CAMIGUIN (PIA)--The inflation rate in the province of Camiguin slowed down to 8.6 percent in March 2023 from 9.3 percent in February 2023.

Inflation during the first three months of the year averaged 9.0 percent.

The inflation rate in the province of Camiguin remained the highest in the Northern Mindanao region. The province of Lanao del Norte follows, even though it exhibited a lower annual increment in March 2023 at 6.1 percent, down from 8.4 percent in February 2023.

Meanwhile, the provinces of Bukidnon and Misamis Occidental retained their February 2023 reported inflation rates in March 2023 at 8.5 percent and 7.6 percent, respectively. 

On the other hand, the province of Misamis Oriental recorded an inflation rate of 8.3 percent in March 2023, up from 8.2 percent in February 2023, an increase of 0.1 percentage points.

The slower inflation in Camiguin for the month of March was mainly brought about by the lower hike on the year-on-year growth in the index of food and non-alcoholic beverages at 11.7 percent from 12.8 percent in February 2023, or a 1.1 percentage point difference. 

In addition, slower annual increases were observed in the indices of the following commodity groups in March 2023: clothing and footwear, 3.2 percent; furnishings, household equipment, and routine maintenance of the house, 2.4 percent; health, 1.4 percent; transport, 4.9 percent; and recreation, sports, and culture, 4.9 percent.

On the other hand, higher annual hikes were noted in the indices for alcoholic beverages and tobacco at 11.2 percent, housing, water, electricity, gas, and other fuels at 7.2 percent, and restaurants and accommodation services at 18.5 percent. 

The indices of information and communication, education services, personal care, and miscellaneous goods and services had retained their recorded rates in February 2023 for March 2023 at 0.1 percent, 1.1 percent, and 5.8 percent, respectively, while the financial services index recorded a zero percent annual inflation rate.

The observed slower annual growth rate of the food index in March 2023 was primarily caused by the lower annual increments in the following food commodity groups: cereals at 5.5 percent, rice at 5.5 percent, and flour, bread and other bakery products, pasta products, and other cereals at 11.1 percent, down from 6.5 percent, 6.5 percent, and 11.6 percent respectively in February 2023.

Also, the following food and non-alcoholic beverage indices registered slower annual increases during the month of March 2023: fish and other seafood (4.4%), oils and fats (9.0%), vegetables, tubers, cooking bananas, and pulses (19.4%), sugar, confectionery, and desserts (33.6%), and ready-made food and other food products not elsewhere classified (4.0%).

The following food group indices, on the other hand, recorded an increase in March 2023: Meat and other parts of slaughtered land animals, 20.1 percent; milk and other daily products and eggs, 20.1 percent; and fruits and nuts, 9.3 percent. (PSA-Camiguin/PIA-10/Camiguin)