CALAPAN CITY, Oriental Mindoro (PIA) – The headline inflation rate of the Mimaropa region remained at 8.9 percent in January 2023, similar to the December 2022 inflation rate based on the data of the Philippine Statistics Authority (PSA) presented during the Press Conference held at PSA Mimaropa in this city on February 13.
It was noted that in the same reference month (January 2022), the index posted at 2.8 percent. The inflation rate may be affected by various factors and one of which is the effect of the pandemic according to the analysis of National Economic and Development Authority (NEDA) Regional Director Agustin Mendoza.
Mimaropa region’s inflation rate is higher than the country’s inflation rate of 8.7 percent, a margin of 0.2 percent.
PSA Regional Director Leni R. Rioflorido said major items that contribute to that high inflation were food and non-alcoholic beverages, with 10.4 percent inflation; housing, water, electricity, gas and other fuels, with 7.3 percent inflation; and transport, with 9.0 percent inflation.
The following commodity groups also exhibited a faster growth in January 2023 based on the PSA report: Alcoholic Beverages and Tobacco, 10.1 percent; Clothing and Footwear, 7.6 percent; Furnishings, Household Equipment and Routine Maintenance of the House, 6.6 percent; Health, 4.4 percent; Recreation, Sports, and Culture, 5.1 percent; Restaurants and Accommodation Services, 12.2percent; and Personal Care, and Miscellaneous Goods and Services, 7.0 percent.
It was also revealed by the PSA that the region’s food index slightly decelerated to 10.5 percent in January 2023, from 10.7 percent in the previous month. The downtrend in food inflation was mainly contributed by rice at 6.2 percent inflation; meat and other parts of slaughtered land animals at 9.1 percent inflation; and fruits and nuts at 4.0 percent.
PSA Mimaropa reported that the Purchasing Power of Peso (PPP) in the region decreased to Php0.79 in January 2023, from Php0.80 in the previous month. The PPP registered at 0.86 in January 2022. As a result, the amount of goods that can be presently purchased by consumers was fewer compared to when the PPP was higher. Rioflorido said the decrease in PPP was attributed to the higher inflation rate, given that they have an inverse relationship as shown in the table below:
Source: PSA, Retail Price Survey (RPS) of Selected Commodities and Services for the Generation of Consumer Price Index (CPI)
Moreover, based on the survey conducted by PSA, the table below indicates that in the Mimaropa region, the province of Oriental Mindoro has the highest inflation rate with 11.6 percent while the province of Romblon has the lowest inflation rate record of 5.1 percent among the five provinces and one Highly Urbanized City (HUC).
Source: PSA, Retail Price Survey (RPS) of Selected Commodities and Services for the Generation of Consumer Price Index (CPI)
The inflation rate as clarified by PSA is the rate of increase in prices over a period of time. It is typically a broad measure, such as the overall increase in prices or the increase in the cost of living in the country.
Rioflorido explained to the media that starting this year, they will give a monthly report on the inflation in the region as they are mandated to do so. The next report of PSA about inflation covering February 2023 will be scheduled on March 2023. (LTC/PIA-OrMin)
Photo Above: PSA Mimaropa Regional Director Leni R. Rioflorido discusses the January 2023 Inflation Report of Mimaropa during the Press Conference held in Calapan City on February 13. (Photo by PIA-Oriental Mindoro)
