CAMIGUIN (PIA) — The inflation rate in the province of Camiguin remained constant at 4.3 percent in June 2024, the same as in May 2024. This indicates that the prices were stable over the month, maintaining the same level of inflationary pressure.
This development contributes to the province’s year-to-date inflation, which now stands at 4.1 percent.
The two provinces in northern Mindanao registered an increase in their inflation rates in June 2024, with Misamis Oriental recording the highest increase of 1.1 percentage points, bringing its inflation rate to 6.0 percent in June 2024 from 4.9 percent in May 2024. Furthermore, Bukidnon recorded a 5.8 percent decrease in the inflation rate, reflecting a 0.2 percentage point decrease from the previous month. In June 2024, Camiguin’s inflation rate remained constant at 4.3 percent.
Furthermore, in June 2024, Misamis Occidental increased the inflation rate by 3.1 percent. The registered inflation rate is higher by 0.6 percentage points than the posted rates in May 2024. Lanao del Norte posted a decrease in the inflation rate to 5.5 percent in June 2024, from 5.6 percent in May 2024.
The constant inflation rate in the province was primarily driven by the stable prices in the indices of food and non-alcoholic beverages (8.3 percent), information and communication (1.5 percent), recreation, sports, and culture (4.3 percent), education services (0.7 percent), and financial services (-11.1 percent).
Moreover, the inflation rate in June 2024 shows slower growth in the following indices: clothing and footwear, 5.6 percent; health, 3.9 percent; transport, 0.9 percent; and personal care and miscellaneous goods and services, 0.8 percent.
The slower declines in the indices of alcoholic beverages and tobacco at 7.1 percent, housing, water, electricity, gas, and other fuels at a negative 1.2 percent, furnishing, household equipment, and routine maintenance of the house at 1.5 percent, and restaurants and accommodation services eased up the rise in the province’s June 2024 inflation rate.
Certain food commodity groups registered faster annual increases in June 2024. Ready-made food and other food products not classified elsewhere accounted for 8.5 percent, marking a 4.1 percentage point increase from the May 2024 figure. Furthermore, the indices of meat and other parts of slaughtered land animals registered a faster rate of increase (-1.3 percent), while fish and other seafood recorded a rate of 8.2 percent.
On the other hand, the following indices showed a slower rate of growth: Oils and fats, 7.1 percent; rice, 24.5 percent; cereals, 24.5 percent; milk, other dairy products, and eggs, 3.0 percent; fruits and nuts, -2.9 percent; sugar, confectionery, and desserts, -7.5 percent.
Meanwhile, there is a faster annual decrease in June 2024. Vegetables, tubers, cooking bananas, and pulses declined by 4.8 percent, and flour, bread, and other bakery products, pasta products, and other cereals declined by 3.1 percent. At 20.1 percent, the cereals and cereal products indices showed a slower rate of decline. (PSA Camiguin/PIA-10/Camiguin)
