SPECIAL RELEASE

DECEMBER 2024 INFLATION REPORT OF OCCIDENTAL MINDORO
(BASE YEAR: 2018)

Date of Release:  08 January 2025
Reference No.:     P51-SR2025- 01

Inflation in Occidental Mindoro decelerated to 4.6 percent in December 2024 from 5.1 percent in November 2024. This is higher than the inflation rate of 4.3 percent in December 2023. Meanwhile, the inflation in MIMAROPA decelerated to 2.9 percent in December 2024, from 3.0 percent in November 2024. In December 2023 , the inflation rate in the region was 4.4 percent.

Inflation Rate by Commodity Group
In December 2024, seven (7) commodity groups recorded lower inflation rates which included Food and Non- Alcoholic Beverages (7.9 % inflation); Alcoholic Beverages and Tobacco (0.2 % Inflation); Clothing and Footwear (1.4 % inflation); Housing, Water, Electricity, Gas and other Fuels (-4.1 % inflation); Health (2.9 % inflation); Information and Communication (2.3 % inflation); and Personal care, and miscellaneous Goods and Services (-0.7 % inflation). Meanwhile, commodity groups that recorded higher inflation rates include Furnishings, Household Equipment and Routine Maintenance (4.9 % inflation); Transport (-1.7 % inflation); and Restaurants and Accommodation Services (17.8 % inflation). Recreation, Sport and Culture (13.4 % inflation); Education Services (8.0 % inflation); and Financial Services (-0.1 % inflation) remained unchanged in terms of inflation rate compared to November 2024.

Inflation Rate by Food Group

The inflation rate for the food index in the province decelerated to 8.5 percent in December 2024 from 9.4 in November 2024. In December 2023, the inflation rate for the food index in the province was recorded at 2.9 percent.

Four (4) commodities from the Food group had contribution to the downtrend of the food index in December 2024. This indicates lower inflation rates for the following food groups: Cereals and cereal products (11.1 % inflation); Meat and other parts of slaughtered land animals (11.8 % inflation); Oils and fats (-1.6 % inflation); and Vegetables, tubers, plantains, cooking bananas and pulses (14.6 % inflation). Meanwhile, Fish and other seafood (-1.2 % inflation); Fruits and Nuts (45.6 % inflation); and Ready-made food and other food products (6.4 % inflation) had accelerated annual growth rate. Milk, other dairy products and eggs (-3.1 % inflation); and Sugar, confectionery and desserts (-7.3 % inflation) remained unchanged in terms of inflation rate for the food index in December as compared to November 2024.
 

Purchasing Power of the Peso (PPP)
The Purchasing Power of the Peso in Occidental Mindoro in December 2024 increased to Php 0.73 from Php 0.72 in November 2024. This figure means that a peso in 2018 is only worth 73. centavos in December 2024, while the PPP was registered at Php 0.76 in December 2023. As a result, the amount of goods that can presently be purchased by consumers is higher compared to when the PPP was lower.

(SGD) MARIBEL L. BERNARDO, PhD
Chief Statistical Specialist