Headline inflation in the province of Aklan increased further to 4.1 percent in May 2022, from 3.2 percent recorded in April 2022.
This is the highest recorded inflation since June 2020. Inflation in May 2021 was lower at 2.4 percent. The average inflation for the first five months of the year stood at 2.7 percent. (Figure 1 and Table A)
The increase in the province’s inflation was mainly brought about by the higher annual increase in the index for food and non-alcoholic beverages at 5.0 percent; alcoholic beverages and tobacco, 7.4 percent; transport, 9.4 percent; and recreation, sport and culture, 1.4 percent.
Meanwhile, annual upticks slowed down in the indices of clothing and footwear at -0.8 percent; and housing, water, electricity, gas and other fuels at 3.0 percent.
The rest of the commodity groups either retained their previous month’s inflation rates or had zero percent annual growths.
For food index, it increased further by 5.2 percent in May 2022, from 3.5 percent in the past month. In May 2021, food index was lower at -0.2 percent.
The annual growth rate of vegetables, tubers, plantains, cooking bananas and pulses went up to 16.5 percent during the reference period, compared to 2.0 percent recorded in the previous month. In addition, annual growth rates of rice at 7.0 percent and meat and other parts of slaughtered land animals at 9.1 percent contributed largely in the annual increments of food index.
The following food groups exhibited higher annual increase during the month:
- Ready-made food and other food products, 2.0 percent;
- Flour, bread and other bakery products, pasta products, and other cereals, 2.5 percent;
- Sugar, confectionery and desserts, 10.5 percent;
- Fruits and nuts, 0.1 percent;
- Milk, other dairy products and eggs, 4.1 percent; and
- Corn, 2.6 percent.
On the contrary, fish and other seafood index had a lower annual growth at -2.0 percent, while, index of oils and fats remained stable at 4.9 percent. (Table 5)
Inflation rate is the annual rate of change or increase in the averages prices of goods and services typically purchased by consumers.
Consumer Price Index (CPI), on the other hand, is an indicator of the change in the average retail prices of a fixed basket of goods and services commonly purchased by the households relative to a base year.
Table A. Year-on-Year Inflation Rates in Aklan, All Items, In percent: January 2019 – May 2022 (2018=100)