NORTHERN Mindanao's inflation rate has dropped to 2.6 percent in December 2024, from 2.7 percent in November 2024, The Philippine Statistics Authority (PSA) reported.
According to PSA Regional Director Janith Aves, the ease in the region's inflation rate was primarily driver by the lower inflation in food and non-alcoholic beverages, which decrease to 1.8 percent in December from 2.9 percent in November.
Based on the data from PSA-Northern Mindanao, it was noted that key food categories, including cereals, meat and dairy, showed slower price increases in December. Cereal inflation dropped from six percent in November to 2.2 percent in December, while meat inflation fell from 2.1 percent to 1.3 percent.
Continuous decline in alcoholic beverages and tobacco was also noted, recording an inflation rate of 7.7 percent, from 8.2 percent.
Health-related services, however, merely registered a minor inflation reduction, from 5.7 percent in November to 5.6 percent in December. PSA-Northern Mindanao stated that this was due to slower price hikes in inpatient services, medicines, and diagnostic products. (Jo Ann Sablad/SunStar Philippines)