INFLATION rate in Northern Mindanao for the second quarter of 2018 went beyond the Bangko Sentral ng Pilipinas' 2.0 to 4.0 percent target for 2016 to 2018, with an increase of 1.6 percentage points, from 2.8 percent in 2017 to 4.4 percent.
Inflation on the national level for the second quarter of 2017 and 2018 also increased from 2.9 percent to 4.8 percent, according to the National Economic and Development Authority (Neda)-Northern Mindanao.
Engineer Cecilio Clarete, chief economic development specialist of the Development Research Division of Neda-Northern Mindanao, said that one of the factors that caused the rise of inflation is the Tax Reform for Acceleration and Inclusion (Train) Law, which was implemented last January 1, 2018.
The rising oil prices in the global market and the depreciation of the peso also contributed much to the upward inflation trend, he added.
Among the commodity groups, the highest inflation recorded was in Alcoholic Beverages and Tobacco, at 14.8 percent. This was followed by Transport at 8.2 percent, and Food and Non-Alcoholic Beverages at 5.5 percent.
Among the provinces in the region, on the other hand, Lanao del Norte recorded the highest inflation rate of 6.6 percent in the second quarter of 2018.
This was followed by Camiguin with an average inflation rate of 4.4 percent, Misamis Oriental at 4.3 percent, Bukidnon at 4.0 percent, and Misamis Occidental at 3.0 percent.