CAGAYAN DE ORO CITY – Inflation rate in Northern Mindanao increased by 1.7 percentage points in February this year at 5.2 percent from 3.5 percent inflation in the same period in 2017.
In a statement released last week, the Philippine Statistics Authority reported that this figure was also higher by 0.4 percentage compared to the previous month of January’s inflation of 4.8 percent.
Both Bukidnon and Misamis Occidental posted the highest inflation rate of 5.5 percent among the provinces, with Bukidnon showing an increase of 2.7 percentage points and Misamis Oriental’s rose at 2.5 percentage points.
The report likewise indicated that Misamis Oriental registered an accelerated inflation of 4.7 percent in February 2018 from 3.5 percent in the previous year.
Of the five provinces here, only Camiguin registered a deceleration from 5.4 percent in February 2017 to only 3.6 percent in February 18.
Coupled with that, the regional consumer price index also rose to 166.4, which means that the price of goods in February 2018 regionwide was 66.4 percent higher than it was two years ago.
With the implementation of the TRAIN law, the surge of the inflation was seen in alcoholic beverages and tobacco at 10.6 percent followed by food and non-alcoholic beverages at 6.5 percent. Housing, water, electricity, gas and other fuels also registered an inflation of 4.6 percent.
On a month-on-month basis, alcoholic beverages and tobacco registered a price increase at 1.8 percent from January 2018 levels.
With this, the real value of the peso in Northern Mindanao for February was 60 centavos, a decrease of four centavos.USINESS Inflation in Northern Mindanao continues to rise.
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