Ben Madilynn
THE region’s inflation rate has slowed down to 4.2 percent in August 2024, the Philippine Statistics Authority (PSA) in Northern Mindanao reported.
According to PSA-10 officer-in-charge Janith Aves, the inflation rate dropped from 5.7 percent in July of this year to 4.2 percent, marking a decrease of 1.5 percent.
Aves said the decline was due to price reductions in food, non-alcoholic beverages, transportation, and education services.
In particular, the cereals and cereal products recorded an inflation of 16 percent with rice as the main contributor. Vegetables, tubers, plantains, cooking bananas and pulses registered an inflation of negative 1.1 percent, with cabbage as the major contributor.
Fish and other seafood also recorded an inflation of negative 2.2 percent, with the galunggong as the major contributor.
Aves also mentioned the reductions in inflation for gasoline, which caused the slowdown in inflation in the transport sector, recording a negative 3.8 percent from 6.8 percent in July. Diesel, on the other hand, is at now at 16 percent from 21.7 percent in the previous month. Other road passenger transport by road also dropped to 3.9 percent.
Similarly, an inflation decline in the education services was noted across various subcategories, including tertiary education, which had an inflation rate of 4.3 percent, secondary education at negative 0.6 percent, and review classes for professional and licensure examinations at 8.7 percent.
Meanwhile, in Northern Mindanao, only Camiguin posted an increase in inflation from 4.1 percent in July to five percent in August.
However, the highest inflation rate in August in the region was recorded in Bukidnon at 5.8 percent. The lowest inflation rate recorded was in Iligan City at 1.7 percent. (SunStar Philippines)
