Guimaras’ average inflation in 2020 escalates to 3.7%

Guimaras’ average inflation rate in 2020 surged to 3.7%, up by 1.1%age points from previous year’s rate of 2.6%, based on the result of the Survey on Retail Prices of Commodities generated by the Philippine Statistics Authority (PSA).

“Guimaras’ Inflation moved erratically in the past six years, from the slowest pace of -1.0% in 2015 it bounced up to 3.7% in 2016, moved down again to 2.4% in 2017, then soared to 5.2% in 2018, the quickest inflation recorded for six (6) comparative years,” PSA-Guimaras Provincial Statistics Officer Nelida B. Losare said.

The 3.7% average inflation rates in 2020 and 2016 is the second fastest inflation rate recorded since 2015, next to the 5.2% in 2018 triggered by the increments in the three (3) heavily weighted commodity groups of Housing, Water, Electricity, Gas and other Fuels (4.5%); Food and Non-Alcoholic Beverages (2.1%); and Transport (3.8%), Losare added.

Other Food and Non-food commodity groups which contributed to the escalation of the 2020 inflation were Alcoholic, Beverages and Tobacco (17.0%); Clothing and Footwear (3.8%); Furnishing Household Equipment and Routine Maintenance of the House (2.5%); Health (4.3%); Recreation and Culture (1.7%); Education (2.2%); and Restaurant and Miscellaneous Goods and Services (3.7%).

“Among the commodity groups, only Communication remained stable with 99.9 monthly indices for two years (2019 & 2020),” Losare said.

 

 

The mark-up prices on Housing, Water, Electricity, Gas and other Fuels at 4.5% was due to the increased price movements of its sub-groups on the Actual Rentals for Housing (7.2%) and Maintenance and Repair of the Dwelling (1.8%).

Likewise, increment on Food and Non-Alcoholic Beverages at 2.1% was pushed by the increased prices of its sub-groups: Corn (9.3%); Fruits (7.3%); Other Cereals, Flour, Cereal Preparation, Bread, Pasta and Other Bakery Products (6.9%); Oil and Fats (6.7%); Vegetables (6.1%); Food Products N.E.C. (6.1%); Non-alcoholic beverages (5.3%) and Fish (4.9%).

“The price hiked on transportation services by 25.4% fuelled the Transport Commodity group to rise by 3.8% in 2020,” Losare said.

Losare expounded further that the 3.7% was the Inflation Rate of the generated 123.8 Consumer Price Index (CPI) which means that an average Guimarasnon household needs 23.8 pesos more in 2020 to buy a basket of goods worth 100 pesos in 2012.