The Philippine Statistics Authority (PSA) in Romblon recorded an inflation rate of 7.0 percent in March 2024, much higher compared to 6.3 percent in the previous month, largely attributed to the rising costs of Food and Non-Alcoholic Beverages especially rice.
Rice, in particular, experienced a staggering inflation rate of 34.2% in March, a substantial rise from the 25.7% recorded in February.
According to Provincial Agriculturist Engr. Al Fetalver, the surge in rice prices can be attributed to supply and demand dynamics.
Fetalver added that with it not being the cropping season in Romblon and the adverse effects of El Niño, many consumers resorted to buying imported rice, further driving up prices in local markets.
Currently, prices of regular milled rice in Odiongan market have increased in March from P55 to P58 per kilo, depending on brand and variety, compared to January this year, where prices ranged from P52 to P55 per kilo. Similarly, well-milled rice prices have surged, now ranging from P58 to P65 per kilo, compared to P56 to P62 per kilo in January.
PSA Romblon Chief Statistical Specialist Johnny Solis also reported that the inflation rate for cabbages rose from 1.1 percent in February to 12.6 percent last month, while other flours and cereals increased from 25.1 percent to 30.4 percent during the same period. These factors contributed to the overall increase in inflation for Food and Non-alcoholic beverages.
Additionally, Restaurant and Accommodation Services experienced a rise in inflation from 8.8 percent to 12.1 percent, while Furnishings, Household Equipment, and Routine Maintenance of the House saw an increase from 4.3 percent to 7.4 percent.
Solis said that households belonging to the bottom 30% income bracket experienced significantly higher inflation, reaching 9.1 percent in March 2024.
The Consumer Price Index (CPI) for Romblon stood at 134.3 as of March 2024. The CPI measures the average change in the prices paid by consumers for a basket of goods and services from 2018 to the present.
