Food prices propel Aklan’s inflation to 8.1 percent in February 2023

Prices of food and non-alcoholic beverages consistently lead the uptrend in average inflation rate of Aklan from 7.9 percent to 8.1 percent in a month.

It increased 5 times from 1.3 percent inflation recorded in February 2022.

The inflation rate is the year-on-year change in consumer price indices of goods and services across time relative to a base year (2018).

According to the Philippine Statistics Authority, inflation of Food and non-alcoholic beverages went up by 13.3 percent in February 2023, compared to 11.0 percent rate reported in January.

Among food commodities, fish and other seafood mainly brought the increase in food inflation from 5.1 percent last month to 21.5 percent during the reference period.

Furthermore, Vegetables, tubers, plantains, cooking bananas and pulses, and Ready-made food and other food products (not elsewhere classified or n.e.c.) followed at 36.4 percent and 7.1 percent, respectively.

Other food groups which showed uptrend in inflation were:

1. Milk, other dairy products and eggs, from 8.3 percent to 9.0 percent;
2. Fruits and nuts, 1.4 percent to 2.2 percent; and
3. Oils and fats, from 27.4 percent to 27.9 percent.

The rise in inflation further relates to the decline of purchasing power of peso. One peso in 2018 is now equivalent to 84-centavos in February 2023.

Consequently, goods and services worth Php1,000 in 2018 can now be bought at approximately Php1,190 in February 2023 due to inflation.

Other major commodity groups also contributed to the province’s inflation rate in February 2023 were Furnishings, household equipment and routine household maintenance at 11.1 percent, and Personal care, and miscellaneous goods and services at 1.7 percent.