Northern Mindanao

Regional inflation decreased to 3.1 percent in January 2024, from 4.8 percent in the previous month. The inflation rate in January 2023 was higher at 8.4 percent. (Table A and Figure 1)

Table A. Year-on-Year Inflation Rates for All Items, Northern Mindanao:
January 2023, December 2023, and January 2024
(In percent, 2018=100)

By Commodity Group

Month-on-month, inflation was higher in January 2024 in the following commodity groups: health at 1.8 percent; transport at -1.3 percent; information and communication at 1.2 percent; and recreation, sports, and culture at 3.4 percent. (Table B)

On the other hand, slowdowns were observed in the inflation of the following commodity groups:

1. Food and non-alcoholic beverages at 5.7 percent;
2. Alcoholic beverages and tobacco at 6.5 percent;
3. Clothing and footwear at 4.2 percent;
4. Housing, water, electricity, gas, and other fuels at -0.2 percent;
5. Furnishings, household equipment, and routine household maintenance at 2.6 percent;
6. Restaurants and accommodation services at 2.1 percent;
7. Financial services at -0.1 percent; and
8. Personal care, and miscellaneous goods and services at 3.5 percent.

Further, education services had unchanged inflation rate.

The commodity groups that were the major contributors to the downtrend of inflation in January 2024 are the following: food and non-alcoholic beverages with 84.1 percent share; housing, water, electricity, gas, and other fuels with 9.0 percent share; and personal care, and miscellaneous goods and services with 3.8 percent share.

Table B. Inflation Rate by Commodity Group for All Income Households,
Northern Mindanao: January 2023, December 2023, and January 2024
(In percent, 2018=100)

Food inflation decelerated to 6.0 percent, from 9.6 percent in the previous month.

In January 2023, food inflation was higher at 12.6 percent. (Table C)

The inflation rate of ready-made food and other food products n.e.c. increased in January 2024 at 4.9 percent. This was the only recorded increase in inflation rate among all the sub-commodities in the food group in January 2024.

Moreover, the inflation of cereals decelerated to 19.9 percent in January 2024 from 21.1 percent in December 2023, while, flour, bread and other bakery products, pasta products, and other cereals had unchanged inflation rate. Further, rice and corn inflation decelerated to 24.2 percent and 2.7 percent, respectively, in January 2024.

The major contributors to the downtrend of inflation of the food commodity group were vegetables, tubers, plantains, cooking bananas, and pulses (39.7%); fish and other seafood (29.0%); and meat and other parts of slaughtered land animals (11.8%).

Table C. Inflation Rate of Food Items for All Income Households, Northern Mindanao: 
January 2023, December 2023, and January 2024
(In percent, 2018=100)

Provinces and HUCs in Region X

All Items

All the provinces and Highly Urbanized Cities (HUCs) in the region posted lower inflation rates in January 2024 compared to December 2023. (Table A)

Cagayan de Oro City (21.1%), Misamis Occidental (19.8%), and Lanao del Norte (19.6%) were the major contributors to the downtrend of the regional inflation in January 2024.

Year-on-year, all the provinces and HUCs had lower inflation rates compared to January 2023.

Food Items

Only the food inflation in the province of Camiguin (9.3%) accelerated in January 2024 compared to the previous month. All the other provinces and HUCs posted decelerated food inflation in January 2024.

Further, Bukidnon (22.1%), Cagayan de Oro City (20.0%), and Misamis Occidental (19.5%) had the largest contributions to the downward trend of the regional food inflation.

Year-on-year, all the provinces and HUCs had lower food inflation rates compared to January 2023.

Table D. Inflation Rate of Food Items for All Income Households by Province/HUC,
Northern Mindanao: January 2023, December 2023, and January 2024
(In percent, 2018=100)

(SGD)JANITH C. AVES, CE, DM
(Chief Statistical Specialist)
Officer-in-Charge, PSA RSSO 10

SBB/ASC

For further inquiries, you may contact:

Statistical Operations and Coordination Division
Philippine Statistics Authority Regional Statistical Service Office 10
Limketkai Module-2 BPO & Cyberpark Bldg.,
Rosario Crescent, Limketkai Center, Cagayan de Oro City
Email: rsso10@psa.gov.ph
Telephone: (088) 291-1672; 09178219152

TECHNICAL NOTES

Consumer Price Index (CPI) – The CPI is an indicator of the changes in the average retail prices of a fixed basket of goods and services commonly purchased by households relative to a base year.

Used of CPI – CPI is most widely used in the calculation of the inflation rate and purchasing power of peso. It is a major statistical series used for economic analysis and as a monitoring indicator of government economic policy.

Computation of CPI – The computation of the CPI involves consideration of the following important points:

1. Base Period – The reference data or base period is the benchmark or reference date or period at which the index is taken as equal to100.
2. Market Basket – A sample of the thousands of varieties of goods purchased for consumption and services availed by the households in the country selected to represent the composite price behavior of all goods and services purchased by consumers.
3. Weighing System – The weighing pattern uses the expenditures on various consumer items purchased by households as a proportion to total expenditure.
4. Formula – The formula used in computing the CPI is the weighted arithmetic mean of price relatives, the Laspeyre’s formula with a fixed base year period (2018) weights.
5. Geographic Coverage – CPI values are computed at the national, regional, and provincial levels, and for selected cities.

Inflation Rate (IR) – is the rate of change of the CPI expressed in percent. Inflation is interpreted in terms of declining purchasing power of peso.

Purchasing Power of Peso (PPP) – shows how much the peso in the base period is worth in the current period. It is computed as the reciprocal of the CPI for the period under review multiplied by 100.