The Consumer Price Index (CPI) in Northern Mindanao for the month of January 2022 registered at 112.3 which implies that the price of a basket of goods in January 2022 was 12.3 percent higher than its price in 2018. The CPI is an indicator of the change in the average retail prices of a fixed basket of goods and services commonly purchased by households relative to a base year.(Figure 1)
Among the commodity groups, Financial Services posted the highest CPI in January 2022 at 145.2, followed by Alcoholic Beverages and Tobacco at 126.2, and Transport at 117.8. On the other hand, Recreation, Sport, and Culture at 107.3, Education Services at 104.1, and Information and Communication at 103.1 were the three commodity groups with the lowest CPI recorded in the month of January 2022. (Figure 2)
All provinces and highly urbanized cities (HUCs) in the region demonstrated an increase in CPI for January 2022 as compared to the same month in 2021 with Camiguin posting the highest CPI at 114.4 and Bukidnon posting the lowest at 111.1. (Table 1)
Table 1. Consumer Price Index for All Commodity Groups by Province and HUC, Northern Mindanao: January, 2022 and 2021 (2018=100)
January 2022 Regional Inflation Accelerates
Regional inflation in January 2022 registered at 4.5 percent from 2.8 percent in January 2021 and 3.9 percent the previous month. This implies that the prices of goods and services in January 2022 increased at a faster pace compared to January 2021 and the previous month. (Figure 3)
Among the provinces and HUCs, Misamis Occidental posted the highest inflation rate at 5.4 percent, while Iligan City posted the lowest at 3.8 percent. (Table 2)
Table 2. Year-on-Year Inflation Rates for All Items by Province and HUC, Northern Mindanao: January, 2022 and 2021 (2018=100)
Purchasing Power of Peso (PPP)
The Purchasing Power of Peso (PPP) shows the real value of the peso relative to the base period. The PPP in Northern Mindanao dropped to PhP 0.89 in January 2022 from PhP 0.93 in January 2021. This means that a consumer’s PhP 100 in 2018 can only purchase PhP 89.0 worth of goods and services in January 2022.
All provinces and HUCs showed a lower PPP in January 2022 compared to January 2021. Camiguin & Lanao del Norte registered a PhP 0.05 decline while the rest of the provinces and HUCs posted a PhP 0.04 decline. (Figure 4)
(Sgd.) JANITH C. AVES, CE, DM
(Chief Statistical Specialist)
Officer-in-Charge
