CAGAYAN DE ORO CITY (PIA) –The rate of change of the average prices of goods and services in northern Mindanao experienced a slowdown in August 2024, according to the Philippine Statistics Authority (PSA)-10.
PSA-10 officer-in-charge Janith Aves said the inflation rate dropped to 4.2 percent from 5.7 percent in July, marking a 1.5 percentage point deceleration.
Aves said the decline is attributed primarily to price reductions in food, non-alcoholic beverages, transportation, and education services.
“The main sources of the deceleration in the inflation of food and non-alcoholic beverages were cereals and cereal products with an inflation of 16 percent with rice as the main contributor; Vegetables, tubers, plantains, cooking bananas and pulses with an inflation of negative 1.1 percent with cabbage as the major contributor; and fish and other seafood with an inflation of negative 2.2 percent with ‘galunggog’ as the major contributor,” she said.
The inflation slowdown in the transport sector was influenced by reductions in inflation for gasoline, which recorded a negative 3.8 percent from 6.8 percent in July, and diesel at 16 percent from 21.7 percent. Moreover, other road passenger transport by road also declined to 3.9 percent.
For education services, the inflation rate drop was evident across various subcategories, including tertiary education, which had an inflation rate of 4.3 percent, secondary education at negative 0.6 percent, and review classes for professional and licensure examinations at 8.7 percent.
Among the provinces and Highly Urbanized Cities (HUCs) in the region, only Camiguin posted an increase in inflation to 5 percent from 4.1 percent in July. “The highest inflation rate in August 2024 was recorded in Bukidnon at 5.8 percent, while Iligan City recorded the lowest inflation rate at 1.7 percent,” Aves added. (APB/PIA-10)
