By Apipa P. Bagumbaran

CAGAYAN DE ORO CITY (PIA) — The Philippine Statistics Authority (PSA) reported a slight uptick in the inflation rate for Northern Mindanao, reaching 4.5 percent in April compared to 3.9 percent in March 2024.

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PSA-10 Officer-in-Charge Janith Aves revealed that the acceleration in regional inflation was primarily driven by increases in Food and Non-Alcoholic Beverages, rising from 6.6 percent in March to 7.9 percent in April. Similarly, Transport saw an uptick from 2.4 percent in March to 4.0 percent in April, while Furnishings, Household Equipment, and Routine Household Maintenance increased from 4.5 percent to 5.8 percent during the same period.

Specifically within the food and non-alcoholic beverages category, inflation surged for cereals and cereal products, particularly rice, which increased from 20.2 percent to 21.4 percent while fish and other seafood, primarily fresh mackerel, accelerated from -1.0 percent to 1.1 percent. 

The rise in transport prices was attributed to increases in gasoline from 0.1 to 4.1 percent, diesel from -6.0 to -2.7 percent, and other passenger transport by road from 3.9 to 4.4 percent.

Aves said the acceleration in inflation within furnishings, household equipment, and routine household maintenance was propelled by various factors including domestic services by paid staff surged from 13.0 percent in March to 14.9 percent in April. Similarly, motorized tools and equipment shifted from -19.1 to 2.2 percent, while major kitchen appliances rose from 0.2 to 2.9 percent.

Aves noted that Misamis Occidental experienced the highest increase in inflation at 1.1 percentage points, rising from 2.3 percent in March to 3.4 percent in April. Meanwhile, Bukidnon and Lanao del Norte recorded the highest inflation rate in April 2024 at 5.5 percent, while Misamis Occidental had the lowest at 3.4 percent.

Among the provinces and highly urbanized cities in the region, Aves noted that Misamis Occidental experienced the highest increase in inflation at 1.1 percentage points, rising from 2.3 percent in March to 3.4 percent in April.  

“The highest inflation rate in April 2024 was recorded in Bukidnon and Lanao del Norte at 5.5 percent while the lowest inflation rate was recorded in Misamis Occidental at 3.4 percent,” she added.

To mitigate the impact of rising food prices, the Department of Agriculture-10 will host a Kadiwa during the Bagong Pilipinas Serbisyo Fair in Cagayan de Oro City on May 16-17, 2024. The Kadiwa will offer fresh and affordable agricultural and fishery products. Rice will be among the products offered at discounted prices during the fair.

DA-10 supervising agriculturist Ferdinand Caraballe said rice would be among the products offered at lower prices during the fair. Consumers benefit from significantly lower prices as this eliminates unnecessary intermediaries in the trading cycle. 

The Department of Trade and Industry (DTI)-10 is preparing for a Diskwento Caravan during the Bagong Pilipinas Serbisyo Fair. “We have invited manufacturers that would sell goods at discounted prices,” affirmed DTI-10 planning officer Blessie Cimacio.

Cimacio emphasized that DTI is likewise intensifying its monitoring of prices for basic necessities and prime commodities within its jurisdiction. 

For consumers seeking alternative income sources or aiming to become entrepreneurs themselves, she disclosed that DTI offers several entrepreneurship and product development programs for potential entrepreneurs and MSMEs. (APB/PIA Region 10)