ILIGAN City — Families in Iligan City and Lanao del Norte continued to face some of the fastest-rising prices in Northern Mindanao in July, with both areas posting the highest inflation rates in Region 10, according to the Philippine Statistics Authority (PSA).
Iligan City recorded 7.9% inflation in July, slightly easing from 8.0% in June. Lanao del Norte, meanwhile, saw inflation climb to 8.3% from 7.9% over the same period.
PSA Officer-in-Charge Brenda Lynn M. Castro said during a press conference on Aug. 13 that inflation measures the change in prices of goods and services commonly purchased by households.
For consumers, the figures mean that household budgets are being squeezed by higher prices, particularly for food, housing, fuel and transportation.
Rice, rent push Lanao prices higher
In Lanao del Norte, rice and housing rentals were the biggest contributors to July inflation.
Rice prices rose 11.4%, contributing 1.58 percentage points to the province’s overall inflation rate. Housing rentals increased 17.5%, adding another 1.43 percentage points.
Corn, road passenger transport and diesel were also among the major contributors, with diesel prices up 3.3%.
Rent, rice drive Iligan inflation
In Iligan City, housing rentals had the biggest impact on inflation.
Rental prices rose 22.6%, contributing 3.16 percentage points to the city’s 7.9% inflation rate.
Rice prices also increased, rising 13.9%, while gasoline, diesel and liquefied petroleum gas (LPG) were among the other major contributors.
Both areas stand out in Region 10
While Iligan’s 7.9% inflation was slightly lower than Lanao del Norte’s 8.3%, Castro said the difference between the two areas would still need statistical testing to determine whether it is significant.
She noted, however, that both figures were notably higher than inflation rates in other parts of Region 10, which were generally around 6%.
“That’s around two percentage points,” Castro said, referring to the gap between the two areas and the regional levels.
PSA urges careful budgeting
Castro reminded consumers to be more mindful of their spending as higher prices can reduce the purchasing power of household income.
She encouraged families to practice prudent budgeting and look for ways to increase income to cope with rising costs.
The July figures highlight the need for continued monitoring of rice, housing rentals, fuel and transportation, which remain key pressure points for household budgets in Iligan City and Lanao del Norte.
