CAMIGUIN (PIA) -- The inflation rate in Camiguin province has decreased slightly to 4.2 percent in March 2024 from 4.3 percent in February 2024.

This development contributes to the province's year-to-date inflation, which now stands at 4.0 percent. 

In March 2024, the three provinces in Northern Mindanao experienced a slight decrease in their inflation rates, with Misamis Oriental recording the highest decrease of 0.2 percentage points, bringing its inflation rate to 3.8 percent from 4.0 percent in February 2024. 

Moreover, Lanao del Norte recorded the highest increase in the inflation rate at 5.1 percent, reflecting an increase of 2.1 percentage points from the previous month. 

Furthermore, in March 2024, Camiguin and Bukidnon also posted a decrease in their inflation rates, at 4.2 percent and 5.0 percent, respectively. These figures mark a decrease from their inflation rates in February 2024, which stood at 4.3 percent and 5.1 percent, respectively.

Alcohol, beverages, and tobacco decreased from 10.6 percent in February to 8.9 percent in March, primarily driving the province's inflation rate. This represents a decrease of 1.7 percentage points within the month. Furthermore, in February 2024, various other groups saw a decline in their annual inflation rates. 

Several indices showed higher inflation rates in comparison. Notably, the index for health increased to 3.2 percent, up by 2.0 percentage points compared to February. Similarly, clothing and footwear experienced a rise to 5.3 percent, marking a 1.1 percentage point increase from the previous month.

Other commodities registering higher inflation rates in March 2024 include restaurants and accommodation services at 2.1 percent, recreation, sport, and culture at 3.5 percent, transport at -4.7 percent, and furnishings, household equipment, and routine household maintenance at 3.1 percent. 

Meanwhile, the education services and financial services indices retained a zero percent increase, maintaining a 0.7 percent and -11.1 percent inflation rate, respectively.

A reduced monthly inflation rate in cigarettes, from 16.5 percent in February to 12.0 percent in March 2024, primarily drove the deceleration in alcoholic beverages and tobacco. Furthermore, a -10.2 percent decrease in electricity and a 3.5 percent decrease in liquefied hydrocarbons impacted the decreased inflation rate in housing, water, electricity, gas, and other fuels.

In contrast, an accelerated monthly inflation rate of 2.2 percent in medicine was primarily responsible for the increased inflation in health. (PSA Camiguin/PIA-10/Camiguin)