CAMIGUIN (PIA)--The inflation rate in the Province of Camiguin continued to move slower as it decelerated further to 5.9 percent in June 2023, down by 1.3 percentage points from 7.2 percent in May 2023.
This is the fourth straight month of deceleration and the lowest recorded inflation since 2023. The inflation rate in the province averaged 8.0 percent for the year 2023.
All five provinces across the northern Mindanao region exhibited decreased inflation rates during the month of June 2023. Although the province of Bukidnon recorded the highest inflation rate of 6.5 percent in June 2023, it was down by 0.3 percentage points from 6.8 percent in May 2023.
Meanwhile, the province of Lanao del Norte recorded the lowest at 4.8 percent in June 2023, which was also down by 0.4 percentage points in May 2023. The provinces of Misamis Occidental and Misamis Oriental recorded lower inflation rates of 4.9 percent and 6.1 percent, respectively.
The heavily weighted food and non-alcoholic beverages index's slower annual growth, which increased to 8.5 percent from 10.0 percent in June 2023, or a 1.5 percentage point difference, was the main factor in the province's inflation rate's downward trend.
Also, lower annual increments were noted in the indices of the following commodity groups in June 2023: alcoholic beverages and tobacco, 7.0 percent; clothing and footwear, 2.6 percent; housing, water, electricity, gas, and other fuels, 5.1 percent; furnishings, household equipment and routine household maintenance, 2.0 percent;
Health, 0.3 percent; transport, -0.7 percent; recreation, sports, and culture, 3.8 percent; restaurants and accommodation services; 14.8 percent; and personal care, and miscellaneous, goods and services (6.3%).
On the other hand, the information and communication index retained its recorded rate in May 2023 for June 2023 at 1.3 percent, while the indices of information and communication, and financial services recorded a zero percent annual inflation rate in June 2023.
While the inflation rate of the food and non-alcoholic beverages index in June 2023 decelerated, the food indices of flour, bread and other bakery products, pasta products, and other cereals were up by 1.3 percentage points in June 2023 as they registered 14.6 percent inflation, from 13.3 percent in May 2023, and vegetables, tubers, plantains, cooking bananas, and pulses increased by 0.2 percentage point as they recorded an inflation rate of 14.9 percent in June 2023, from 14.7 percent in May 2023.
The lower annual increments in the following commodity groups were the main cause of the food and non-alcoholic beverages index's observed slower growth rate: rice, 4.6 percent; meat and other parts of slaughtered land animals, 13.2 percent; fish and other seafood, -2.1 percent.
Milk, other dairy products, and eggs, 17.5 percent; oils and fats, 6.9 percent; fruits and nuts, 5.0 percent; sugar, confectionery, and desserts, 26.5 percent; and ready-made food and other food products, n.e.c., 1.5 percent. (PSA Camiguin/PIA-10/Camiguin)
