Consumers in Romblon have expressed relief following the slowdown of inflation in August 2024, as reported by the Philippine Statistics Authority (PSA) – Romblon on Monday. The inflation rate eased to 3.2%, down from 4.7% in July, marking the lowest rate recorded since January 2022.
This has provided much-needed financial relief to families in the province, who have been struggling with the rising cost of goods.
Local consumers noted that this reduction has helped them manage their daily expenses more effectively.
Jayson Elisan, a resident of Odiongan, said that the slower price hikes, especially in fish and gasoline, have allowed him to better budget for his family's daily needs.
“Last month, everything was expensive. It's good to see that prices haven't increased further,” Elisan shared.
However, not all residents are feeling the relief. Eugene Mayor from Alcantara stated that despite the drop in the overall inflation rate, he still struggles with the high cost of rice, a daily necessity for most families.
The sentiment from Mayor highlights that while price reductions in some sectors are appreciated, the cost of certain essential goods remains a concern for many households.
“We’ve noticed that even a slight decrease in fish prices brings joy to our people, especially in small markets. With this, affordable fish may now be within the reach of our less fortunate fellow residents. The savings from the lower fish prices can be used to cover other family needs,” Mayor said.
Engr. Dandy Fetalvero, the supervising statistical specialist of PSA Romblon, explained that the inflation rate for food and non-alcoholic beverages slowed to 4.1% in August from 5.4% in July.
Despite this improvement, Fetalvero pointed out that inflation remains high for essential goods like rice, which posted a 23.7% inflation rate last month. Additionally, electricity prices showed a 14.3% inflation rate, while restaurant and hotel services saw increases of 6.2% and 4.5%, respectively.
PSA data also revealed that Romblon's Consumer Price Index (CPI) for August 2024 stood at 131.90, reflecting the price levels of commonly purchased goods. The purchasing power of the peso (PPP) is now at 0.76, which means that P1.00 in 2024 has the equivalent value of only P0.76 compared to past prices.
Romblon's 3.2% inflation rate is notably the second-lowest in the MIMAROPA region, where the regional average inflation rate was recorded at 4.1%.
