Rising prices push Occidental Mindoro’s inflation rate to 9.3%, says PSA

Inflation rate in Occidental Mindoro climbed to 9.3% in March, according to the Philippine Statistics Authority (PSA).

This means that the prices of some goods and services in the province increased significantly in March compared to February when an 8.7% inflation rate was recorded.

At a recent PSA press conference, Dr. Maribel Bernardo, chief statistical specialist of PSA Occidental Mindoro, shared the commodity groups that made a significant contribution to inflation last month.

The first is housing, water, electricity, gas, and other fuels, which recorded an 8.8% inflation compared to the 5.8% level in February. Figures presented by the PSA showed that housing rentals increased from 4.1% to 10.9%, while electricity surged from 10.3% to 10.8%.

There was also an increase in the inflation of food and non-alcoholic beverages, from 10.2% inflation in February to 10.3% in March 2023. Alcoholic beverages and tobacco increased from 10.7% in February to 16.0% in March. Clothing and footwear increased from 4.0% to 6.8% in March.

According to the PSA report, other products that experienced price increases include corn (11.1%) and flour, bread, and other bakery products (12.9%). Meat, dairy products, cooking oil, fruits, and ready-made food products were also affected.

The Department of Trade and Industry said it was closely monitoring the prices of sugar in major stores, as it increased in February.

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