Inflation in Oriental Mindoro accelerated to 3.9% in November 2024, up from 2.6% in October, according to the latest report from the Philippine Statistics Authority (PSA).

This increase brings the provincial average inflation from January to November 2024 to 3.0%, slightly higher than the 3.6% recorded in November 2023.

The uptick in inflation was primarily driven by a rise in the cost of food and non-alcoholic beverages, which surged to 6.1% in November from 3.0% in October.

This category, which includes essential items like rice and meat, contributed 69.3% to the overall inflation rate, making it the largest contributor.

Meat and other parts of slaughtered land animals saw the most substantial increase, with prices soaring by 22.5% in November, up from 10.9% in October.

Rice prices also climbed, with an annual increase of 3.8% in November compared to 2.7% the previous month.

Other food groups, such as corn, flour, bread, and vegetables, also experienced higher inflation rates.

Corn prices rose to 4.1% from -5.1%, while vegetables, tubers, cooking bananas, and pulses increased to 6.5% from 4.1%.

Transport costs, although still declining, showed a slower year-on-year decrease of 1.6% in November compared to a 2.6% drop in October.

This slower decline contributed to the overall inflation uptrend.

The operation of personal transport equipment saw an annual decrease of 4.3%, although this was an improvement from the previous month.

Other commodity groups that saw higher annual increments include:

• Alcoholic beverages and tobacco: 2.9% from 2.2%
• Clothing and footwear: 1.6% from 1.5%
• Furnishings, household equipment, and routine household maintenance: 0.7% from 0.4%
• Information and communication: 2.3% from 1.6%
• Recreation, sport, and culture: 2.3% from 1.1%
• Personal care, and miscellaneous goods and services: 2.0% from 1.9%

Despite these increases, housing, water, electricity, gas, and other fuels registered a lower inflation rate of 3.8% in November, down from 4.4% in October.

The indices of the rest of the commodity groups, such as health and education services, retained their respective previous month’s inflation rates.

The Purchasing Power of the Peso (PPP) in Oriental Mindoro decreased to P0.73 in November 2024 from P0.75 in November 2023.

This decline indicates that consumers can purchase fewer goods with the same amount of money, reflecting the inverse relationship between PPP and inflation.

The PPP has fluctuated throughout the year, with notable drops in January, June, and September, reflecting the ongoing challenge of maintaining purchasing power amidst rising prices.

The report reveals the challenges faced by consumers in Oriental Mindoro as they bear with rising prices, particularly in essential food items.

The increase in meat prices, coupled with rising costs of rice and other staples, places a considerable burden on households.

The slower decline in transport costs also adds to the financial strain, as transport is a crucial aspect of daily life.

PSA will continue to monitor these trends to provide timely and accurate data for policymakers and the public.

Understanding the drivers of inflation is essential for developing strategies to mitigate its impact on the local economy and ensure the well-being of residents.

For more information, contact the Oriental Mindoro Provincial Statistical Office.