CALAPAN CITY, Oriental Mindoro (PIA) -- The Philippine Statistics Authority (PSA) in Oriental Mindoro reported recently that the headline inflation rate or the overall inflation slowed down further to 2.5 percent in January 2024. This is the lowest inflation rate since the 1.8 percent recorded in April 2022. Inflation rate was observed at 3.4 percent in December 2023, while it was 11.6 percent in January 2023.

In a press conference, PSA Oriental Mindoro officer-in-charge and supervising statistical specialist Donna Marie D. Mobe said that the downtrend inflation in the province in January 2024 was primarily brought about by the slower annual increment of housing, water, electricity, gas and other fuels at 2.5 percent in January 2024 from 5.4 percent in the previous month.

Also contributing to the downtrend was furnishings, household equipment and routine household maintenance with slower annual increase of 6.2 percent during the month from 7.6 percent in December 2023.

Mobe added that lower annual increments were noted in the indices of the following commodity groups during the month: clothing and footwear, 7.1 percent from 8.0 percent; restaurants and accommodation services, 10.1 percent from 10.6 percent; and personal care, and miscellaneous goods and services, 3.4 percent from 4.1 percent.

In addition, annual decreases were noted in the indices of transport at 4.4 percent in January 2024 from 3.1 percent annual decrease in the previous month, and financial services at 0.1 percent annual decrease during the month from zero percent annual rate in December 2023.

On the contrary, the indices of alcoholic beverages and tobacco and health exhibited a higher annual increase of 10.2 percent and 6.5 percent during the month from 9.7 percent and 5.6 percent, respectively in December 2023.

The rest of the commodity groups retained their December 2023 inflation rates. (DN/PIA Mimaropa - Oriental Mindoro)