Northern mindanao: The inflation rate in the Northern Mindanao Region has continued to decline by the end of July this year, according to a report by the Philippine Statistics Authority (PSA) on Wednesday.

According to Philippines News Agency, in a briefing, PSA Northern Mindanao Director Janith Aves stated that the July inflation rate closed at 6.4 percent, compared with 7.0 percent in June of the same year. She emphasized that the decline in inflation for this year began in April, when it was recorded at 8.2 percent, while January remains the lowest at 1.5 percent.

"Food and non-alcoholic beverages were the top contributors to the drop in inflation in July, with cereals and cereal products as major contributors," Aves explained. She also noted that fish and other seafood contributed to the food and non-alcoholic beverages category with a rate of 6.7 percent.

Other significant contributors include the transport sector, which holds a 24 percent share in the inflation rate decrease, and housing, water, electricity, gas, and other fuels, which account for an 18.9 percent share.