CAGAYAN DE ORO CITY (PIA)–The Philippine Statistics Authority (PSA-10) reported that among the provinces and highly urbanized cities of Northern Mindanao, Cagayan de Oro scored the lowest inflation rate at 7.5% in February 2023.
On the other hand, Camiguin province registered the highest inflation rate at 9.3%.
“Ang inflation is about ang kapaspas sa pagtaas sa presyo sa basic na commodities (Inflation is about the rate at how fast the prices of basic commodities increase),” Dr. Janith Aves, PSA-10 OIC, said in a press conference, March 30.
Overall, Aves said the regional inflation rate in February decelerated to 8.0 percent from 8.4 percent in January.
She said the top three main contributors to the decrease in inflation were transportation (42.3%), food and non-alcoholic beverages (37.2%), and restaurants and accommodation services (18.1%).
The inflation rates stayed the same for housing, water, electricity, gas, and other fuels, education services, and financial services.
Meanwhile. Department of Trade and Industry (DTI)-10 representative Blessie Cimacio assured DTI’s active participation in helping decrease inflation through interventions like decreasing transportation costs and logistics costs of commodities.
“We also partner with the Board of Investment and other agencies. We conduct diskwento caravans and participate in the Kadiwa program of DA to provide basic goods at affordable prices para sa atong mga konsumante (for our consumers),” said Cimacio.
She advised consumers to look at the “suggested retail prices” for basic necessities and prime commodities to be guided in budgeting through inflation. (TAAG/PIA-10)
####
