October 2023
(In percent, 2018=100)

Food inflation decelerated to 10.7 percent, from 13.9 percent in the previous month.

In October 2022, food inflation was lower at 8.7 percent. (Table C)

Among food commodity groups, the inflation rates of the following sub-commodities in October 2023 increased compared to September 2023: milk, other dairy products, and eggs at 5.4 percent; fruits and nuts at 19.2; and ready-made food and other products n.e.c. at 6.7 percent.

On the other hand, the following food commodity groups decelerated in October 2023 compared to September 2023:

1. Cereals and cereal products at 15.9 percent;
2. Meat and other parts of slaughtered land animals at 2.2 percent;
3. Fish and other seafood at 6.8 percent;
4. Oils and fats at 7.4 percent;
5. Vegetables, tubers, plantains, cooking bananas, and pulses at 19.4 percent; and
6. Sugar, confectionery, and desserts at 10.0 percent;

Meanwhile, the inflation of cereals decelerated to 18.1 percent in October 2023 from 27.2 percent in September 2023, and flour, bread and other bakery products, pasta products, and other cereals accelerated to 7.1 percent in October 2023. Further, rice inflation decelerated to 21.2 percent in October 2023 from 32.1 percent in September 2023. Corn inflation also decreased to 5.7 percent in October 2023.

The major contributors to the uptrend of inflation of the food commodity group were cereals and cereal products (81.8%); vegetables, tubers, plantains, cooking bananas, and pulses (10.2%); and meat and other parts of slaughtered land animals (4.7%). 

Table C. Inflation Rate of Food Items for All Income Households, 
Northern Mindanao: October 2022, September 2023, and October 2023
(In percent, 2018=100)

 Provinces and HUCs in Region X

All Items 

All the provinces in the region, posted lower inflation rates in October 2023 compared to September 2023, Bukidnon (6.9%), Camiguin (4.5%), Lanao del Norte (6.7%), Misamis Occidental (5.0%), and Misamis Oriental (7.2%). (Table A)

Also, the City of Iligan (4.0%) and the City of Cagayan de Oro (4.2%) had lower inflation rates in October 2023 than the previous month.

Bukidnon, Lanao del Norte, and the City of Cagayan de Oro were the major contributors to the downtrend of the regional inflation.

Year-on-year, Lanao del Norte had higher inflation rate compared to October 2022.

Food Items

Food inflation in all the provinces in the region decelerated in October 2023 compared to the previous month: Bukidnon (12.0%), Camiguin (9.0%), Lanao del Norte (10.0%), Misamis Occidental (6.3%), and Misamis Oriental (13.3%).

Likewise, the City of Iligan (7.4%) and the City of Cagayan de Oro (11.9%) had lower inflation rates in October 2023 compared to September 2023.

Further, Bukidnon, Lanao del Norte, and Misamis Occidental had the largest contributions to the downward trend of the regional food inflation.

Year-on-year, only the food inflation of the Bukidnon, Lanao del Norte, Misamis Oriental, and City of Cagayan de Oro were higher compared to October 2022.

Table D. Inflation Rate of Food Items for All Income Households by Province/HUC, 
Northern Mindanao: October 2022, September 2023, and October 2023
(In percent, 2018=100)

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

SBB/ASSC

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:

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.