Patterns of inflation rate as reported by PSA Mimaropa region. (Source: PSA-Mimaropa)
CALAPAN CITY, Oriental Mindoro (PIA) – The inflation rate of the Mimaropa region slightly accelerated to 9.0 percent in February 2023 from the 8.9 inflation in January 2023.
In a virtual meeting conducted by the Philippine Statistics Authority (PSA) Mimaropa yesterday, Regional Director Leni R. Rioflorido said that in the same reference month of the previous year, the index posted at 3.2 percent.
Based on the reports of PSA, the main contributors to the uptrend of inflation were food and non-alcoholic beverages, with 11.1 percent inflation; clothing and footwear, with 8.4 percent, and housing, water, electricity, gas and other fuels, with 7.4 percent inflation.
According to their survey, the following commodity groups exhibited a faster growth in February 2023: furnishings, household equipment and routine maintenance of the house, 7.1 percent; health, 4.9 percent; information and communication, 2.2 percent; and recreation, sports, and culture, 6.6 percent.
On the other hand, lower annual gains were observed in the inflation rates of the following commodity groups when compared with the annual figures from the previous month: alcoholic beverages and tobacco, 10.0 percent; transport, 7.6 percent; restaurants and accommodation services, 6.5 percent; and personal care, and miscellaneous goods and services, 6.5 percent.
Meanwhile, reports showed that commodity groups of education and financial services retained their previous month’s inflation rate of 0.9 percent and 0.0 percent, respectively.
As shown in the results of the PSA Retail Price Survey (RPS) of selected commodities and services for the generation of a consumer price index (CPI), it revealed that the region’s food index accelerated to 11.2 percent in February 2023, from 10.5 percent in the previous month. It also showed that in February 2022, the food inflation rate was lower t at 2.6 percent. The uptrend food inflation was mainly contributed by 1) fish and other seafood at 15.9 percent inflation, 2) vegetables, tubers, plantains, cooking bananas and pulses, 22.1 percent inflation and 3) milk, other dairy products and eggs, 13.7 percent.
On the other hand, the annual indices of the following food items exhibited slower growth, when compared with annual figures from the previous month: rice, 3.6 percent; corn, 11.9 percent; meat and other parts of slaughtered land animals, 7.9 percent; oils and fats, 14.3 percent; sugar, confectionary and desserts, 42.6 percent; and ready-made food and other food products not elsewhere classified, 6.1 percent.
The Purchasing Power of Peso (PPP) in the Mimaropa region was retained at Php0.79 in February 2023. The PPP registered at 0.86 in February 2022. As a result, the number of goods that can be presently purchased by consumers was fewer compared to when the PPP was higher.
Rioflorido explained that the decrease in PPP was attributed to the higher inflation rate, given that they have an inverse relationship.
Moreover, the results of the February 2023 inflation rate in the five provinces and one Highly Urbanized City (HUC) of Mimaropa are shown below.
Source: PSA Mimaropa
The online reporting of PSA Mimaropa via Zoom was participated by the representatives of the regional line agencies (RLAs) local media, and other stakeholders. The reporting of inflation rate in the region, according to Rioflorido will be done monthly as they are mandated to inform the public about inflation.
Inflation is an increase in the level of prices of the goods and services that households buy and this will be measured as the rate of change of those prices according to PSA. It added that prices rise over time, but prices can also fall, a situation called deflation. (LTC/PIA-OrMin)
Photo above credit to Philippine Statistics Authority (PSA) Mimaropa
