The headline inflation in Caraga increased to 4.4 percent in August 2023, from 3.8 percent in July 2023. This brings the regional average inflation from January to August 2023 to 6.0 percent. In August 2022, the inflation rate was higher at 7.5 percent. (Table A and B and Figure 1)
Among the 13 commodity groups, the uptrend of the overall inflation in August 2023 was primarily influenced by the higher year-on-year increase in the heavily-weighted food and non-alcoholic beverages at 6.1 percent from 4.4 percent in the previous month. This was followed by transport with an inflation rate of -1.8 percent from -7.3 percent in the previous month. The third primary driver in the uptrend of headline inflation in August 2023 was clothing and footwear, which recorded a 4.7 percent inflation rate from 4.5 percent in July 2023.
Compared with their previous month’s inflation rates, faster annual increments were also noted in the indices of the following commodity groups during the month:
- Furnishings, household equipment and routine household maintenance, 3.5 percent;
- Recreation, sport and culture, 6.3 percent; and
- Personal care and miscellaneous goods and services, 5.9 percent.
In contrast, lower inflation rates were observed in the following commodity groups during the month:
- Alcoholic beverages and tobacco, 8.9 percent;
- Housing, water, electricity, gas and other fuels, 4.0 percent;
- Health, 1.2 percent;
- Information and communication, 0.4 percent;
- Education services, 0.3 percent; and
- Restaurants and accommodation services, 4.1 percent.
Meanwhile, the index for financial services remained at zero percent. (Table C)
Food inflation at the regional level also rose to 6.1 percent in August 2023, from 4.4 percent in July 2023. In August 2022, food inflation was also higher at 8.9 percent.
The acceleration of the food inflation was primarily influenced by the higher year-on-year growth rate observed in rice at 11.3 percent, from 3.3 percent in the previous month. This was followed by vegetables, tubers, plantains, cooking bananas and pulses with an inflation rate of 10.7 percent during the month, from 8.2 percent in July 2023. In addition, faster annual increments were noted in fish and other seafood at 3.1 percent in August 2023, from 2.4 percent in the previous month. (Table D)
Meanwhile, compared with their previous month’s inflation rates, lower year-on-year growth rates were observed in the indices of the following food groups:
- Corn, 10.6 percent;
- Flour, bread and other bakery products, pasta products, and other cereals, 6.8 percent;
- Meat and other parts of slaughtered land animals, 0.9 percent;
- Milk, other dairy products and eggs, 5.3 percent;
- Oils and fats, 2.0 percent;
- Fruits and nuts, 1.7 percent;
- Sugar, confectionery and desserts, 11.1 percent; and
- Ready-made food and other food products n.e.c., 7.1 percent.
2. Provinces and Highly Urbanized City (HUC)
In Caraga, the inflation rates of all provinces and one HUC accelerated during the reference month. Among the provinces, Agusan del Sur registered the highest inflation rate at 6.0 percent while Agusan del Norte registered the lowest inflation rate at 2.2 percent. (Table A)
CPIs and inflation rates by province and selected city are posted on the PSA website (http://openstat.psa.gov.ph/).
(Sgd.)ROSALINDA C. APURA, D.M.
PSA RSSO XIII (Caraga)