Cagayan de Oro records lowest November 2023 inflation in Northern Mindanao

Cagayan de Oro records lowest November 2023 inflation in Northern Mindanao
AP File

CAGAYAN de Oro recorded the lowest inflation rate in November 2023 among the provinces and highly-urbanized cities in Northern Mindanao, the region's Philippine Statistics Authority (PSA) reported.

According to PSA, Cagayan de Oro recorded an inflation rate of three percent. This is slower than the rate of 4.2 percent in October 2023 and eight percent in November 2022.

The low inflation rate contributed to the deceleration of the overall regional inflation, which was at 4.7 percent. Other contributors were Misamis Oriental, which recorded 5.7 percent inflation rate, and Bukidnon at 5.9 percent.

Misamis Oriental and Bukidnon both registered a decrease in inflation rate from October's 7.2 percent and 6.9 percent, respectively.

Misamis Occidental (3.4 percent), Iligan City (3.6 percent) and Camiguin (4.2 percent) also recorded slower inflation rates. Lanao del Norte, however, posted a higher inflation rate of 6.9 percent from the 6.7 percent recorded in October 2023.

Meanwhile, Northern Mindanao's food inflation decelerated to 8.9 percent from 10.7 percent. Furthermore, the region's rice inflation also posted a downtrend from 21.2 percent in October 2023 to 18.5 percent in November 2023.

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