CAMIGUIN’s official inflation rate rose to 8.1.percent in July, the highest monthly rate among the five provinces in the region and the highest acceleration recorded since November 2018, the Philippine Statistics Authority (PSA) reported.
The PSA said the highest annual inflation rate among the five provinces in the region was even registered by Camiguin in July 2022. This was followed by Misamis Oriental at 6.1 percent, which is higher than the registered rate of 5.2 percent in June 2022.
“The annual inflation rate of Camiguin further accelerated to 8.1 percent in July 2022, sustaining the uptrend behavior registered starting February 2022,” it said.
The posted rate is 1.7 percentage points higher than the posted rate of 6.4 percent in June 2022. Moreover, this posted rate more than doubled the registered rate of 3.6 percent in July 2021.
On the other hand, the Province of Lanao del Norte remained the province with the lowest inflation rate in the region for July 2022 at 4.0 percent, although this rate is higher than its posted rate of 3.1 percent in June 2022.
A faster rate of increase was posted in the regional annual inflation rate at 6.3 percent in July 2022, higher than the registered rate of 5.5 percent in June 2022 by 0.8 percentage points.
Furthermore, the national annual inflation rate in July 2022 rose further at an increment of 0.3 percentage points from its registered 6.1 percent rate in June 2022.
The faster rate of increase in the provincial annual inflation rate was primarily brought about by a large increment in the heavily weighted food and non-alcoholic beverages at 9.5 percent in July 2022 from its posted rate of 7.3 in June 2022.
Moreover, increases were also posted in the indices of alcoholic beverages and tobacco (9.1%), clothing and footwear (3.5%), housing, water, electricity, gas and other fuels (3.0%), health (4.2%), transport (17.6%), information and communication (0.2%), recreation, sports and culture (6.2%), restaurants and accommodation services (12.7%), and personal care and miscellaneous goods and services (6.4%).
In contrast, only furnishings, household equipment, and routine maintenance of the house registered a slowdown at a slower rate of 3.0 percent in July 2022. Furthermore, financial services posted no increase in its July 2022 inflation rates.
An increase of 2.2 percentage points was registered in the provincial food index in July 2022 from its posted rate of 7.5 percent in June 2022.
The foremost reason for this increase were the large increments posted in the indices of flour, bread and other bakery products, pasta products and other cereals (5.4%), meat and other parts of slaughtered animals (9.7%), fish and other seafood (18.8%), milk, other dairy products, and eggs (31.2%);
Oils and fats (9.3%), fruits and nuts (31.8 %), vegetables, tubers, cooking bananas and pulses (2.4%), sugar, confectionery, and desserts (19.0%), and ready-made food and other food products not elsewhere classified (6.0%).
On the other hand, a slower rate of decline was posted in the index of rice at -0.9 percent in July 2022 compared with the decline of -1.8 percent in June 2022. (PSA Camiguin/PIA-10/Camiguin)
