CAMIGUIN (PIA)–The inflation rate in the province of Camiguin eased again in August 2023 as it decelerated further for the sixth month in a row to 4.4 percent, down by 0.4 percentage points from 4.8 percent in July 2023.
The inflation rate in the province averaged 7.2 percent for the year 2023.
While the inflation rate in the province of Camiguin decreased, the other four provinces in the Northern Mindanao region recorded increased inflation rates during the month of August 2023.
The highest inflation rate in the region was recorded in the province of Lanao del Norte at 6.6 percent, which increased by 3.3 percentage points from the previous month’s record of 3.3 percent. It was followed by the province of Bukidnon, where it also increased 0.4 percentage points, recording 6.1 percent in August 2023 from 5.7 percent in July 2023.
The provinces of Misamis Occidental and Misamis Oriental also recorded increased inflation rates of 4.5 percent and 4.5 percent, respectively.
The continued downtrend of overall inflation in August 2023 in the province was primarily influenced by the annual increase in year-on-year growth in the housing, water, electricity, gas, and other fuels index at 5.4 percent from 7.0 percent in July 2023, or a 1.6 percentage point difference.
Further, annual decreases in the indices of health were at -1.7 percent in August 2023, from -0.9 percent in July 2023. Also, lower annual increments were noted in the indices of the following commodity groups in June 2023: clothing and footwear, 1.6 percent; furnishings, household equipment, and routine household maintenance, 2.1 percent; transport, -6.6 percent; recreation, sport, and culture, 1.9 percent; and education services, 0.0 percent.
On the other hand, restaurants and accommodation services retained their recorded rate in July 2023 for August 2023 at 7.7 percent, while the index of financial services recorded a zero percent annual inflation rate in August 2023.
While the overall inflation rate in the province of Camiguin decreased to 4.4 percent, a higher year-on-year increase in the food and non-alcoholic beverages index was observed, as it recorded 7.2 percent in August 2023 from 7.0 percent in July 2023. The acceleration of food inflation was primarily brought about by the higher year-on-year growth rate observed in rice, at 8.1 percent from 5.02 percent in July 2023.
In addition, faster annual increments were noted in meat and other parts of slaughtered land animals, at 11.8 percent in August 2023 from 11.1 percent in the previous month, and fish and other seafood, at 2.0 percent during the month from -3.1 in July 2023.
Meanwhile, compared with their previous month’s inflation rates, lower annual growth rates were observed in the following indices during the month of August 2023: flour, bread and other bakery products, pasta products, and other cereals, 10.7 percent; milk, other dairy products, and eggs, 2.0 percent; oils and fats, 3.5 percent; vegetables, tubers, plantains, cooking bananas, and pulses, 15.7 percent; and sugar, confectionery, and desserts, 4.9 percent. (PSA-Camiguin/PIA-10/Camiguin)
