CAMIGUIN (PIA) — The inflation rate in Camiguin decreased to 3.0 percent in November 2024 from the 3.6 percent posted in October 2024. In November 2023, the inflation rate stood at 4.2 percent. The province’s year-to-date inflation rate is at 3.0 percent.
In November 2024, Misamis Occidental and Misamis Oriental saw an increase in inflation rates, rising to 1.8 percent and 3.4 percent, respectively, up by 0.7 percentage points from October 2024 rates of 1.1 percent and 2.7 percent.
Meanwhile, inflation in Lanao del Norte, Bukidnon, and Camiguin decreased to 0.6 percent, 2.6 percent, and 3.0 percent, respectively.
The annual inflation rate’s decrease in the province for November 2024 was primarily due to a slower rise in the food and non-alcoholic beverages category, which fell by 1.0 percent from 4 percent in October 2024. The decline in housing, water, electricity, gas, and other fuels (0.7 percent) added to the overall decrease in the annual inflation rate. Other commodity groups that contributed to this decrease were information and communication (1 percent) and recreation, sports, and culture (3.3 percent).
On the other hand, increases in the following commodities were registered that balanced out the decrease in inflation: alcoholic beverages and tobacco, 3.7 percent; clothing and footwear, 8.3 percent; furnishings, household equipment, and routine household maintenance, 4.1 percent; health, 6.1 percent; transport, 17.5 percent; restaurants and accommodation services, 5.5 percent; and personal care and miscellaneous goods and services, 0.9 percent.
Additionally, education services (7.0 percent) and financial services (11.1 percent) maintained the same inflation rates as in October 2024.
The slowdown in food inflation in November 2024 was mainly due to a slower rate of increase in the heavily weighted rice, at 2.8 percent. Several food categories also recorded a slower rate of increase: flour, bread, and bakery products; pasta products; and other cereals, accounting for 3.2 percent; ready-made food and other food products N.E.C., accounting for 4.8 percent; and non-alcoholic beverages, accounting for 2.2 percent.
The index of fruits and nuts showed a decline of 0.1 percent, while the index of sugar, confectionery, and desserts showed a slower decline of 5.8 percent. Furthermore, the indices of meat and other parts of slaughtered land animals (3.6 percent) and fish and other seafood (2.1 percent) showed a faster rate of decline.
However, the index of oils and fats showed a faster rate of increase at 9.9 percent, while vegetables, tubers, cooking bananas, and pulses showed a rebound at 2.1 percent.
The inflation rate for milk, other dairy products, and eggs remained at 5.2 percent, the same as in October 2024.
The data reflects that economic interventions or favorable market conditions are effectively stabilizing the cost of living in the province. (PSA/PIA-10/Camiguin)
