CAGAYAN DE ORO CITY – Inflation accelerated for the second time this year, driven by faster increases in food and non-alcoholic beverages, transport, and information and communication
Chief Statistical Specialist Sarah Balagbis of Philippine Statistics Authority (PSA)-10 said the regional headline inflation or the rate of change of the average prices of goods and services in the region accelerated at 6.7 percent in September 2023, faster than the 5.0 percent in August 2023.
Balagbis cited food and non-alcoholic beverages as the main drivers of the uptrend in overall inflation, as the commodity group registered a higher inflation rate of 13.2 percent in September from 9.1 percent the previous month. The said commodity group contributed 83.5 percent share in the overall inflation.
“The main source of the 4.1 percentage points increase of inflation in food and non-alcoholic beverages was cereals and cereal products with an inflation of 23.1 percent in September, from 9.5 percent in August, with rice as the primary source of acceleration.
The increase in food inflation was also attributed to vegetables, tubers, plantains, cooking bananas, and pulses at 24.7 percent inflation, with onion as the major contributor, and fish and other seafood at 7.1 percent, with dried fish as the main contributor.
Transport also pushed the inflation rate up as the commodity group registered 0.0 percent in September from -1.5 percent in August.
Accordingly, the major sources of inflation of transport were gasoline, which posted a slower decrease of prices at -4.4 percent in September 2023 from -10.8 percent inflation in August, and diesel, which also posted a slower drop of prices at -14.6 percent in September from -16.9 percent in August.
Balagbis further said that all the provinces and highly urbanized cities in the region posted faster increases in prices in September, with Lanao del Norte registering the highest inflation rate at 9.1 percent, followed by Bukidnon at 8.7 percent and Misamis Oriental at 7.3 percent.
On the other hand, Cagayan de Oro City registered the lowest inflation at 4.7 percent.
Given the latest inflation result, the government vowed to continue implementing measures to respond to rising prices.
Department of Trade and Industry (DTI)-10 Planning Officer Blessie Cimacio said they would continue their regular price monitoring for basic necessities and prime commodities (BNPCs) throughout the region. We will ensure that the prices of our goods are within the suggested retail prices,” she said.
Patrick Ian Pedarse, chief of the Department of Agriculture (DA) -10’s Administrative and Finance Division, said that aside from the interventions to boost the production of corn and rice, DA-10 is also conducting an allium derby to cushion the effect of inflation on our onions. (APB/PIA-10)