CALAPAN CITY, Oriental Mindoro – Region 4-B or the Mimaropa (Oriental Mindoro, Occidental Mindoro, Marinduque, Romblon, and Palawan area) recorded an 8.9 percent inflation rate in January which was higher than the nation’s 8.7 percent.
Leni R. Rioflorido, Philippine Statistics Authority (PSA)-Mimaropa director, said the inflation rate in the region is considered high and could be attributed to the higher prices of food and non-alcoholic beverages at 10.4 percent; housing, water, electricity, gas, and other fuels at 7.3 percent, and transport, nine percent.
As a result, the purchasing power of the peso in the region decreased to P0.79 in January from P0.80 in December.
Rioflorido said this means that the amount of goods that can be bought by consumers at present is fewer compared to that in January 2022 when the value of the peso was higher at P0.86.
Agustin C. Mendoza, National Economic Development Authority (NEDA)-Mimaropa director, attributed the high inflation rate in the region to external factors such as the rising prices of fertilizer and imported agricultural commodities aside from fuels.
Mendoza said that soaring prices were largely due to the war in Ukraine where warring nations involved are major producers and exporters of oil and fertilizer.
Rioflorido said that Oriental Mindoro recorded the highest inflation rate in Mimaropa at 11.6 percent, followed by Marinduque at 9.2 percent, Palawan, 8.7; Occidental Mindoro, eight; Puerto Princesa City, 6.6, and Romblon, 5.1.