MALAYBALAY CITY (PIA)–The inflation rate in Bukidnon accelerated to 3.1 percent in October 2024, a significant increase from 1.4 percent in September 2024, according to the Philippine Statistics Authority (PSA) Bukidnon.
However, this is a considerable drop from the 6.9 percent recorded in October 2023, highlighting a year-on-year easing of inflation.
Chief Statistics Specialist Maria Evangeline Non of PSA-Bukidnon said the October increase was primarily driven by higher costs in the Food and Non-Alcoholic Beverages category, which accounted for 77.8 percent of the inflation uptick. Key contributors within this category included cereals and cereal products, with inflation rising to 9.7 percent in October from 5.0 percent in September.
“The Housing, Water, Electricity, Gas, and Other Fuels sectors also experienced an upward trend, contributing 18.3 percent to the inflation increase. Despite a negative inflation rate of -2.6 percent, this sector markedly improved from -4.3 percent in September,” she explained in an online press conference on Bukidnon Inflation Report.
Rising inflation has driven price increases for certain commodities.
Junar Merla, chief of the Consumer Protection Division at DTI Bukidnon, reported a 3.6 percent price hike in some canned sardines and a 6.9 percent increase in popular 3-in-1 coffee brands in October 2024, following manufacturers’ requests to raise suggested retail prices (SRPs). He also noted a possible slight price increase in canned goods by December, as the DTI monitors Noche Buena package prices.
Emma Ravelo of the Provincial Agriculture Office emphasized that frequent rains have disrupted farmers’ harvests, reducing buying prices for corn and rice grains and impacting overall market prices.
Other notable contributors included Clothing and Footwear, which recorded 7.1 percent inflation in October, up from 6.0 percent the previous month, and Furnishings, Household Equipment, and Routine Household Maintenance, which rose slightly from 11.7 percent in September to 11.9 percent in October.
In Northern Mindanao, Bukidnon ranked second-highest in inflation at 3.1 percent, behind Camiguin at 3.6 percent. The region’s lowest inflation was recorded in Iligan City at 0.9 percent, while Cagayan de Oro City had the highest at 4.1 percent.
Non emphasized the importance of continuous monitoring and proactive measures to address inflationary pressures, especially in food supply and transportation costs. (JNCL/PIA 10/Bukidnon)
