Oriental Mindoro’s inflation rate drops to 10%–PSA

Inflation in the province of Oriental Mindoro slightly slowed down to 10% in March 2023, from 10.7% in February 2023, according to a report presented by the Philippine Statistics Authority (PSA) in a press conference held on Friday, April 14.

The downtrend of the overall inflation in the province in March 2023 was mainly brought about by the lower year-on-year increase in the index of housing, water, electricity, gas, and other fuels at 12.7%, from 15.0% in February 2023. The transport index also contributed to the downtrend with an inflation rate of 3.9% from 8.4% in the previous month.

PSA Chief Statistical Specialist Efren C. Armonia explained during the conference other commodity groups that contributed to the slowdown in the headline inflation rate in March 2023 were information and communication; and recreation, sport, and culture, which registered lower inflation rates during the month at 6.2%, 1.9%, and 4.5%, respectively.

However, higher inflation rates were observed in the following commodity groups: food and non-alcoholic beverages, 10.0%; alcoholic beverages and tobacco, 15.4%; clothing and footwear, 11.6%; furnishings, household equipment, and routine household maintenance, 9.9%; and personal care and miscellaneous goods and services, 6.9%.

Armonia noted that the indices of education services and financial services retained their corresponding previous month’s annual rates of 1.8% and 0.0%, respectively.

According to a report by the PSA, food inflation in Oriental Mindoro rose to 10.3% in March 2023 from 10.0% in February 2023. However, compared to March 2022, the food inflation rate was lower at -1.0%.

The uptrend in food inflation was mainly brought about by the higher annual growth in the rice index at 11.8% in March 2023 from 6.1% in February 2023. Faster annual increments were also noted in the following food groups: fruits and nuts, 11.3%; oils and fats, 11.7%; sugar, confectionery, and desserts, 34.3%; and milk, other dairy products, and eggs, 21.9%.

On the other hand, slower annual growths were observed in the indices of the following food groups: meat and other parts of slaughtered land animals, 2.7%; fish and other seafood, 7.7%; vegetables, tubers, plantains, cooking bananas, and pulses, 25.2%; and ready-made food and other food products, NEC, -2.0%.

The indices of corn and flour, bread, and other bakery products, pasta products, and other cereals remained at their February 2023 rates of 19.5% and 8.6%, respectively.

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