The headline inflation rate in Mimaropa region further slowed down to 3.4 percent in February 2024, from 3.6 percent in January.
In the recent press conference of the Philippine Statistics Authority, officer-in-charge and supervising statistical specialist Oscar H. Gatpandan said that the main contributors to the downtrend of inflation were housing, water, electricity, gas and other fuels with 3.4 percent; restaurants and accommodation services with 7.0 percent; and clothing and footwear with 4.9 percent.
Gatpandan said that among the commodity groups that exhibited a lower annual gain in February were alcoholic beverages and tobacco with 11.8 percent; furnishings, household equipment and routine maintenance of the house with 4.9 percent; health with 3.5 percent; recreation, sport and culture with 6.3 percent; and personal care, miscellaneous goods and services with 5.1 percent.
On the other hand, a faster growth was observed in food and non-alcoholic beverages with 3.2 percent inflation, while transport displayed a slower decrease in prices with -2.2 percent inflation.
Mimaropa’s food index accelerated to 3.1 percent in February 2024 from 2.6 percent in the previous month. In February 2023, the food inflation rate was higher at 11.2 percent. Moreover, the uptrend in February 2024 food index was mainly contributed by rice at 15.8 percent inflation; and vegetables, tubers, plantains, cooking bananas and pulses at -9.8 percent inflation.
The Purchasing Power of Peso (PPP) in the region declined to P0.76 in February from P0.77 in January. As a result, the amount of goods that can be presently purchased by consumers was fewer compared to when the PPP was higher. (DN/PIA MIMAROPA – Oriental Mindoro)
