Misamis Oriental’s inflation for the month of May 2023 is recorded at 7.2 percent, which is higher than the 3.0 percentage points posted in the same period a year ago. Likewise, this month’s inflation is slightly lower by 0.3 percentage point than the 7.5 percent recorded in April 2023. Meanwhile, the inflation rate in Northern Mindanao is at 6.0 percent, which is observed as 0.4 percentage point lower than the previous month at 6.4 percent. Moreover, Philippines inflation rate has also decreased to 6.1 percent from 6.6 percent of the previous month. (Table A and Figure 1.)

Consumer Price Index

Misamis Oriental posted a Consumer Price Index (CPI) of 123.9 for May 2023. It was observed that there is no changes from the previous month. This indicates that since 2018, the prices of commodities in Misamis Oriental have increased by as much as 23.9 percent. This can be interpreted that on year 2018 in the province of Misamis Oriental, a basket of commodities that can be purchased at Php 100 by an average Filipino household can be bought at Php 123.9 in the current month.

In a year’s period the highest increase in the prices in the province are observed in the Food and Non-Alcoholic Beverages items at 127.1 Prices for the said commodity group had increased approximately by 12.0 percent.

Increased were observed in the indices of Food and Non-Alcoholic Beverages at 12.0 percent; Personal Care, And Miscellaneous Goods and Services at 8.8 percent; Clothing and Footwear at 6.9 percent; Restaurants and Accommodation Services at 5.7 percent; Housing, Water, Electricity, Gas and Other Fuels at 4.7 percent; Furnishings, Household Equipment and Routine Household Maintenance at 4.5 percent; Alcoholic Beverages and Tobacco at 4.4 percent; Health at 2.4 percent; Recreation, Sport and Culture at 2.4 percent; Information and Communication at 2.3 percent; and Education Services at 1.8 percent (Refer to Table B).

However, as shown in Table B., Transport posted a decreased at 2.8 percent. On the other hand, the month-on-month inflation remained in the indices of Financial Services at 0.0 percent (Refer to Table B).

Inflation Rate

The Inflation rate of all items in Misamis Oriental decreased by 0.3 percentage point in May 2023 from 7.5 percent in April 2023. The inflation rate that stays at stable increase were observed in the commodity group of Food and Non-Alcoholic Beverages at 12%, Information And Communication at 2.3%, Education Services at 1.8% and Financial Services at 0%. While further increased in monthly inflation rate were observed in commodities of Housing, Water, Electricity, Gas and Other Fuels at 4.7%, Furnishings, Household Equipment and Routine Household Maintenance at 4.5%, Recreation, Sport and Culture at 2.4% and Personal Care, And Miscellaneous Goods and Services at 8.8%. Moreover, decreased trends were found in commodities of Alcoholic Beverages and Tobacco at 4.4%, Clothing And Footwear at 6.9%, Health at 2.4%, Transport at -2.8%, and Restaurants And Accommodation Services at 5.7% (Refer to Table C).

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) was posted in the province of Misamis Occidental. From the start of the year until May 2023 a steady pace of PPP was observed in the province. 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 was observed in the province of Lanao Del Norte at 84 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 83 centavos.

APS/EDA/CBD/JDE