CAMIGUIN (PIA) — The inflation rate in Camiguin registered a slower pace as it decelerated to 3.2 percent in September 2024, from the 5.0 percent posted in August 2024.
In September 2023, the inflation rate was higher at 5.8 percent. The province’s year-to-date inflation is at 4.1 percent.
All five provinces in Northern Mindanao registered a deceleration in their inflation rates in September 2024, except Lanao del Norte. Lanao del Norte recorded a decline in the inflation rate to 1.2 percent, reflecting a decrease of 4.0 percentage points from 2.8 percent in August 2024.
Moreover, the annual inflation rates of Bukidnon, Camiguin, Misamis Occidental, and Misamis Oriental slowed down at 1.4 percent, 3.2 percent, 0.4 percent, and 2.5 percent, respectively.
The slower annual increment in the heavily weighted food and non-alcoholic beverage index, at 3.0 percent, and in the following indices, at 2.2 percent for alcoholic beverages and tobacco, 5.4 percent for health, 6.3 percent for transport, and 3.8 percent for recreation, sports, and culture, contributed to the province’s overall inflation downtrend in September 2024.
The indices of Clothing and Footwear, at 8.0 percent, Housing, Water, Electricity, Gas, and Other Fuels, at 1.7 percent, Furnishings, Household Equipment, & Routine Maintenance of the House, at 4.1 percent, and Personal Care and Miscellaneous Goods and Services, at 0.5 percent, showed a faster rate of increase.
On the other hand, the rates for information and communication (0.9 percent), education services (7.0 percent), restaurants and accommodation services (3.4 percent), and financial services (11.1 percent) remained unchanged from August 2024 to September 2024.
The slower rate of increase for rice, which recorded an inflation rate of 6.3 percent in September 2024, up from 17.5 percent in August 2024, was the main cause of the deceleration in food inflation. Also, slowdowns were noted in the following food groups: meat and other parts of slaughtered land animals, 1.3 percent; fish and other seafood, 1.9 percent; oils and fats, 9.5 percent; vegetables, tubers, cooking bananas and pulses, 0.1 percent; and ready-made food and other food products, n.e.c., 5.7 percent.
In September 2024, the indices of Fruits and Nuts (-2.6 percent) and Sugar, Confectionery, and Desserts (-9.1 percent) experienced declines. In contrast, the indices of flour, bread, and other bakery products; pasta products, and other cereals (5.1 percent); milk, other dairy products, and eggs (3.2 percent); and non-alcoholic beverages (2.2 percent) had a faster annual rate of increase in September 2024. (PSA Camiguin/PIA-10/Camiguin)
