Aklan inflation slows down to 5.3% in June 2023, lowest this year

Inflation in Aklan eased to its lowest inflation rate in 2023 at 5.3 percent in June.

The uptick in prices of goods and services has steadily dropped since February 2023 from 8.1 percent.

Food and non-alcoholic beverages, among the major commodity groups, led the downtrend of the overall province’s inflation with 9.7 percent this month, down from 11.5 percent a month ago.

Under this commodity group, Cereals primarily caused the decrease in inflation, with 10.1 percent inflation last month down to 4.3 percent during the reference period.

Meat followed which went down to 0.1 percent from 10.4 percent in the past month, while Vegetable oils dropped to 12.7 percent from 27.9 percent in May 2023.

Bread and bakery products and Salt, condiments and sauces also decreased from their previous reported inflation rates from May to June 2023 at 8.2 percent and 5.9 percent, respectively.

Moreover, prices of Transport commodities also contributed to the downtrend of inflation with -0.9 percent in June 2023 from 1.3 percent in the past month.

Restaurants and accommodation exhibited zero inflation rate this month from 1.0 percent reported in May 2023, meanwhile, Health went down from 2.8 percent to 1.9 percent in a month.

In addition, the purchasing power of peso still remained stable at Php0.84 during the reference period.

Furthermore, this report revealed that an individual needed P1,185.00 in June 2023 in order to buy the same 1000-peso worth of goods and services bought in 2018.

This inflation report was based on the year-on-year change in consumer price indices of a group of goods and services across time relative to 2018 prices.