The Philippine Statistics Authority (PSA) reported on Monday that the inflation rate in the province continued to rise, reaching 9.8 percent in June 2024.

As of July 2024, the inflation rate in the Philippines increased to 4.4% from 3.7% in June.

Economists expect the inflation rate for August to potentially fall below 4%, thanks to stable food prices, lower oil costs, and a stronger peso.

According to PSA, Occidental Mindoro’s inflation rate in June (latest available data from PSA) was higher than the 9.4 percent recorded in May.

The agency attributed the increase to several factors, including housing, water, electricity, gas, and other fuels; transportation; and clothing and footwear.

PSA Chief Statistical Specialist Dr. Maribel L. Bernardo said that the housing, water, electricity, gas, and other fuels sector recorded an inflation rate of 7.4 percent in June, up from 5.4 percent in May. The increase was mainly due to the continued rise in electricity prices and other household necessities.

The transportation sector also saw an increase in inflation rate, from -0.1 percent in May to 2.0 percent in June. The rise was attributed to the increase in gasoline prices and other related expenses.

The clothing and footwear sector recorded an inflation rate of 6.1 percent in June, up from 5.5 percent in May. The increase was due to the rise in prices of clothing and footwear used by the public.

Dr. Bernardo said that the continued rise in prices was contributing to the increase in inflation rate experienced by the public in the province.

In a press briefing, Bernardo said it is important for the public to have an understanding of these inflation-causing factors to prepare for and mitigate their potential effects on daily life.

Pres. Marcos’s administration has been implementing measures to control inflation, including monetary policy adjustments and price controls.

PSA’s report is expected to be closely watched by policymakers and economists, who will be analyzing the data to assess the effectiveness of the government’s inflation control measures.