The province of Romblon recorded an average inflation rate of 3.9 percent in 2024, aligning with the national government’s target range of 2-4 percent, according to data released by the Philippine Statistics Authority (PSA) – Romblon on Thursday. This is a significant decrease from the 7.2 percent inflation rate recorded in 2023.
Statistical Specialist II Bobby Natal attributed this decline to lower monthly inflation rates observed during the latter part of 2024.
In December, the province recorded a 0.9 percent inflation rate, down from 1.8 percent in November, driven largely by a 0.1 percent deflation in food and non-alcoholic beverages, including lower prices for fish and fruits. Other sectors that saw deflation in December included personal care and miscellaneous goods and services, which dropped by 1.6 percent, and furnishing, household equipment, and routine household maintenance, which saw a 0.8 percent decrease. Meanwhile, alcoholic beverages and tobacco recorded a modest inflation rate of 1.7 percent.
Natal emphasized that maintaining a low inflation rate is crucial as it minimizes the economic burden on residents. He also highlighted that the PSA shares these findings with local governments in Romblon to assist in planning initiatives aimed at further controlling inflation.
Additionally, the PSA reported that as of December 2024, the Consumer Price Index (CPI) in Romblon stood at 131.5, meaning that items costing PHP 100 in 2018 were priced at PHP 131.5 by the end of 2024.
