The inflation rate in Occidental Mindoro surged to 5.1% in November 2024, up from 3.8% in October 2024, according to the latest report from the Philippine Statistics Authority (PSA) Occidental Mindoro.

The acceleration was primarily driven by increases in the prices of restaurant and accommodation services, food and non-alcoholic beverages, and furnishing, household equipment, and routine household maintenance.

Restaurant and accommodation services saw the highest inflation rate at 16.2%, followed by food and non-alcoholic beverages at 8.8%, and furnishing, household equipment, and routine household maintenance at 4.5%.

Meanwhile, the inflation rate for the bottom 30% income households in the province decreased to 7.1%, with food and non-alcoholic beverages as the main driver of the downward trend for this income group.

The purchasing power of the peso in the province also weakened, with a peso in 2018 now only worth 72 centavos in November 2024.

The PSA Occidental Mindoro will continue to monitor the inflation rate and provide updates to the public.