INFLATION RATE. The Philippine Statistics Authority in Northern Mindanao says the inflation rate of the region as of October 2022 stood at 7.2 percent. This means that the value of one peso in 2018 only has a purchasing power of 0.85 cents as of October this year, based on the consumer price index. (Image courtesy of PSA-10)
CAGAYAN DE ORO CITY – The inflation rate in Northern Mindanao Region stands at 7.2 percent, the regional Philippine Statistics Authority (PSA-10) office reported Thursday.
In a media forum, Apple Sweet Cempron, PSA-10 statistical analyst, said the rate was based on their latest computation as of last month.
The recent inflation rate is higher than the September rate which was recorded at 7.0 percent, she said.
In October last year, the region only posted a 3.8 percent inflation rate.
Cempron said the increase in the inflation rate means that the purchasing power of a peso in 2018 is now reduced to 0.85 cents as of October this year.
"The Consumer Price Index (CPI) of the region in October 2022 is PHP118.2, or you may need PHP118.20 to purchase the same set of goods and services worth PHP100 in 2018," she said.
CPI is an indicator of the change in the average retail prices of a fixed basket of goods and services commonly purchased by households relative to a base year, which PSA-10 referred to in the year 2018.
Janeth Aves, PSA-10 officer-in-charge, said the inflation rates - in simple terms - are indicators of how fast the prices of basic commodities change in the national and regional economy.
"Most of the factors in the increase of the inflation rate are the increase of food commodity prices," she said. (PNA)
