Camiguin inflation drops to 4.4% in August 2023

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CAMIGUIN'S inflation rate eased again to 4.4 percent in August 2023 from 4.8 percent in July 2023, data released by the Philippine Statistics Authority (PSA)-Camiguin showed.

This is the sixth month in a row that the province has seen continuous decline in its inflation rate.

According to PSA-Camiguin, the inflation rate in the province averaged 7.2 percent for the year 2023.

The agency further reported that the continued downtrend of the overall inflation in August 2023 can be attributed to the annual increase in year-on-year growth in the housing, water, electricity, gas and other fuels index. It went from 7.0 percent in July 2023 to 5.4 percent in August 2023.

The province recorded annual decreases in the indices of health at -1.7 percent in August, from -0.9 percent in July. Likewise, Camiguin noted lower annual increments in the indices of the following commodity groups in June 2023:

* Clothing and footwear, 1.6 percent;

* Furnishings, household equipment and routine household maintenance, 2.1 percent;

* Transport, -6.6 percent;

* Recreation, sport and culture, 1.9 percent; and

* Education services, 0.0 percent

Restaurants and accommodation services retained their recorded rate in July 2023 for August 2023 at 7.7 percent. The index of financial services recorded a zero percent annual inflation rate in August 2023.

PSA-Camiguin stated that while the overall inflation rate in Camiguin decreased to 4.4 percent, a higher year-on-year increase of the food and non-alcoholic beverages index was observed. It recorded 7.2 percent in August 2023 from 7.0 percent in July 2023.

The agency said the acceleration of food inflation was brought about by the higher year-on-year growth rate observed in rice at 8.1 percent from 5.02 percent in July 2023.

It also noted faster annual increments in meat and other parts of slaughtered land animals at 11.8 percent in August 2023 from 11.1 percent in the previous month, and fish and other seafood with 2.0 percent during the month from -3.1 in July 2023.

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