Pricey food, non-alcoholic drinks hastens Guimaras’ headline inflation in August 2023

The annual rate of price change in Guimaras province moved quicker in August 2023 at 4.1 percent against 2.3 percent in July.

This is due to the sharp rise in the costs of food and non-alcoholic beverages with 7.3 percent inflation, sharing an 81.9 percent to the 4.1 percent headline inflation, according to the latest price statistics released by the Philippine Statistics Authority (PSA)

“Other commodities that showed higher share to August inflation trend were Transport with –11.9 percent inflation and Health with 1.7 percent inflation, contributing 16.1 and 1.6 percent, to August Inflation, respectively,” Provincial Statistics Officer Nelida B. Losare said.

Losare said faster price change of Gasoline at –10.9% from –24.8% in July 2023, followed by Diesel with –16.7 percent from 3.3 percent a month ago, drove the Transport inflation to –11.9 percent.

“Parts for personal transport equipment with 2.3 percent inflation also contributed to the Transport Inflation in August,” she added said.

“The top 3 sub-groups showed an 80.3, 19.5, and 0.1 percent share, respectively, to the inflation in Transport Commodity for August 2023,” Losare added.

The 1.7 percent inflation in Health was due to the accelerating price movements in Private inpatient curative and rehabilitation services at 5.6 percent inflation, Vitamins and Minerals at 0.7 percent inflation, and Medicines, branded and generic products with –1.5 percent inflation.

“All these shared 43.1, 42.6, and 14.4 percent each to the August 2023 inflation of Health Services,” Losare said.

Losare also highlighted that Alcoholic Beverages and Tobacco also increased to 10.1 percent inflation showing a 0.3 percent share to 4.1 inflation in August 2023.

However, Losare cited that six commodity groups recorded slower price indices – Clothing and footwear, –0.1% from 0.2%; Housing, water, electricity, Gas, and other Fuels at 2.3% from 2.7%; Furnishings, Household Equipment and Routine Household Maintenance, 5.5% from 6.0%; Recreation, sports, and culture, 3.1% from 5.0%; Education Services, –13.1% from –0.3%; and Personal Care and Miscellaneous Goods and Services, 5.9% from 6.5%.

The data also showed that Information and Communication (0.4%), Education Services (-0.3%), Restaurants and Accommodation Services (11.3%), and Financial Services (0.0%) posted a steady inflation rate in August 2023.

Inflation Rate is the rate of change in the Consumer Price Index (CPI) derived by computing the indices relative to the same period in the previous year or month.

“The CPI of 126.3 in August 2023 indicates that a typical Guimarasnon household needs 1,263 pesos in August 2023 to purchase a basket of goods and services worth 1000 pesos in 2018. The Purchasing Power of the Peso (PPP) in Guimaras at 0.79 in August 2023 indicates that the one peso in 2018 is now worth 0.79 centavos, representing a 0.03 percentage points depreciation from the PPP value of 0.82 recorded in August 2022,” Losare said.