Cagayan de Oro City’s inflation for the month of May 2023 is recorded at 5.2 percent, which is higher than 0.4 percentage points posted of the same period a year ago. Moreover, this month’s inflation is slightly lower by 0.6 percentage points than the 5.8 percent recorded in April 2023. Meanwhile, the inflation rate in Northern Mindanao is at 6.0 percent which is 0.4 percentage point lower than the previous month’s 6.4 percent. Moreover, Philippines inflation rate has also decreased by 0.5 percentage points from 6.6 percent in previous month (Table A and Figure 1).
Consumer Price Index
Cagayan de Oro City posted a Consumer Price Index (CPI) of 120.8 for May 2023. This indicates that since 2018, the prices of commodities in Cagayan de Oro City have increased by as much as 20.8 percent. Also, this can be interpreted that on year 2018 in the city of Cagayan de Oro, a basket of commodities that can be purchased at Php 100 by an average Filipino household can be bought at Php 120.8 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 124.3 Prices for the said commodity group had increased approximately by 8.9 percent.
Increased were observed in the indices of Food and Non-Alcoholic Beverages at 8.9 percent; Restaurants and Accommodation Services at 8.7 percent; Personal Care, and Miscellaneous Goods and Services at 6.7 percent; Alcoholic Beverages and Tobacco at 4.9 percent; Housing, Water, Electricity, Gas and Other Fuels at 4.2 percent; Education Services at 2.4 percent; Recreation, Sport and Culture at 2.1 percent; Furnishings, Household Equipment and Routine Household Maintenance at 1.9 percent; Health at 1.1 percent; Information and Communication at 0.7 percent; and Clothing and Footwear at 0.7 percent (Refer to Table B).
However, as shown in Table B., Transport posted a decreased at 2.3 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 the City of Cagayan de Oro decreased by 0.6 percentage point in May 2023 from 5.8 percent in April 2023. The inflation rate that stays at stable increase were observed in the commodity group of Housing, Water, Electricity, Gas and Other Fuels at 4.2%, Information And Communication at 0.7%, Recreation, Sport and Culture at 2.1%, Education Services at 2.4%, Restaurants And Accommodation Services at 8.7%, Financial Services at 0%, and Personal Care, And Miscellaneous Goods and Services at 6.7%. While further increased in monthly inflation rate were observed in commodities of Alcoholic Beverages and Tobacco at 4.9% and Furnishings, Household Equipment and Routine Household Maintenance at 1.9%. Moreover, decreased trends were found in commodities of Food and Non-Alcoholic Beverages at 8.9%, Clothing And Footwear at 0.7%, Health at 1.1%, and Transport at 2.3% (Refer to Table C).
Purchasing Power of Peso
The strength of the Philippine Peso in the current month in the city of Cagayan de Oro was observed at 83 centavos and the same Purchasing Power of Peso (PPP) was posted in Iligan City. 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 83 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 Misamis Oriental and Misamis Occidental were observed at 83 centavos.
(SGD.)MARIA LIZA M. BIGORNIA
(Chief Statistical Specialist)
Officer-In-Charge
Misamis Oriental Provincial Statistical Office
Regional Statistical Services Office 10
APS/EDA/CBD/JDE
