THE province of Camiguin experienced a rise in its inflation rate in September, reaching 5.8 percent.
This is an increase from the 4.4 percent it was in August. The inflation rate for the year until now in this province is 7.0 percent.
All five provinces in the Northern Mindanao Region saw their inflation rates go up in September 2023.
Of all these, Lanao del Norte had the highest rate of inflation and the largest increase among the five provinces.
It recorded a 9.1 percent inflation rate in September 2023, which was a 2.5 percentage point increase from 6.6 percent in August 2023.
On the other hand, the lowest inflation in the region was recorded by Misamis Occidental, which had a rate of 5.3 percent in September 2023.
However, even this was a substantial increase from August 2023 when it was 4.5 percent, marking a rise of 0.8 percentage points.
The provinces of Bukidnon, Misamis Oriental, and Camiguin also saw their inflation rates go up in September 2023, recording rates of 8.7 percent, 7.3 percent, and 5.8 percent respectively.
These are higher than the rates they had in August 2023, which were 6.1 percent, 5.5 percent, and 4.4 percent respectively.
The main reason for the increased inflation in the province was the increase in the prices of food and non-alcoholic beverages.
The annual increase in these prices was 11.5 percent in September 2023, which was a 4.3 percentage point increase from 7.2 percent in August 2023.
Several other groups also had higher annual increases in their prices in September 2023.
These included alcoholic beverages and tobacco, furnishings, household equipment, and routine household maintenance, health, transport, and recreation, sports, and culture.
However, a few indices recorded lower inflation rates. These were clothing and footwear, housing, water, electricity, gas, and other fuels, restaurant and accommodation services, personal care, and miscellaneous goods and services.
The inflation rate for information and communication stayed the same as it was in August 2023, at 0.4 percent.
Similarly, the financial and education services indices recorded no change in the annual inflation rate in September 2023.
One of the main reasons for the rise in food inflation in September 2023 was the increased inflation in rice prices.
The inflation rate for rice increased to a high of 20.6 percent in September from 8.1 percent in August 2023.
Fish and other seafood also saw a significant rise in inflation rates, increasing to 10.8 percent in September from 2.0 percent in August 2023.
Milk, other dairy products, and eggs also experienced a faster annual growth in September 2023, rising to 5.3 percent from 2.0 percent in the prior month.
Other food commodity groups such as oils and fats, fruits and nuts, and ready-made food and other food products also noticed a higher annual increase.
However, some food groups saw slower annual increases in the month of September 2023. (With PIA-10/Camiguin report)
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