“Mimaropa’s headline inflation rate slowed down to 4.4 percent in December 2023, from 4.8 percent in the previous month. In the same reference month of the previous year, the index posted at 8.9 percent. The main contributors to the downtrend of inflation were food and non-alcoholic beverages, with 4.2 percent inflation; restaurants and accommodation services, with 8.0 percent inflation; and health, with 3.9 percent inflation.”
This was the statement of Philippine Statistics Authority (PSA) Mimaropa Regional Director, Leni R. Rioflorido during the virtual press conference on January 15.
In December 2023, the food inflation was recorded at 5.5 percent. The food groups which primarily contributed to the food inflation during the month were the following: cereals and cereal products, with 9.8 percent inflation; fish and other seafood at 5.6 percent inflation; and milk, other dairy products and eggs with 6.7 percent inflation.
Rioflorido added, the region’s food index decelerated to 4.2 percent in December 2023, from 5.2 percent in the previous month. In December 2022, the food inflation rate was higher at 10.7 percent. Moreover, the downtrend in December 2023 food index was mainly contributed by vegetables, tubers, plantains, cooking bananas and pulses, at -3.8 percent inflation; meat and other parts of slaughtered land animals, -0.9 percent inflation; and fish and other seafood, 5.6 percent inflation. On the other hand, only rice exhibited faster growth at 11.0 percent, when compared with the annual figures from the previous month.
Meanwhile, the Purchasing Power of Peso (PPP) in the region retained at P0.77 in December 2023. The PPP registered at P0.80 in December 2022. As a result, the amount of goods that can be presently purchased by consumers was fewer compared to when the PPP was higher.
