The province of Romblon experienced an acceleration in its year-on-year inflation rate, reaching 7.1% in June 2023 compared to 6.9% in May. The increase in various commodity groups contributed to the rise in inflation last month.
According to Philippine Statistics Authority – Romblon, among the commodity groups that significantly affected the inflation rate were Restaurant and Accommodation Services, which saw a 16% increase. Personal Care and Miscellaneous Goods and Services followed closely at 9.5%, while Recreation, Sports, and Culture registered an 8.2% increase. The Health sector also played a role, contributing a 1.3% increase to the overall inflation rate.
Additionally, Alcoholic Beverages and Tobacco experienced a notable increase of 19.5%, while Clothing and Footwear rose by 11.5%. Furnishings, Household Equipment, and Routine Maintenance of the House showed a 10.5% increase, and Food and Non-Alcoholic Beverages recorded a 9.3% increase.
The rise in inflation rate reflects the changing prices of goods and services, impacting the cost of living for the residents of Romblon.
According to the provincial government, they are closely monitoring these developments to ensure that appropriate measures are taken to mitigate the effects of inflation on the local economy.