ROMBLON — The Philippine Statistics Authority (PSA) in Romblon forecasts a continued decline in the province’s inflation rates, buoyed by expectations of a bountiful agricultural harvest in the coming months. This optimistic outlook is based on the current favorable climate conditions, which are anticipated to yield a substantial supply of vegetables and other farm produce, potentially easing inflationary pressures through February and March.
According to Philippines news Agency, the chief statistical specialist at PSA-Romblon, the province’s inflation dynamics in the second quarter of 2024 will largely depend on the impact of the El Niño phenomenon later in the year. Despite this looming challenge, Romblon witnessed a significant reduction in its year-on-year inflation rate in January, dropping to 6.7 percent from 8.1 percent in December and 7.3 percent in November 2023.
Solis attributed the recent stabilization of prices primarily to the Food and Non-Alcoholic Beverages segment, noting the ample supply of essential food items such as vegetables, chicken, fish, and pork within the province. This sufficiency in supply has played a crucial role in curtailing price hikes, contributing to the overall decrease in inflation.
The PSA official also pointed out a noticeable improvement in the local pork supply as Romblon begins to recover from the African swine fever (ASF) outbreak that prompted the Sangguniang Panlalawigan (provincial council) to declare a state of calamity in November last year. The outbreak led to depopulation efforts in affected areas, significantly impacting pork production.
However, with the recent decline in ASF cases and the continued enforcement of quarantine measures, many piggeries have been able to return to normal operations. Despite the positive trends in food supply and inflation, the province has seen an increase in the inflation rate for rice, which rose to 15.2 percent, up from 12.6 percent the previous month.
As Romblon navigates the challenges posed by climate conditions and disease outbreaks, the province’s efforts to ensure a stable food supply and manage inflation rates reflect a broader commitment to maintaining economic stability and supporting the well-being of its residents.