CALAPAN CITY, Oriental Mindoro (PIA) -- The overall inflation in Oriental Mindoro further slowed down to 6.5 percent in July 2023 from 8.4 percent in June 2023 as reported by the Philippine Statistics Authority (PSA) Oriental Mindoro Press Conference held on August 11, 2023 at the 2/F Nuciti Complex Calapan, Camilmil, Calapan City, Oriental Mindoro. In July of 2022, inflation rate was at 6.5 percent, meaning it has reached the same level of inflation last year.

PSA Oriental Mindoro Chief Statistical Specialist Efren C. Armonia noted that the downward trend of the as mainly brought about by the slower annual increase in the heavily-weighted food and non-alcoholic beverages at 7.4 percent from 9.7 percent in June 2023. The slower year-on-year increase in housing, water, electricity, gas and other fuels at 8.7 percent in June 2023 from 12.2 percent in the previous month also contributed to the downward trend of the headline inflation. The third main source of deceleration was transport, recording a faster annual decrease of -7.8 percent during the month from -6.4 percent in June 2023.

Armonia stated in the conference that compared with their previous month’s inflation rates, slower annual increments were also noted in the indices of alcoholic beverages and tobacco, 11.6% from 13.1%; Furnishings, Household Equipment and Routine Household Maintenance, 11.0% from 11.4%; and Information and Communication, 1.4% from 1.5%.

Armonia further stated that faster year-on-year growth were observed during the reference month in the indices of Health, 6.9% from 6.5%; Recreation, Sport and Culture, 5.3% from 5.0%; and Restaurants and Accommodation Services, 13.2% from 12.6%.

Further, the annual rate of the financial services remained at zero percent, while the rest of the commodity groups retained their corresponding previous month’s annual growth rates.

The top three commodity groups contributing to the July 2023 headline inflation of the province according to the statistical chief are Food and Non-Alcoholic Beverages, 50.2% share or 3.3 percentage points; Housing, Water, Electricity, Gas and Other Fuels, 24.1% share or 1.6 percentage points; and Restaurants and Accommodation Services, 11.5% share or 0.7 percentage points.

Food inflation in Oriental Mindoro slowed further to 7.8 percent in July 2023 from 10.0 percent in June 2023. In July 2022, food inflation rate was lower at 3.2 percent.

The deceleration of food inflation in July 2023 was mainly brought about by the lower annual growth in milk, other dairy products and eggs at 6.9 percent from 18.6 percent in June 2023. This was followed by fish and other seafood with an inflation rate of 9.1 percent in July 2023 from 13.6 percent in the previous month. Also contributed to the slower food inflation was sugar, confectionery and desserts at 12.3 percent inflation rate during the month from 28.4 percent in June 2023. (JJGS/PIA MIMAROPA - Oriental Mindoro)