Sunday, May 19, 2024

Mimaropa Posts Moderately Higher Inflation In March


Mimaropa Posts Moderately Higher Inflation In March


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Headline inflation in the Mimaropa region was moderately higher in March compared to the previous month, due mainly to an uptick in the food and non-alcoholic beverages segment, according to the Philippine Statistics Authority (PSA).

In a media release on Wednesday, PSA-Mimaropa reported that inflation in the five-province region climbed to 3.9 percent last month, which is half a percentage more than the 3.4 percent registered in February.

Aside from food and non-alcoholic beverages, which registered a 5 percent increase, price pressures in the region were also driven by the housing, water, electricity, gas, and other fuels cluster with a 3.8 percent growth, and the health segment, also with a 3.8 percent growth in March.

Romblon posted 7 percent inflation in March, the highest among the five provinces in the region.

It can be recalled that several municipalities in Romblon were still recovering from an outbreak of African swine fever (ASF) as of last month.

On the other hand, Marinduque posted the lowest March inflation at only 0.9 percent, PSA-Mimaropa further reported.

It pointed out that last month’s numbers were significantly lower than the figure registered in March 2023, when overall inflation in Mimaropa was at 8.8 percent.

“The region’s food index accelerated to 5.1 percent in March 2024, from 3.1 percent the previous month. In March 2023, the food inflation rate was higher at 11.2 percent. Moreover, the uptrend in March 2024 food index was mainly contributed by rice; at 22.9 percent inflation,” PSA-Mimaropa Director Leni Rioflorido said in her report.

She also noted that inflation in the vegetables, tubers, plantains, cooking bananas, and pulses (legumes) segment was actually at -1.9 percent last month. (PNA)