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Inflation in four Mindanao regions decreases

EXCEPT for northern Mindanao and Caraga, inflation rates in four Mindanao regions slowed down in October, data released by the Philippine Statistics Authority (PSA) on Tuesday showed.

The Autonomous Region in Muslim Mindanao (Armm), which currently holds the highest inflation among the six Mindanao regions, had recorded the biggest decline with 8.3 percent in October from nine percent in September.

The Soccsksargen recorded 7.9 percent in October from 8.2 percent in September; Davao Region with 7.8 percent from 7.9 percent; and Zamboanga Peninsula with 7.6 percent from 7.7 percent.

Inflation in northern Mindanao and Caraga grew by 7.6 percent and 6.2 percent in October, respectively, from 6.9 percent and 6.1 percent in September.

The Bicol region’s inflation rate stood at 9.9 percent, the highest among the country’s 17 regions, and central Luzon’s was the lowest at 4.4 percent in October.

The headline inflation for the month of October remained at 6.7 percent. Higher annual increases were observed in the indices of the following commodity groups: housing, water, electricity, gas, 4.8 percent; furnishing, household equipment and routine maintenance of the house, 3.7 percent; health, 4.3 percent; transport, 8.8 percent; recreation and culture, 3.1 percent; and restaurant and miscellaneous goods and services, 4.2 percent.

The PSA added that slowdowns in the annual increments were seen in the indices of food and non-alcoholic beverages at 9.4 percent and alcoholic beverages and tobacco, 21.6 percent.

Presidential spokesperson Salavador Panel told reporters during a press briefing in Malacañang Palace on Tuesday that the recent inflation figures might be the result of the measures undertaken by the Department of Finance, Department of Agriculture, and Department of Trade and Industry.

“The government hopes that it will not go up and hopefully it should go down,” he said. “The Department of Finance said that they will be reducing the expenditure of the government among others,” he said. (Antonio Colina IV of Mindanews)

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