The Philippine Statistics Authority (PSA) – Romblon reported that the year-on-year inflation rate in Romblon increased to 6.9% in May 2023, compared to the 6.8% inflation rate recorded in the previous month.
Compared to May 2022, when the inflation rate was only 3.7%, the current inflation rate reflects a significant price increase in the province.
The Mimaropa region, which includes Romblon, experienced an inflation rate of 8.4% for the same period.
PSA-Romblon attributed the inflationary pressure to high price increases in certain commodity groups. Alcoholic beverages and tobacco registered the highest growth with 18.3%, followed by clothing and footwear with 9.4%. Furniture and household equipment also significantly increased 8.8%, while transportation costs rose by 1.3%.
Other categories that experienced notable price hikes include recreation, sports, and culture with a 7.4% increase, restaurants and accommodation services with a 15.1% increase, and personal care and miscellaneous goods and services with an 8.7% increase.
The rise in inflation indicates that the prices of goods and services in Romblon have increased at a faster rate, putting additional pressure on consumers' purchasing power.
