MindanaoToday.com | Inflation inflation rate in Camiguin went down to 4.1%
CAMIGUIN – The inflation rate in Camiguin decreased to 4.1 percent in April 2024 from 4.2 percent in March 2024. This development contributes to the province’s year-to-date inflation, which now stands at 4 percent.
The four provinces in northern Mindanao registered an increase in their inflation rates in April 2024, with Misamis Occidental recording the highest increase of 0.9 percentage points, bringing its inflation rate to 3.4 percent in April 2024 from 2.3 percent in March 2024. Moreover, Camiguin recorded a 4.1 percent decrease in the inflation rate, reflecting a 0.1 percentage point decrease from the previous month.
Furthermore, in April 2024, Misamis Oriental, Bukidnon, and Lanao del Norte also posted an increase in the inflation rates at 4.5 percent, 5.5 percent, and 5.5 percent, respectively. The registered inflation rates are higher by 0.7, 0.5, and 0.4 percentage points than the posted rates in March 2024.
A decrease in heavily weighted food and non-alcoholic beverages from 9.0 percent in March 2024 to 8.8 percent in April 2024 primarily drove the province’s inflation rate. Decreases in the inflation rates of the following commodity groups further contributed to the posted decline in the province in April 2024: alcoholic beverages and tobacco, 8.1 percent; furnishings, household equipment, and routine household maintenance, 2.9 percent; and personal care and miscellaneous goods and services, 2.1 percent.
Several indices posted higher inflation rates in comparison. Notably, the index for recreation, sport, and culture increased to 5.0 percent, up by 1.5 percentage points compared with March 2024. Similarly, information and communication rose to 1.4 percent, marking a 1.0 percentage point increase from the previous month. Other commodities registering higher inflation rates in April 2024 were clothing and footwear (5.7 percent), health (3.5 percent), and restaurants and accommodation services (2.4 percent).
The indices of housing, water, electricity, gas, and other fuels posted slower declines at -0.6 percent and transport at -4.3 percent, respectively. Meanwhile, the Education Services and Financial Services indices retained a zero percent increase, maintaining a 0.7 percent and -11.1 percent inflation rate, respectively.
The deceleration in heavily weighted rice, at 28.1 percent, and the decline in the following food indices primarily contributed to the gradual rate of decrease in the provincial food index. The food index for flour, bread and other bakery products, pasta products, and other cereals decreased by 6.6 percent, while the index for fish experienced a decrease of 12.9 percent.
Meanwhile, the indices for fish and other seafood (6.1 percent), milk, other dairy products, eggs (3.0 percent), oils and fats (7.3 percent), vegetables (4.1 percent), and sugar (-8.5 percent) showed increases. On the other hand, meat and other parts of slaughtered land animals showed a faster rate of decline at -0.9 percent, while fruits and nuts showed a decline at -4.1 percent. (PSA Camiguin/PIA-10/Camiguin)
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