CAGAYAN DE ORO CITY (PIA) – The Philippine Statistics Authority (PSA) in Region 10 unveiled on March 13 the latest data on Northern Mindanao inflation, highlighting an acceleration in the rate of change of average prices of goods and services in the region.
According to PSA-10 chief statistical specialist Sarah Balagbis, the regional inflation recorded an uptick of 0.3 percentage points from 3.1 percent in January 2024 to 3.4 percent in February.
Inflation accelerated in February due to key areas such as Transport, Furnishings, Household Equipment, Routine Household Maintenance, and Health sectors.
Transport saw a significant increase with an inflation rate of 1.6 percent in February, contrasting the -1.3 percent recorded in January 2024. Factors such as gasoline, other passenger transport by road, and diesel contributed to this surge in inflation.
Similarly, Furnishings, Household Equipment, and Routine Household Maintenance experienced an inflation rate of 4.6 percent in February, up from 2.6 percent in January 2024.
Domestic services, household cleaning and maintenance products, and leading laundry appliances have all contributed to this increase.
Health also witnessed a surge in inflation, reaching 3.4 percent in February compared to 1.8 percent in the previous month. Inpatient curative and rehabilitative services, medicines, vaccines, and other pharmaceutical preparations were primary contributors to this rise in healthcare costs.
Balagbis said among provinces and Highly Urbanized Cities (HUCs) within the region, Misamis Occidental recorded the most significant increase in inflation at 1.9 percentage points, jumping from 0.2 percent in January to 2.1 percent in February. Bukidnon registered the highest inflation rate in February at 5.1 percent, while Iligan City and Misamis Occidental reported the lowest rates at 2.1 percent.
Meanwhile, Ferdinand Caraballe, supervising agriculturist of the Department of Agriculture-10, said they are projecting a decrease in rice prices because of the dry season harvest. "We are looking forward [to this] since rice is a major driver of inflation, ug mapababa niya ang (and it can lower the) rate of increases sa (in the) overall inflation," he said.
Department of Trade and Industry (DTI)-10 Planning Officer Blessie Cimacio assured the public of the DTI's continuing monitoring of basic necessities prices and prime commodities.
"Our head office is now reviewing all price adjustment requests from our manufacturers. We aim to release the new SRP (suggested retail price) bulletin this month or next," she said.
Cimacio added that aside from price monitoring, DTI is also helping micro, small, and medium enterprises through the Kapatid Mentor ME program. The department, she said, also has other interventions for producers of commodity products such as coffee and cacao. (APB/PIA-10)
