The Philippine Statistics Authority (PSA) has announced that inflation in the province of Romblon slowed to 4.1% as of June 2024, compared to 7.1% in the previous year and to 5.6% in May 2024.
PSA Romblon Chief Statistical Specialist Engr. Johnny Solis confirmed that this is the lowest recorded monthly inflation rate since January 2023.
The decrease in the prices of onions, rice, and fish in early June significantly contributed to the lower inflation rate in Romblon. Additionally, the slowdown in the increase of domestic service charges and the reduction in the prices of household items such as furniture also helped keep inflation down.
There was also a deceleration in the price hikes of clothing and personal care goods and services.
Solis said that despite the slow inflation, the bottom 30% income households are more affected by the rising prices of goods. Higher inflation resulted in the purchasing power of the peso dropping to P0.76 in June compared to 2018.
“The lower-income groups feel it more because the commodity groups they consume frequently, such as rice, are the ones that often fluctuate in price. Since these items are regularly purchased, their prices change quickly,” according to Solis.
PSA Romblon reported that the Inflation in the bottom 30% income households is now at 7.5% as of June this year.
