INFLATION REPORT. Dr. Janith Aves, the Philippine Statistic Authority-Northern Mindanao officer-in-charge, explains the inflation rate for December 2023. In a report Wednesday (Jan. 24, 2024), Aves bares that the region still has a lower inflation rate during the holiday season. (PNA photo by Nef Luczon)
CAGAYAN DE ORO CITY – The inflation rate in Bukidnon province of Bukidnon and this city increased in December 2023, but the overall regional rate in Northern Mindanao remained low.
Dr. Janith Aves, Philippine Statistic Authority-Northern Mindanao (PSA-10) officer-in-charge, said Bukidnon had an inflation of 12 percent last month, compared to the 9.2 percent in December 2022.
In the same rating period, Aves said this city registered a 12.6 percent inflation, but is lower compared to the previous year's 13.3 percent.
"When we say there is a lower inflation rate, it does not mean the prices of commodities instantly became lower, but it means the increasing of prices has slowed," Aves said in a report Wednesday.
Of the five provinces and two chartered cities in the region, this city had the highest inflation rate, while Misamis Occidental had the lowest with 2.8 percent from last month's rating.
For the Northern Mindanao region, the regional inflation rate in Dec. 2023 was 4.8 percent, compared to the Dec. 2022 rate of 7.8 percent. (PNA)
