AKLAN – The headline inflation of this province steadied at 4.0 percent in November 2023 from October, according to the Philippine Statistics Authority-Aklan Provincial Statistical Office.
This results from the increase of consumer price index (CPI) from 117.2 in November 2022 to 121.9 in November this year.
It indicates that a consumer needs additional income of P121.90, on the average, to afford buying the same 1000-peso worth of goods and services back in 2018.
Also, due to the increase in CPI, the purchasing power of peso is now valued at 82 centavos.
Aklan also ranked third from the slowest inflation out of the eight provinces and highly-urbanized cities in Western Visayas in November.
This month’s inflation was primarily contributed by Food and Non-Alcoholic Beverages which inflated by 11.8 percent from 11.7 percent in the previous month.
This was followed by Alcoholic Beverages and Tobacco which increased by 9.5 percent from 9.0 percent in October 2023, while Restaurants and Accommodation Services remained at 2.0 percent inflation this month.
In addition, price index increase of food commodities was brought about by Rice inflation from 13.2 percent in October to 15.8 percent in November.
Also, Fish and Other Seafoods contributed to this increase which recorded 4.9 percent inflation, and Milk and Other Dairy Products and Eggs increased by 7.6 percent from 7.5 percent in a month period.
The consumer price index measures the overall change of a representative basket of goods and services from base year 2018, while, inflation rate denotes the year-on-year change in consumer price indices.
These are economic indicators used in decision and policy making by planners, financial markets, businesses, and consumers.(PSA-Aklan)/PN
