REGIONAL inflation decreased to 2.6 percent in December 2024 from 2.7 percent in the previous month.
The inflation rate in December 2023 was higher at 4.8 percent.
Month-on-month, inflation was higher in December 2024 in the following commodity
groups:
a. housing, water, electricity, gas and other fuels at 2.1 percent;
b. furnishings, household equipment, and routine household maintenance
at 5.5 percent;
C. transport at 5.0 percent;
d. information and communication at 0.1 percent;
e. recreation, sports, and culture at 4.0 pper and
f. personal care, and miscellaneous goods and services at 2.7 percent.
On the other hand, slowdowns were observed in the inflation of the following commodity groups: food and non-alcoholic beverages at 1.8 percent; alcoholic beverages and tobacco at 7.7 percent; and health at 5.6 percent.
Further, clothing and footwear, education services, restaurants and accommodation
services and financial services had unchanged inflation rates.
Food and non-alcoholic beverages with 97.3 percent share was the major contributor to the downtrend of inflation in December 2024.
Regional food inflation decelerated to 1.7 percent from 3,1 percent in the previous month.
Likewise, the regional food inflation in December 2024 was slower than the
recorded food inflation a year ago at 9.6 percent.
The inflation rates of the following sub-classes under the food commodity group decreased in December 2024 when compared to the previous month: cereals and cereal products at 2.2 percent; meat and other pats of slaughtered land animals at 1.3 percent; milk, other dairy products, and eggs at 6.1 percent, and fruits and nuts
at 16.8 percent.
On the other hand, accelerated inflation rates were observed in the following:
a. fish and other seafood at -2.6 percent;
b. oils and fats at 1.1 percent;
c. vegetables, tubers, plantains, cooking bananas and pulses at -1.4 percent;
d. sugar, confectionery and desserts at -1.9 percent, and
e. ready-made food and other food products at 3.6 percent.
Moreover, the inflation of cereals decelerated in December 2024 at 2.6 percent while
flour, bread and other bakery products, pasta products, and other cereals accelerated at 0.1 percent compared to the previous month. Further, the inflation of rice and corn
decelerated to 1.3 percent and 8.8 percent, respectively.
Cereals and cereal products (86.4 percent) was the major contributor to the downtrend of
inflation of the food commodity group.
The provinces of Camiguin (3.4 percent), Misamis Occidental (2.9 percent) and Misamis
Oriental (4.5 percent) recorded higher inflation rates in December 2024 compared to the
previous month.
Year-on-year, all the provinces and highly urbanized cities except for Misamis Occidental had lower inflation rates compared to December 2023.
Cagayan de Oro City (73.7 percent) is the major contributor to the downtrend of the regional
inflation in December 2024.
The provinces of Bukidnon (-0.2 percent), Camiguin (0.4 percent), Lanao del Norte (0.6 percent) and Cagayan de Oro City (0.7 percent) had decelerated food inflation rates in December 2024 compared to the previous month.
Year-on-year, only Misamis Occidental had higher food inflation rates compared to December 2023.
Further, Cagayan de Oro City (57.2 percent) had the largest contribution to the downtrend of the regional food inflation.
Normin inflation decreases only at 0.1 percent
