1. Caraga

The headline inflation in Caraga continued its uptrend as it accelerated further to 8.3 percent in February 2023, from 8.1 percent in January 2023 and 3.4 percent in February 2022. The average inflation from January to February 2023 was posted at 8.2 percent. (Table A and B and Figure 1)

The higher inflation in the region was mainly brought by the faster year-on-year growth rate in the index of housing, water, electricity, gas, and other fuels at 11.6 percent, from 10.2 percent in the previous month. This was followed by furnishings, household equipment, and routine household maintenance whose inflation rate accelerated to 3.2 percent, from 2.3 percent in the previous month, and personal care, and miscellaneous goods and services at 3.8 percent, from 3.2 percent in January 2023. Also contributing to the uptrend in the overall inflation during the period were the higher increments in the indices of the following commodity groups as compared with their previous month’s inflation rates:

1. Alcoholic beverages and tobacco, 10.5 percent;

2. Clothing and footwear, 2.9 percent;

3. Health, 2.2 percent;

4. Information and communication, 0.7 percent; and

5. Recreation, sport and culture, 4.2 percent;

Further, the same inflation rate as the previous month’s rate was recorded in the indices of the following commodity groups:

1. Education services, 3.5 percent; and

2. Financial services, 0.0 percent.

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

For food index, it decreased to 10.5 percent in February 2023, from 10.8 percent in January 2023 and 3.4 percent in February 2022. The deceleration in the food inflation was primarily influenced by the lower annual growth in rice index at -0.1 percent, from 1.5 percent in the previous month. (Table D)

Further, the following food groups have lower increments during the month: 

1.        Meat and other parts of slaughtered land animals, 12.8 percent;

2.        Oils and fats, 10.2 percent;

3.        Vegetables, tubers, plantains, cooking bananas, and pulses, 30.4 percent; and

4.        Sugar, confectionary, and desserts, 41.7 percent.

   1.       Corn, 14.9 percent;

On the contrary, the following food groups recorded a higher annual increase compared to the previous month’s inflation:

1.       Flour, bread and other bakery products, pasta products, and other cereals, 8.8 percent;

2.       Fish and other seafood, 11.3 percent;

3.      Milk, other dairy products, and eggs, 5.4 percent;

4.      Fruits and nuts, 11.7 percent; and

Ready-made food and other food products n.e.c., 9.0 percent

2. Provinces and HUC

In comparison with their annual growth rates in January 2023, the provinces of Surigao del Sur, and the Province of Dinagat Islands registered a deceleration in their inflation rates during the reference month. On the contrary, Agusan del Norte, Agusan del Sur, and Surigao del Norte’s inflation rates accelerated to 6.9 percent, 9.2 percent, and 8.6 percent, respectively. 

In Caraga, the Province of Agusan del Sur registered the highest inflation rate at 9.2 percent while Agusan del Norte registered the lowest inflation rate at 6.9 percent in February 2023. Meanwhile, Butuan City’s inflation rate remained at 7.3 percent during the reference month.  (Table A)

Note:

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.
Regional Director

PSA RSSO XIII (Caraga)