CAMIGUIN (PIA) -- Offering the public access to up-to-date data on inflation rates to ensure transparency and help individuals and businesses make informed decisions, the Philippine Statistics Authority - Camiguin conducted an online report on Camiguin's March 2024 inflation via Google Meet and Facebook Live on the PSA-Camiguin Facebook page on April 17.

 “Sa hunahuna lang or imagination nga mahal sa Camiguin, but ang actual gyud sa Camiguin, sa atong average lang according to the survey, 4.0 ang iyahang average. Ang ideal daw, according to the Bangko Sentral ng Pilipinas, nindot daw ang economic situation sa usa ka dapit or sa isa ka lugar kung duna ta’y 2-4 ang iyahang inflation rate," said Francisco C. Galagar Jr., the chief statistical specialist of Camiguin.

(It's only in the mind or imagination that Camiguin is expensive, but the actual thing in Camiguin, according to our average according to the survey, is 4.0. The ideal is, according to the Bangko Sentral ng Pilipinas, that the economic situation in a place is good if we have an inflation rate of 2-4.)

He reported Camiguin's March 2024 consumer price index and inflation rate, noting a slight decrease of 4.2 percent from the previous month. This represents a decrease of 0.1 percentage points from the February 2024 inflation rate of 4.3 percent, Galagar added.

Consequently, Camiguin's average inflation from January to March stands at 4.0 percent. Galagar pointed out that the main sources of deceleration in March 2024 inflation include 1) housing, water, electricity, gas, and other fuels with an inflation rate of -0.7 percent in March 2024, from 0 percent in February 2024; 2) food and non-alcoholic beverages with an inflation rate of 9.0 percent in March 2024, from 9.1 percent in February 2024; and 3) alcoholic beverages and tobacco with an inflation rate of 8.9 percent in March 2024, from 10.6 percent in February 2024.

Additionally, Galagar reported that the main sources of the decrease in the inflation of housing, water, electricity, gas, and other fuels in March 2024 were: electricity, with an inflation rate of -10.2 percent in March 2024, from -7.1 percent in February 2024; and liquefied hydrocarbons, with an inflation rate of 3.2 percent in March 2024, from 8.5 percent in February 2024.

Other major sources of decreased inflation in food and non-alcoholic beverages were: meat and other parts of slaughtered land animals with 4.0 percent inflation in March 2024, from 8.0 percent in February 2024; and fish and other seafood with 2.1 percent inflation in March 2024, from 3.4 percent in February 2024. Furthermore, cigarettes were the primary cause of the decrease in alcoholic beverages and tobacco prices in March 2024, with an inflation rate of 12.0 percent, up from 16.5 percent in February 2024.

"The major contributors to the March 2024 inflation in the province of Camiguin were: food and non-alcoholic beverages with an inflation rate of 9.0 percent in March 2024 and a percent share of 92.1 percent; clothing and footwear with an inflation rate of 5.3 percent and a percent share of 5.1 percent; and alcoholic beverages and tobacco with an inflation rate of 8.9 percent and a percent share of 4.7 percent," Galagar said. 

In response to the changes in commodity prices, Galagar stated that the government has implemented the Kadiwa program, in which local farmers can sell their produce directly to consumers, bypassing traders. Consequently, consumers can purchase products at a lower price compared to those available on the market. The provincial government also provides free seedlings to the local farmers and encourages the Camiguingnons to have their own backyard garden. 

PSA held the online report of the inflation updates to explain complex economic concepts related to inflation in a comprehensible manner, fostering better understanding among viewers. It also provided access to inflation data, which empowers individuals, businesses, and organizations to adjust their strategies, investments, and financial plans accordingly, minimizing potential risks and maximizing opportunities. (PSA Camiguin/PIA-10/Camiguin)