BUTUAN CITY – This city’s inflation rate went down to 7.4 percent in December last year, lower by 1.1 percent compared to the previous month's 8.5 percent inflation rate.

“The inflation in December 2022 in Butuan City is also higher by 1.4 percent compared to the recorded 6.0 percent inflation in December 2021,” according to the Philippine Statistics Authority in the Caraga Region (PSA-13) in a statement Tuesday.

The agency said the three commodity groups that contributed to the downward inflation trend were food and non-alcoholic beverages, transportation, and clothing and footwear.

It said food and non-food beverages recorded 8.9 percent for December 2022 from 11.6 percent in November 2022 while the transport service posted a 7.8 percent inflation rate from 8.6 percent in the previous month.

Clothing and footwear, meanwhile, also logged a lower 4 percent inflation rate from 4.4 percent in November 2022.

Other commodity groups such as health, information and communication, education services, restaurants and accommodation services, and financial services recorded steady rates during the period.

Increased inflation rates were also observed in alcoholic beverages and tobacco, housing, water, electricity, gas, and other fuels, furnishings, household equipment, routine household maintenance, recreation, sports and culture, personal care, and miscellaneous goods and services commodity groups.

The PSA-13 also took note of a decrease in food inflation in the city on December 2022 at 9.3 percent.

“It is 2.9 percent lower compared to the 12.2 percent food inflation in November 2022 and 1.3 percent lower than the recorded inflation of 10.6 percent in December 2021,” the agency aid.

Also, a decrease in the inflation rate for fish and other seafood was recorded at 2.9 percent in December 2022 from 9.4 percent in November of the same year.

On the other hand, fruits and nuts logged a 1.6 percent inflation in December 2022 from 25.9 percent in the past month; the meat and other parts of slaughtered land animals with a 23.2 percent inflation rate; rice with 1.9 percent; sugar, confectionery, and desserts at 39.3 percent; and the vegetables, tubers, plantains, cooking bananas and pulses at 12.3 percent.

Meanwhile, the food groups that recorded increased in inflation include corn at 17.9 percent; flour, bread, and other bakery products, pasta products, and other cereals, 8.6 percent; milk and other dairy products and eggs at 6.6 percent; oils and fats at 10.5 percent; and the ready-made food and other food products at 13.6 percent.

“The Purchasing Power of Peso (PPP) in Butuan City remained at PHP0.84 in December 2022, which is the same as the previous month, and PHP0.06 lower than PHP0.90 in December 2021,” the PSA-13 said. (PNA)