Inflation rate of the Philippines has declined by 0.1 percent from 8.7 percent in January 2023 to 8.6 percent in February 2023. Meanwhile, the inflation rate in Northern Mindanao posted at 8.0 percent for the month of February which is 0.4 percent lower than the previous month. Furthermore, the inflation rate in the City of Cagayan de Oro declined from 8.0 percent in the previous month to 7.5 percent in February 2023 with a posted decline of 0.5 percent.
Consumer Price Index
Cagayan de Oro City posted a Consumer Price Index (CPI) of 121.6 for February 2023. This indicates that since 2018, the prices of the commodities in the city had increased by as much as 21.6 percent.
The commodity group with the highest price increase in the city is observed with the Food and Non- Alcoholic Beverages items at 126.0 percent. In a year’s period, prices for the said commodity group had increased approximately 10.7 percent.
Inflation Rate
The Inflation rate in Cagayan de Oro City slowed down a bit to 7.5 percent in February 2023 from 8.0 percent in January 2023. Slow down were observed in the indices of Food and Non-Alcoholic Beverages at 11.8 percent; Alcoholic Beverages and Tobacco at 4.2 percent; Clothing and Footwear at 3.3 percent; Health at 1.4 percent; transport at 6.9 percent; Restaurants and Accommodation Services at 8.7 percent; and Personal care, and Miscellaneous Goods and Services at 6.4 percent.
As shown in Table B, the indices with upturn trend were observed in Housing, Water, Electricity, Gas and Other Fuels at 5.8 percent; Furnishing, Household Equipment and Routine Household Maintenance at 2.7 percent; Information and Communication increased at 0.6 percent, and Recreation, Sport and Culture increased at 1.6 percent.
Meanwhile, the month-on-month inflation remained in the indices of Financial Services at 0.0 percent; and Education Services at 2.4 percent.
Purchasing Power of Peso
The strength of Philippine Peso in the current month in the city of Cagayan de Oro is observed at 82 centavos; the same observation posted Purchasing Power of Peso (PPP) in Iligan City, the two Highly Urbanized Cities (HUCs) in Northern Mindanao.
The highest PPP recorded among the provinces in Northern Mindanao is observed in the province of Bukidnon and Lanao Del Norte at 82 centavos. Meanwhile, the province of Camiguin posted the lowest PPP at 80 centavos. Meanwhile, Misamis Occidental and Misamis Oriental PPP are observed at 81 centavos.
(SGD.) MARIA LIZA M. BIGORNIA
(Chief Statistical Specialist)
Officer-In-Charge
Misamis Oriental Provincial Statistical Office
Regional Statistical Services Office 10
APS/EDA/NAG/MTG
