Caraga posts 8.3% inflation rate in February

Caraga posts 8.3% inflation rate in February

BUTUAN CITY – The Philippine Statistics Authority in the Caraga Region (PSA-13) reported that inflation rate in the region slightly increased to 8.3% in February from 8.1% in January this year.

PSA-13 said the higher inflation rate last month was caused by the faster year-on-year growth rate in the index of housing, water, electricity, gas, and other fuels at 11.6%, from 10.2% in the previous month.

Increased inflation rate in furnishings, household equipment, and routine household was also recorded last month at 3.2% from 2.3% in the previous month.

The agency also noted increases in inflation on personal care and miscellaneous goods and services recorded at 3.8% in February from 3.2% in January 2023.

“Another factor in the inflation uptrend during the period was the higher increments in the indices of certain commodity groups as compared with their previous month’s inflation rates,” the PSA-13 said.

 The commodity groups included alcoholic beverages and tobacco at 0.5%; clothing and footwear at 2.9%; health at 2.2%; information and communication at 0.7%; and recreation, sports, and culture at 4.2%.

On the other hand, a lower year-on-year growth rate was also noted in the index of transport at 3.7% and restaurants and accommodation services at 7.1% in the region during the period.

Food index also decreased to 10.5% in February 2023, from 10.8% in January 2023 and 3.4% in February 2022.

“The deceleration in the food inflation was primarily influenced by the lower annual growth in rice index at -0.1%, from 1.5% in the previous month,” the PSA-13 said.

Lower increments were also recorded last month in meat and other parts of slaughtered land animals at 12.8%; oils and fats at 10.2%; vegetables, tubers, plantains, cooking bananas, and pulses at 30.4%; and sugar, confectionery, and desserts at 41.7%.

Stable prices

Meanwhile, the Department of Agriculture in the Caraga Region (DA-13) reported stable prices of agricultural products in this city.

The report is based on the latest monitoring of prices at the Mayor Salvador Calo Public Market here from March 19 to 23.

No changes in the prices of local commercial rice in the market were monitored during the period including the well-milled and regular-milled rice.

The price of the imported premium rice remained at PHP45 while a decrease in the price of well-milled imported rice was noted from PHP45 per kilo last week to PHP44 this week.

Prices of pork products remained still in the last two weeks, except for pork ribs which increased from PHP300 to PHP320 per kilo. Whole-dressed chicken also went down from PHP215 per kilo last week to PHP210 this week.

For vegetable products, no major price changes were monitored except for onions which went down to PHP140 from PHP180 per kilo last week. (PNA)

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