Aklan’s headline inflation slows down at 7.5% in November 2022

Prices of all goods and services in Aklan in November 2022 increased at a slower rate of 7.5 percent compared to 7.7 percent in October, according to Philippine Statistics Authority.

The latest number is higher compared to 2.1 percent inflation in November 2021 and the second highest since January 2019.

The downtrend in inflation was primarily due to decreases in prices of the Transport commodity group at 13.1 percent in November 2022 from 15.9 percent in the past month.

Moreover, Recreation, sport, and culture prices inflated by 2.4 percent during the reference period compared to 2.5 percent in October 2022.

On the other hand, faster inflations were observed in Alcoholic beverages and tobacco, from 9.4 percent to 9.5 percent; Clothing and footwear, from 1.1 percent to 1.4 percent; Furnishings, household equipment, and routine household maintenance, from 7.8 percent to 9.0 percent; Health, from 0.9 percent to 1.4 percent; and Personal care, and miscellaneous goods and services, 1.3 percent to 1.7 percent.

Meanwhile, the rest of the commodity groups retained their previous month’s inflation rates, including the Food and non-alcoholic beverages with price inflation of 10.4 percent.

Among the sub-commodities under this group, the decrease in Rice price inflation of 9.6 percent from 10.3 percent in October 2022 contributed the highest to the downtrend of the provincial inflation rate.

Prices of Meat and other parts of slaughtered land animals increased slowly by 11.6 percent compared to 22.7 percent in the previous month. Fish and other seafoods followed which recorded 7.8 percent in November from 5.0 percent a month ago.

The consumer price index of all commodities which expresses the change in the average retail prices of a fixed basket of goods and services commonly purchased by the households relative to 2018 prices, was estimated at 117.2 this month.

This translates to a purchasing power of peso at 85 centavos per 1 peso in 2018 and further indicates that in order to buy the same 1000 pesos worth of goods and services in 2018, an individual needs an additional income of Php172 to buy them in November 2022.