The Philippine Statistics Authority-Camiguin held an online press conference on the Camiguin Inflation Report for May 2024. Francisco Galagar, Jr., chief statistical specialist of PSA Camiguin, highlighted key figures, stating, “The inflation rate for May 2024 in Camiguin reached 4.3 percent, marking a 0.2 percentage point rise from April 2024’s rate of 4.1 percent. This reflects a substantial increase compared to the 1.1 percent recorded in May 2023. The year-to-date average inflation rate from January to May 2024 stands at 4.1 percent.” (Photo: PIA-10/Camiguin)
CAMIGUIN (PIA) — Amidst the 4.3 percent inflation rate recorded in May 2024, residents of the province were advised on coping strategies during the online press conference of the Camiguin Inflation Report for May 2024 of the Philippine Statistics Authority (PSA)-Camiguin on June 14.
“Before purchasing in any establishment, you try to canvass first, go to visit, go to stores, visit stores, and then try to ask for prices and compare the prices between and among stores. So these are some of the strategies that you can use in order to get the best value for your money,” said Senior Trade and Industry Development Specialist Varry Labial of the Department of Trade and Industry (DTI)-Camiguin.
This, after Francisco Galagar, Jr., chief statistical specialist of PSA Camiguin, highlighted key figures of the province for May 2024, citing that the inflation rate for May 2024 in Camiguin reached 4.3 percent, marking a 0.2 percentage point rise from April 2024’s rate of 4.1 percent.
This reflects a substantial increase compared to the 1.1 percent recorded in May 2023. The year-to-date average inflation rate from January to May 2024 stands at 4.1 percent.
Galagar also pointed out the main causes of inflation in May 2024. Transport showed a significant change, with an inflation rate of -0.9 percent, up from -4.3 percent in April. Housing, water, electricity, gas, and other fuels also decreased slightly to -0.5 percent from -0.6 percent in April. Health costs rose slightly to 3.6 percent from 3.5 percent in April.
He further elaborated on sector-specific contributions to inflation, saying, “Food and non-alcoholic beverages with an inflation rate of 8.3 percent in May 2024 and a percentage share of 84.9 percent; clothing and footwear with an inflation rate of 5.4 percent and a percentage share of 5.2 percent; and alcoholic beverages and tobacco with an inflation rate of 8 percent and a percentage share of 4.2 percent.”
Labial also noted tourism’s influence on inflation, highlighting that while tourists are consumers, their impact is less pronounced. However, for residents, focusing on essential needs becomes vital during inflationary periods.
Galagar said this inflation report underscores the ongoing economic trends in Camiguin, providing insights into price fluctuations and consumer behavior amid changing economic conditions. (RTP/PIA-10/Camiguin)
