Friday, July 19, 2019

Northern Mindanao inflation rate remains high

AS PRICES of basic commodities continue to increase, inflation rate in Northern Mindanao is averaging at 6.1 percent, still high during the third quarter of this year, the National Economic and Development Authority (Neda) said.

According to Neda, this quarter's inflation rate is 3.3 percent higher than that of the same period last year.

Among the provinces in the region, Lanao del Norte posted the highest inflation rate at 8.3 percent, followed by Camiguin and Bukidnon by 6.6 percent and 6.5 percent, respectively.

All the recorded inflation rates were higher than the Bangko Sentral ng Pilipinas’ (BSP) targeted inflation rate of 2.0-4.0 percent for the period 2016-2018.

Among the commodity groups, alcoholic beverages and tobacco still posted the highest inflation at 17.6 percent, followed by transport, and food and non-alcoholic beverages at 8.9 percent and 7.5 percent, respectively.


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