Inflation in Oriental Mindoro province eased to 3.4% in August 2024, down from 4.3% in July, according to the latest report from the Philippine Statistics Authority (PSA).
The August figure shows a notable decline from the 7.3% inflation rate recorded in the same month last year.
This downward trend aligns with the overall decrease in inflation rates across the Philippines and the MIMAROPA region.
The national inflation rate dropped to 3.3% in August 2024, while the MIMAROPA region, which includes Oriental Mindoro, saw inflation fall to 4.1%.
Despite the improvements, Oriental Mindoro’s inflation rate remains slightly higher than the national average, indicating ongoing economic obstacles in the province.
WHAT IS INFLATION
Inflation is the rate at which the prices of goods and services increase over time.
In simpler terms, it’s how much more expensive things become year after year.
For example, if inflation is 3.4% (as it was in Oriental Mindoro in August 2024), it means that on average, things cost 3.4% more than they did a year ago. So, an item that cost P100 pesos last year might now cost 103.40 pesos.
When people say inflation is “easing,” it means prices are still going up, but not as quickly as before. This is generally good news for consumers, as it means their money isn’t losing value as fast as it was previously.
However, some inflation is considered normal and even healthy for an economy. It’s when inflation gets too high that it can become a problem, potentially reducing people’s purchasing power if wages don’t keep up with rising prices. (Royalty Free Photo courtesy of pixabay.com)
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