CAMIGUIN province experienced a consistent decrease in its inflation rate, marking the sixth consecutive month of deceleration.
As of August 2023, the inflation rate has dropped to 4.4%, a decrease of 0.4% from July's 4.8%.
The average inflation rate for the province in 2023 has been calculated as 7.2%.
This recent decline adds to a positive trend for the economy of the province.
However, while Camiguin's inflation rate has fallen, the other four provinces in the Northern Mindanao region have seen increases in their inflation rates during August 2023.
The province of Lanao del Norte recorded the highest regional inflation rate at 6.6%, a significant jump of 3.3% from the previous month.
The province of Bukidnon also experienced an increase, marking a rate of 6.1% in August compared to 5.7% in July.
The provinces of Misamis Occidental and Misamis Oriental also exhibited increased inflation rates, both recording 4.5% for the month of August.
The continuing decline in Camiguin's inflation rate was primarily influenced by a drop in the year-on-year growth index for housing, water, electricity, gas, and other fuels.
This index decreased to 5.4% in August from 7.0% in July 2023, a change of 1.6%.
In addition to this, decreases were also noted in the health indices, with a drop to -1.7% in August from -0.9% in July.
Lower increments were also recorded in various commodity groups including clothing and footwear, home furnishings, transport, sports and recreation, and education services.
In contrast, restaurants and accommodation services maintained their July rate of 7.7% into August.
The financial services sector recorded a zero percent annual inflation rate in August.
Despite the overall decrease in inflation, an increase in the food and non-alcoholic beverages index was noted, as it rose to 7.2% in August from 7.0% in July.
This rise was primarily due to increased year-on-year growth rates in rice, meat, and seafood.
However, lower annual growth rates were observed in other food-related indices during August 2023, including bakery products, dairy products and eggs, oils and fats, vegetables, and sugar-based products.
In conclusion, while Camiguin has experienced a decrease in its overall inflation rate, other provinces in the region are facing increased rates.
Additionally, while some sectors in Camiguin are seeing decreasing costs, the price of food and non-alcoholic beverages is on the rise. This situation presents a mixed economic outlook for the province.(with PSA-Camiguin/PIA-10/Camiguin)
