Inflation in Northern Mindanao slows to 3.1% in January

Inflation in Northern Mindanao slows to 3.1% in January
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NORTHERN Mindanao's inflation rate slowed down to 3.1 percent in January 2021, driven by a slower rise in the prices of staple foods, including vegetables, tubers, plantains, cooking bananas and pulses, the Philippine Statistics Authority (PSA) reported.

The latest inflation outturn is an improvement from 4.8 percent in December 2023.

Contributing to the downtrent in the region's inflation in January was the decrease in the inflation of Food and Non-Alcoholic Beverages, particularly onion which posted an inflation rate of -6.9 percent from 9.5 percent in December 2023.

The Food and Non-Alcoholic beverages sector recorded an inflation rate of 5.7 percent in January 2024, down from 9.2 percent the previous month.

According to Janith Aves, the officer-in-charge of PSA-Northern Mindanao, prices of fish, other seafood, meat, and other parts of slaughtered land animals also registered a decline in January 2024.

The PSA also noted a drop in the inflation in the Housing, Water, Electricity, Gas and Other Fuels (from 0.6 percent to -0.2 percent), and Personal Care and Miscellaneous Goods and Services (from 5.1 percent to 3.5 percent).

Meanwhile, despite the easing of vegetable prices, the Department of Agriculture (DA)-Northern Mindanao said they will continue to monitor the situation closely and provide guidance to farmers on productivity concerns.

Supervising Agriculturist Ferdinand Caraballe said the dry season and El Niño may hinder a quick reduction in rice prices.

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