In Cagayan de Oro City, the inflation rate in Northern Mindanao decreased to 2.6% in December 2024, a significant drop from the 4.8% recorded in December of the previous year, according to the Philippine Statistics Authority (PSA). Janith Aves, Director of PSA 10, announced during a press conference that the region’s inflation averaged at 3.7% throughout 2024, indicating a stabilization in price levels over the year. Aves noted a clear reduction in the rate of price increases compared to the previous year. Additionally, Mylah Faye Aurora Cariño, Director of the National Economic and Development Authority 10, pointed out that Northern Mindanao was the ninth fastest-growing economy in the Philippines and the second in Mindanao for the year 2023.
