Northern Mindanao inflation rate goes up to 5% in August

NORTHERN Mindanao's inflation rate has increased to 5 percent for August 2023, as some commodity groups registered higher inflation, according to data shown by the region's Philippine Statistics Authority (PSA).

However, last month's inflation was lower than the 6.6 percent recorded in August last year.

The PSA-Northern Mindanao noted that in the month-on-month, inflation was higher in August 2023 in the following commodity groups: Food and Non-Alcoholic Beverage at 9.1 percent; Clothing and Footwear at 5.5 percent; Education Services at 3.4 percent; Recreation, Sports, and Culture at 2.8 percent; Information and Communication at 1.3 percent; and Transport at -1.5 percent.

Food and Non-Alcoholic Beverages and Transport played the major contributors in the uptrend of inflation in August 2023, with 53.2 percent share and 42.8 share, respectively.

All provinces and highly urbanized cities in Northern Mindanao have posted higher inflation rates last month, with Camiguin the only province that recorded a decline in inflation rate.

Bukidnon, Cagayan de Oro and Misamis Oriental were the major contributors to the overall regional inflation of August 2023, recording 28.9 percent, 21.2 percent and 20.1 percent, respectively.

Meanwhile, Lanao del Norte (33.3 percent), Cagayan de Oro (27.9 percent) and Iligan (20.4 percent) were the main contributors to the uptrend of the regional inflation.