Northern Mindanao Reports Decrease in April 2024 Inflation Rate

NORTHERN MINDANAO — The inflation rate in Northern Mindanao fell to 4.5 percent in April 2024, marking a decrease from the 6.4 percent recorded during the same period in 2023, according to the latest data released by the Philippine Statistics Authority Region 10 (PSA-10).

According to Philippines News Agency, officer-in-charge at PSA-10, the main contributors to the inflation rate in April were food and non-alcoholic beverages, followed by the transport sector, and then furnishings, household equipment, and routine household maintenance. Despite the decrease year over year, the inflation rate saw a slight increase from the previous month's rate of 3.9 percent. Additionally, the Department of Trade and Industry-10 (DTI-10) is responding to the inflation trends by intensifying its efforts to alleviate the impact on consumers. Blessie Cimacio, a planning officer at DTI-10, announced that the "Diskwento (Discount) Caravan" would be part of the upcoming 'Bagong Pilipinas Serbisyo (New Philippines Service)' Fair on May 16-17. The event will feature manufacturers selling goods at reduced prices to help manage the cost of living for residents.