CAGAYAN DE ORO CITY – The inflation rate in the Northern Mindanao region has increased to 8.4 percent in January this year from 7.8 percent in December 2022, the Philippine Statistics Authority (PSA) region 10 reported on Friday, Feb. 17.
Janith Aves, PSA-10 officer-in-charge, said the higher inflation rate in January this year was driven by higher expenses on food and non-alcoholic beverages with an inflation rate of 12.1 percent; followed by housing, water, electricity, gas and other fuels with 5.3 percent; and personal care and miscellaneous goods and services with 5.6 percent.
“If the prices continue to increase especially in food and non-alcoholic beverages which have the biggest weight, definitely our inflation rate will also increase,” Aves said in mixed English and vernacular during a press conference on Friday.
Food inflation accelerated to 12.6 percent in January this year from 11.4 percent in the previous month. In January 2022, food inflation was lower at 5.2 percent.
Aves said the major contributors of food inflation were vegetables, tubers, plantains, cooking bananas and pulses with 40.9 percent; followed by fish and other seafood with 30.8 percent; and meat and other parts of slaughtered land animals with 13.9 percent.
The PSA-10 data showed that the province of Lanao del Norte (including Iligan City) posted the biggest increase in inflation with 2.4 percentage points – from 6.0 percent in December 2022 to 8.4 percent in January this year.
On the other hand, the province of Camiguin posted the biggest decrease in inflation with 0.6 percentage point – from 9.5 percent inflation rate in December 2022 to 8.9 percent in January this year.
Meanwhile, the province of Bukidnon posted an 8.3 percent inflation rate; Misamis Occidental with 8.3 percent and Misamis Oriental (including Cagayan de Oro City) with 8.9 percent.
Out of the five provinces and two highly urbanized cities in the region, Cagayan de Oro has the lowest inflation rate with 8.0 percent. This is 0.2 percent lower compared in December 2022 data.
Aves said the Northern Mindanao region ranks seventh in the highest inflation rates among the 17 regions in the country. This went up as the region ranked fourth in the lowest inflation rate in December 2022.
‘Price monitoring’
The Department of Trade and Industry (DTI) region 10, in the same press conference, assured the intensive price monitoring following the continuous increase in the inflation rate.
Julie Nieva, DTI-10 information officer, said all local price coordinating councils in different cities and municipalities in the region are tasked to monitor the prices of goods to ensure that all major establishments are following the suggested retail prices (SRP).
Apart from the local price coordinating council, the DTI also has its own price and supply monitoring team to monitor the major establishments every day.
“Mag submit sad ta og presyo ana para masigurado usab nato nga naa silay enough nga supply (We also submit prices to ensure that they also have enough supply),” Nieva said.
The DTI-10 information officer also explained that prices of goods in ‘Sari-Sari stores’ in the barangays are a little bit higher compared to the prices in grocery stores and supermarkets because of ‘convenience fee’.
DTI is recommending the consumers to buy their basic needs to the nearest grocery stores and supermarkets as all of the prices have SRP.