The Philippine Statistics Authority (PSA) in Mimaropa recently reported that the headline inflation rate at the region increased to 4.4 percent in April 2024, from the 3.9 percent in the previous month.
In the same reference month of the previous year, the index posted at 7.8 percent.
In a press conference, PSA Mimaropa regional director Leni R. Rioflorido said that, “the main contributors to the uptrend of inflation in the region were food and non-alcoholic beverages, with 5.4 percent inflation; housing, water, electricity, gas and other fuels, with 4.7 percent inflation; and transport, with -1.2 percent inflation.”
Moreover, a faster growth was observed for information and communication with 0.5 percent inflation, and restaurants and accommodation services with 6.5 percent inflation.
The following commodity groups exhibited a lower annual gain– alcoholic beverages and tobacco with 5.1 percent; clothing and footwear with 3.1 percent; furnishings, household equipment and routine maintenance of the house with 3.4 percent; health with 3.3 percent; recreation, sport and culture with 5.4 percent; personal care, miscellaneous goods and services with 3.4 percent.
Rioflorido added that Mimaropa’s food index accelerated to 5.8 percent in April from 5.1 percent in the previous month. In April 2023, the food inflation rate was higher at 9.7 percent. Moreover, the uptrend in April 2024 food index was mainly contributed by fish and other seafood at -0.7 percent inflation; vegetables, tubers, plantains, cooking bananas and pulses at 1.9 percent inflation; meat and other parts of slaughtered land animals at 2.3 percent inflation.
Meanwhile, the Purchasing Power Peso (PPP) in the region retained at P0.76 in April 2024. The PPP registered at P0.79 in April 2023. As a result, the amount of goods that can be presently purchased by consumers was fewer compared to when the PPP was higher.
