CAMIGUIN (PIA)–The inflation rate in the province of Camiguin in September increased to 5.8 percent, up from 4.4 percent in August. This brings the province’s year-to-date inflation to 7.0 percent.
All five provinces across the Northern Mindanao Region experienced an inflation increase in September 2023. The province of Lanao del Norte had the highest inflation rate and also the highest increase among five provinces, as it recorded 9.1 percent in September 2023, which was up by 2.5 percentage points from 6.6 percent in August 2023. Meanwhile, the province of Misamis Occidental had the lowest inflation in the region, which recorded 5.3 percent in September 2023, although it was also higher during the month of August 2023 at 4.5 percent, up by 0.8 percentage points.
The provinces of Bukidnon, Misamis Oriental, and Camiguin also recorded higher inflation rates in September 2023 at 8.7 percent, 7.3 percent, and 5.8 percent, respectively, than their posted inflation rates during the month of August 2023 at 6.1 percent, 5.5 percent, and 4.4 percent, respectively.
The higher inflation in the province was mainly brought about by the higher annual increase in food and non-alcoholic beverages at 11.5 percent in September 2023 from 7.2 percent in August 2023, or a 4.3 percentage point increase during the month.
Moreover, the indices of the following groups recorded higher annual increases during the month of September 2023: alcoholic beverages and tobacco, 11.3 percent, from 9.3 percent; furnishings, household equipment, and routine household maintenance, 2.4 percent, from 2.1 percent; health, -1.2 percent, from -1.7 percent; transport, -5.4 percent, from -6.6 percent; and recreation, sports, and culture, 2.9 percent, from 1.9 percent.
In contrast, lower inflation rates were noted in the indices of clothing and footwear at 0.1 percent, housing, water, electricity, gas, and other fuels at 3.7 percent, restaurant and accommodation services at 3.7 percent, personal care, and miscellaneous goods and services at 3.7 percent.
Information and communication had retained its recorded rate in August 2023 at 0.4 percent, while the financial and education services indices recorded a zero percent annual inflation rate in September 2023.
Rice inflation, which increased to a double-digit rate of 20.6 percent during the month from 8.1 percent in August 2023, was primarily to blame for the acceleration of food inflation in September 2023. This was followed by fish and other seafood with an inflation rate of 10.8 percent during the month, up from a 2.0 percent inflation rate in August 2023.
In addition, faster annual growth was noted in milk, other dairy products, and eggs at 5.3 percent in September 2023, up from 2.0 percent in the previous month. Further, a higher annual increase was noted in the following food commodity groups: oils and fats (4.3%), fruits and nuts (5.0%), and ready-made food and other food products, n.e.c. (2.8%).
On the other hand, the indices for the rest of the food groups had slower annual increases during the month of September 2023. (PSA-Camiguin/PIA-10/Camiguin)
Fresh catch at Mambajao, Camiguin. Despite a 5.8% rise in inflation, local markets thrive with abundant seafood and vegetables. (JME/PIA-10/Camiguin)
