AKLAN’S inflation rate went down to 2.8 percent in July from 5.5 percent a year ago, according to the Philippine Statistics Authority (PSA).
The downtrend was primarily due to slower annual rates posted in the index of Alcoholic Beverages and Tobacco (2.1%), Transport (1.0%), Restaurants and Miscellaneous Goods and Services (2.1%), Food and Non-alcoholic Beverages (1.1%), Health (1.6%), and Clothing and Footwear (3.4%).
On the other hand, higher increments were noted in Furnishing, Household Equipment and Maintenance of the House (10.1%), Recreation and Culture (7.4%), and Housing, Water, Electricity, Gas or HWEG and Other Fuels (7.0%).
On a monthly basis, consumer prices in Aklan inched up to 1.0 percent in July from 0.9 percent in June.
The increase were pushed by higher rates of Furnishings, HH Equipment, and House Maintenance (5.1%), HWEG and Other Fuels (3.0%), Clothing and Footwear (2.6%), Recreation and Culture (1.3%), Restaurant and Miscellaneous Goods and Services (0.8%), Alcoholic Beverages and Tobacco (0.4%), and Health (0.4%)
The rest of the commodity groups retained their previous month’s rate
Across Food and Non-Alcoholic Beverages faster price movements were observed in Food Products NEC (2.6%), Non-alcoholic Beverages (2.0%), Other cereals, flour, cereals preparation (1.2%), Fish (1.0%), Milk Cheese and Eggs (0.5%), Bread and Cereals (0.4%), Meat (0.4%), Sugar and related products (0.4%), Rice (0.2%), and Oils and fats (0.1%),
However, indices of Fruits and Vegetables decelerated with 0.8%, and 5.2%, respectively.
Inflation rate is the annual rate of change or increase in the averages prices of goods and services typically purchased by consumers
CPI, on the other hand, is an indicator of the change in the average retail prices of a fixed basket of goods and services commonly purchased by the households relative to a base year.