CAGAYAN DE ORO CITY (PIA)–The inflation or the rate of change of the average prices of goods and services in Northern Mindanao slowed down to 5.8 percent (%) in October 2023, the Philippine Statistics Authority (PSA)-10 said.
In a press conference on Wednesday, November 29, PSA-10 Officer-in-Charge Janith C. Aves said the regional inflation eased by 0.9 percentage points from the 6.7% inflation recorded in September 2023.
“The main sources of deceleration of the October 2023 inflation were food and non-alcoholic beverage with an inflation rate of 10.1% in October 2023, from 13.2% in September 2023; and restaurants and accommodation services with an inflation rate of 4.1% in October 2023, from 4.6% in September 2023,” she said
The PSA-10 chief elaborated that the deceleration in the inflation of food and non-alcoholic beverages was due to the slowdown in cereals and cereal products, from 23.1% to 15.9%, with rice as the top source. Vegetables, tubers, plantains, cooking bananas, and pulses also contributed to the downtrend, from 24.7% to 19.4%, with onion as the primary source of deceleration, while meat and other parts of slaughtered land animals dropped from 3.4% to 2.2% with fresh pork as the main source of deceleration.
For restaurants and accommodation services, the major source was restaurants, café, and the like, with 4.0% inflation from 4.6% in September.
Aves also clarified that the deceleration doesn’t necessarily imply that prices have decreased, instead prices are not rising as quickly as they were in the previous month. “Naghinay lang ang pagtaas sa presyo sa palaliton. Naay pagsaka pero dili ing-ana kapaspas (the increase in the prices of commodities is just slowing down. There is an increase but not that fast),” she explained.
Meanwhile, the government assured it would continue to undertake measures to support vulnerable sectors and cushion the effects of inflation on them.
According to the Department of Finance, the government aims to complete the provision of financial assistance to the vulnerable sectors through its Targeted Cash Transfer (TCT) Program, the Pantawid Pasada Program for drivers and operators of various modes of public transportation and delivery services, and the fuel subsidy program for farmers and fisherfolk following the lifting of the election ban spending.
The government will also intensify the utilization of Rice Competitiveness Enhancement Fund (RCEF) programs such as farm mechanization, seed development, propagation and promotion, credit assistance, and extension services to improve the productivity of rice farmers, reduce production costs, and link them to the value chain.
In Northern Mindanao, the Department of Agriculture-10 affirmed its continuing assistance to farmers to boost production. These include the distribution of seeds and fertilizers, as well as the provision of agricultural infrastructure support and community irrigation systems, among other initiatives.
For the Department of Trade and Industry-10, Planning Officer Blessie Cimacio said they are conducting regular price monitoring for basic necessities and prime commodities (BNPCs) throughout the region.
Cimacio added that DTI recently released a Noche Buena Price Guide to guide consumers in light of the Christmas season.
The price guide outlined price ranges for ham, keso de bola, fruit cocktail, cheese, sandwich spread, all-purpose cream, mayonnaise, pasta, elbow macaroni, salad macaroni, spaghetti sauce, and tomato sauce.
The 2023 Noche Buena Price Guide may be accessed through https://bit.ly/DTI- NB2023. (APB/PIA-10)
Various types of rice are on display in Cogon market in Cagayan de Oro City. (DCC/PIA-10)
