CAMIGUIN (PIA)--The inflation rate in the province of Camiguin was down to 7.2 percent in May 2023 and it fell for the third straight month in May as it decelerated further from 8.2 percent in April 2023.

Inflation in the province averaged 8.5 percent for 2023.

The provinces of Misamis Oriental, Lanao del Norte, and Bukidnon also recorded decreased inflation rates during the month of May 2023. The provinces of Camiguin and Misamis Oriental had the highest registered inflation rates, both at 7.2 percent.

Meanwhile, the province of Misamis Occidental recorded an increased inflation rate of 7.1 percent in May 2023, up from 7.0 percent in April 2023.

The slower increase in prices of goods and services in the province was primarily due to the slower annual increase on the year-on-year growth in the heavily weighted food and non-alcoholic beverages index at 10.0 percent from 10.9 percent in April 2023, or a 0.9 percentage point difference.

Further, lower annual increments were noted in the indices of the following commodity groups in May 2023: alcoholic beverages and tobacco, 8.6 percent; housing, water, electricity, gas, and other fuels, 5.5 percent; furnishings, household equipment, and routine household maintenance, 2.5 percent; health, 0.4 percent; transport, 2.6 percent; information and communication, 0.0 percent; and recreation, sports, and culture, 4.5 percent. 

On the other hand, higher annual increments were observed in the indices of clothing and footwear (3.3%), restaurants and accommodation services (18.7%), personal care, and miscellaneous, goods and services (6.3%). 

The indices of education services retained their recorded rate in April 2023 for May 2023 at 1.3 percent, while the financial services index recorded a zero percent annual inflation rate. 

In May 2023, certain food commodity groups registered higher annual increases. Rice recorded an increase of 1.0 percentage point as it registered an inflation rate of 5.8 percent in May 2023, up from 4.8 percent in April 2023. In addition, flour, bread and other bakery products, pasta products, and other cereals were up by 0.4 percentage point in May 2023 as they registered 13.3 percent inflation, up from 12.9 percent in April 2023. 

The observed slower growth rate of the food and non-alcoholic beverages index was primarily caused by the lower annual increments in the following commodity groups: meat and other parts of slaughtered land animals, 16.0 percent; oils and fats, 8.9 percent; fruits and nuts, 8.6 percent; Vegetables, tubers, plantains, cooking bananas, and pulses, 14.7 percent; sugar, confectionery, and desserts, 30.4 percent; and ready-made food and other food products, n.e.c., 3.3 percent. (PSA Camiguin/PIA-10/Camiguin)