The Philippine Statistics Authority (PSA) Romblon announced in a press conference on Wednesday that the province’s inflation rate remained steady at 4.1% in July 2024, the same as in June 2024—the lowest for almost two years.
According to Engr. Johnny Solis, Chief Statistical Specialist of PSA Romblon, this rate is the second lowest in the MIMAROPA region.
While the PSA’s target inflation range for a stable economy is 2-4%, Solis noted that the current rate is still considered favorable, as it is the lowest inflation rate recorded in nearly two years.
Solis reported a slowdown in the inflation of specific sectors, including restaurants and accommodation services, which decreased to 7.2%, and furnishings, household equipment, and routine household maintenance, which slowed to 3.0%. Additionally, the inflation rates for alcoholic beverages and tobacco, as well as transportation, recorded lower levels this month.
Meanwhile, the inflation rates for food and non-alcoholic beverages, clothing and footwear, education services, recreation, sports, culture, and financial services remained constant.
Solis said that the overall stability of Romblon’s inflation is a positive indicator of the province’s economic health.
