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 province of Misamis Oriental declined from 8.9 percent in the previous month to 8.2 percent in February 2023 with a posted decline of 0.7 percent.

Consumer Price Index

Misamis Oriental posted a Consumer Price Index (CPI) of 123.6 for February 2023. This indicates that since 2018, the prices of the commodities in Misamis Oriental had increased by as much as 23.6 percent.

The highest increase in the prices in the province is observed in the Food and Non- Alcoholic Beverages items at 126.9. In a year’s period, prices for the said commodity group had increased by 12.5 percent.

Inflation Rate

The Inflation rate in Misamis Oriental slowed down to 8.2 percent in February 2023 from 8.9 percent in January 2023. Slow down were observed in the indices of Food and Non-Alcoholic Beverages at 12.5 percent; Alcoholic Beverages and Tobacco at 3.7 percent; Housing, Water, Electricity, Gas and other fuels at 5.8 percent; Furnishing, Household Equipment and Routine Household Maintenance to 4.3 percent; Health at 3.6 percent; transport at 4.4 percent; Information and Communication at 2.4 percent; Recreation, Sport and Culture at 2.6 percent; Restaurants and Accommodation Services at 5.2 percent; and Personal care, and Miscellaneous Goods and Services at 7.9 percent.

As shown in Table B. Only the Clothing and Footwear index increased to 6.0 percent from 5.7 percent in the previous month. On the other hand, the month-on-month inflation remained in the indices of Financial Services at 0.0 percent; and Education Services at 1.8 percent.

Purchasing Power of Peso

The strength of the Philippine Peso in the current month in Misamis Oriental was observed at 81 centavos and the same Purchasing Power of Peso (PPP) posted in the province of Misamis Occidental. This means that your 100 pesos in 2018 is only worth 81 pesos in the current month.

The highest PPP recorded among the provinces in Northern Mindanao were observed in the province of Bukidnon and Lanao Del Norte at 82 centavos. Camiguin posted the lowest PPP at 80 centavos among other provinces in the region. While Iligan City and Cagayan de Oro City’s PPP is observed at 82 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