Inflation in 4 Mindanao regions decreases

DAVAO CITY (MindaNews / 6 Nov) – Except for Northern Mindanao and Caraga, inflation rates in four Mindanao regions had slowed down in October 2018, a data released by the Philippine Statistics Authority (PSA) on Tuesday showed.

Rice prices in Davao City in early October 2018. MindaNews file photo by BOBBY TIMONERA

The Autonomous Region in Muslim Mindanao (ARMM), which currently holds the highest inflation among the six Mindanao regions, had recorded the biggest decline with 8.3% in October from 9% in September.

The Soccsksargen recorded 7.9% in October from 8.2% in September; Davao Region with 7.8% from 7.9%; and Zamboanga Peninsula with 7.6% from 7.7%.

Inflation in Northern Mindanao and Caraga grew by 7.6% and 6.2% in October, respectively, from 6.9% and 6.1% in September.

The Bicol Region’s inflation rate stood at 9.9%, the highest among the country’s 17 regions, and Central Luzon’s was the lowest at 4.4% in October.

The headline inflation for the month of October remained at 6.7%. Higher annual increases were observed in the indices of the following commodity groups: housing, water, electricity, gas, 4.8%; furnishing, household equipment and routine maintenance of the house, 3.7%; health, 4.3%; transport, 8.8%; recreation and culture, 3.1%; and restaurant and miscellaneous goods and services, 4.2%.

The PSA added that slowdowns in the annual increments were seen in the indices of food and non-alcoholic beverages at 9.4% and alcoholic beverages and tobacco, 21.6%.

Presidential spokesperson Salavador Panel told reporters during a press briefing in Malacañang Palace on Tuesday that the recent inflation figures might be the result of the measures undertaken by the Department of Finance, Department of Agriculture, and Department of Trade and Industry.

The government hopes that it will not go up and hopefully it should go down,” he said. “The Department of Finance said that they will be reducing the expenditure of the government among others,” he said. (Antonio L. Colina IV / MindaNews)