SOURCE: PIA 10
The economic climate in Northern Mindanao is witnessing a significant shift with the inflation rate dropping to 3.1 percent in January. This downward trend presents a 1.7 percentage point decline from the previously noted 4.8 percent in December 2023.
This downward shift in the inflation rate is largely due to the reduced price increases of food commodities. The food and non-alcoholic beverages sector bear witness to this, with a dip in the inflation rate from 9.2 percent down to 5.7 percent.
According to Janith Aves, Officer-in-Charge of PSA-10, the main contributors to this decrease are vegetables, tubers, plantains, cooking bananas, and pulses, with onions leading the pack, showcasing an inflation rate drop from 9.5 percent to -6.9 percent.
Additionally, Aves pointed out that prices of fish, other seafood, meat, and parts of slaughtered land animals also saw a decrease during January.
Further contributors to the deceleration of inflation were found in the Housing, Water, Electricity, Gas, and Other Fuels sector, where inflation dropped from 0.6 percent to -0.2 percent.
Personal Care and Miscellaneous Goods and Services also added to the positive economic shift, with a declining inflation rate from 5.1 percent to 3.5 percent.
The Department of Agriculture (DA)-10 has committed to monitor the situation closely and provide guidance to farmers on productivity concerns.
Supervising Agriculturist Ferdinand Caraballe emphasized the need to enhance local farmers' production through the use of modern technology, mechanization, digitalization, and hybrid crops.
Oro Chamber's Executive Director, Queritess Queja, highlighted the private sector's commitment to aligning workers' salaries with economic conditions, actively participating in wage discussions.
Recognizing international benchmarks, Queja stressed the importance of making essential items, especially food, affordable and accessible, with initiatives to localize raw materials to reduce product prices.
No comments:
Post a Comment