THE province of Camiguin’s inflation rate slightly slowed down to 8.6 percent in March 2023, the Philippine Statistics Authority (PSA) said yesterday.
The inflation rate in the province of Camiguin even remained the highest in the Northern Mindanao region.
March’s inflation rate is a bit lower than the 9.3 percent recorded in February but more than doubled as compared to the same period in 2022 which was three percent.
It is within the projected range of the Bangko Sentral ng Pilipinas, which is from 8.5 to 9.3 percent.
“The average inflation rate for the first three months of the year stood at 9.0 percent,” the PSA said.
The slower inflation in Camiguin for March was mainly brought about by the lower hike on the year-on-year growth in the index of food and non-alcoholic beverages at 11.7 percent from 12.8 percent in February 2023, or a 1.1 percentage point difference.
The province of Lanao del Norte follows, even though it exhibited a lower annual increment in March 2023 at 6.1 percent, down from 8.4 percent in February 2023.
Meanwhile, the provinces of Bukidnon and Misamis Occidental retained their February 2023 reported inflation rates in March 2023 at 8.5 percent and 7.6 percent, respectively.
On the other hand, the province of Misamis Oriental recorded an inflation rate of 8.3 percent in March 2023, up from 8.2 percent in February 2023, an increase of 0.1 percentage points.
In addition, slower annual increases were observed in the indices of the following commodity groups in March 2023: clothing and footwear, 3.2 percent; furnishings, household equipment, and routine maintenance of the house, 2.4 percent; health, 1.4 percent; transport, 4.9 percent; and recreation, sports, and culture, 4.9 percent.
On the other hand, higher annual hikes were noted in the indices for alcoholic beverages and tobacco at 11.2 percent, housing, water, electricity, gas, and other fuels at 7.2 percent, and restaurants and accommodation services at 18.5 percent.
The indices of information and communication, education services, personal care, and miscellaneous goods and services had retained their recorded rates in February 2023 for March 2023 at 0.1 percent, 1.1 percent, and 5.8 percent, respectively, while the financial services index recorded a zero percent annual inflation rate.
The observed slower annual growth rate of the food index in March 2023 was primarily caused by the lower annual increments in the following food commodity groups: cereals at 5.5 percent, rice at 5.5 percent, and flour, bread, and other bakery products, pasta products, and other cereals at 11.1 percent, down from 6.5 percent, 6.5 percent, and 11.6 percent respectively in February 2023.
Also, the following food and non-alcoholic beverage indices registered slower annual increases during March 2023: fish and other seafood (4.4%), oils and fats (9.0%), vegetables, tubers, cooking bananas, and pulses (19.4%), sugar, confectionery, and desserts (33.6%), and ready-made food and other food products not elsewhere classified (4.0%).
The following food group indices, on the other hand, recorded an increase in March 2023: Meat and other parts of slaughtered land animals, 20.1 percent; milk and other dairy products and eggs, 20.1 percent; and fruits and nuts, 9.3 percent.
