CAMIGUIN (PIA) -- The inflation rate in the province of Camiguin continued its deceleration, easing to 3.5 percent in January 2024 from 3.7 percent in December 2023. This development contributes to the province's year-to-date inflation, which now stands at 3.5 percent. 

The five provinces in northern Mindanao continue to see a decrease in their inflation rates in January 2024, with Lanao del Norte recording the highest decrease of 3.2 percentage points, bringing its inflation rate to 2.8 percent in January 2024, down from 6.0 percent in December 2023. Moreover, Misamis Occidental recorded the lowest inflation rate at 0.2 percent, reflecting a decrease of 2.7 percentage points from the previous month.

Furthermore, in January 2024, Camiguin, Bukidnon, and Misamis Oriental also posted lower inflation rates at 3.5 percent, 5.2 percent, and 3.4 percent, respectively. These figures mark a decrease from their inflation rates in December 2023, which stood at 3.7 percent, 6.3 percent, and 5.1 percent, respectively. 

The financial services sector experienced a decline from 0 percent in December to -11.1 percent in January, which was the main factor in the province's lower inflation rate. This represents a contraction of 11.1 percentage points within the month.

Additionally, various other groups also observed a decline in their annual inflation rates during January 2024 including
alcoholic beverages and tobacco, 10.2 percent, from 10.8 percent; housing, water, electricity, gas, and other fuels, -2.1 percent, from 0.5 percent; recreation, sports, and culture, 2.0 percent, from 2.6 percent; restaurants and accommodation services, 0.5 percent, from 2.3 percent; personal care and miscellaneous goods and services, 2.1 percent, from 3.2 percent.In comparison, higher inflation rates were observed in several indices. Notably, the index for clothing and footwear increased to 3.4 percent, up by 2.2 percentage points compared to December. Similarly, food and non-alcoholic beverages experienced a rise to 8.9 percent, marking a 0.5 percentage point increase from the previous month.

Other commodities registering higher inflation rates in December 2023 include furnishings, household equipment, and routine maintenance of the house at 3.3 percent, health at 1.7 percent, and education services at 0.7 percent. Transport also saw an increase to -7.1 percent from -7.8 percent. Meanwhile, the information and communication indices retained a zero percent increase. maintaining a 0.3 percent inflation rate. 

The monthly inflation rate fell by -11.1 percent in January 2024, which was primarily responsible for the sector's deceleration. Additionally, a -1.6 percent decrease in food and beverage serving services had an impact on the lower inflation rate in restaurant and lodging services.

In contrast, the increased inflation in clothing and footwear was primarily attributed to an accelerated monthly inflation rate in footwear, which is 5.2 percent. (PSA Camiguin/PIA-10/Camiguin)