CAGAYAN DE ORO CITY (PIA) — Northern Mindanao’s inflation rate for November 2024 was recorded at 2.7 percent, reflecting a slight increase of 0.1 percentage point from October’s 2.6 percent. While this uptick may seem modest, it highlights ongoing price pressures in certain sectors, particularly transportation, alcoholic beverages, and clothing.
Philippine Statistics Authority (PSA)-10 Regional Director Janith Aves explained that the transport sector was the key contributor to the monthly inflation increase. Prices in this category rose to 1.7 percent in November, reversing the negative -1.1 percent deflation in October. The surge was particularly driven by sharp increases in passenger transport by sea and inland waterways, which saw an inflation jump to 137.2 percent from 64.7 percent the previous month. While gasoline and diesel prices continued to experience deflation, the rate of decline slowed, contributing further to the overall rise in transportation costs.
Inflation in alcoholic beverages and tobacco also rose slightly to 8.2 percent in November, up from 7.3 percent in October. This increase was largely driven by higher prices for beer, spirits and liquors, which experienced inflationary pressure compared to the previous month.
The clothing and footwear sector experienced a minor uptick as well, with inflation rising to 3.1 percent in November, up from 3.0 percent in October. Key items such as women’s garments and footwear showed higher price increases in November compared to October, contributing to the overall sector’s inflation.
Food and non-alcoholic beverages, making up a significant portion of the region’s consumer spending, recorded an inflation rate of 2.9 percent in November. However, the sector still contributed a substantial share of 47.9 percent to overall inflation, reflecting the general trend of price moderation in basic goods.
In terms of regional variations, Cagayan de Oro City recorded the highest inflation rate at 4.1 percent, while Lanao del Norte had the lowest at just 0.6 percent.
Despite the modest uptick in the region’s inflation rate, Aves echoed the statement of the Department of Trade and Industry (DTI), assuring the public that prices are expected to remain controlled this December.
“As the DTI has mentioned, kontrolado ilang prices this December. Naa silay price guide so naka-peg na ilang prices for basic commodities, especially those in demand during the Christmas season. If ever controlled ang prices then taas ang supply, wala kaayoy changes sa inflation,” she said.
(As the DTI has mentioned, prices will be controlled this December. They have issued a price guide, which sets fixed prices for basic commodities, especially those in demand during the Christmas season. If prices remain controlled and supply is sufficient, there will likely be minimal changes in inflation.) (APB/PIA-10)
