GUIMARAS – The Food and Non-Alcoholic Beverages pushed the Guimaras’ 2022 average inflation to seven percent, higher by 3.4 percentage points than the 3.6 average inflation in 2021, according to the Philippine Statistics Authority (PSA).
“The 8.9 percent average inflation in the heavily weighted Food and Non-Alcoholic Beverages was propelled by Rice with a 0.2 percent inflation rate in 2022 from -12.3, Vegetables at 28.5 in 2022 from -5.2 percent in 2021, and Sugar at 25.3 in 2022 from 2.4 in 202,” said Provincial Statistics Officer Nelida Losare, citing their Consumer Price Index (CPI) from the Retail Price Survey (RPS) of Commodities.
“Included in the top three heavily weighted commodity group items that buoyed up the average inflation of Guimaras to 7.0% were: the rising inflation of Housing, Water, Electricity, Gas, and Other Fuels at 3.7 percent, and Health at 3.9 percent also pushed the 2022 average inflation of Guimaras” Losare added.
Losare also expounded that the 3.7 percent inflation in the Housing, Water, Electricity, Gas, and Other Fuels, was mainly spurred by Electricity from All Sources- Coal, Solar, Hydro, etc. (12.1%), Rentals actually paid by Tenants or Subtenants Occupying Unfurnished Premises as Their Main Residence (0.6%), and Door Fittings, Power Sockets, Writing Flex (5.0%)
The 3.9 inflation of Health was mainly due to the annual price increment of Vitamins and Minerals at 4.2 percent in 2022 from -3.3 percent in 2021, Private Inpatient Curative and Rehabilitative Services at 1.2 percent in 2022 from 1.0 in 2021, and Treatment Devices for Personal Use 7.8 percent in 2022 from -1.2 percent in 2021.
Other commodities with a faster annual price increase in 2022 were Recreation, Sport, and Culture (15.7%); Education Services (10.7%); and Information and Communication (-0.1%).
“There were seven commodity items that showed slower inflation in 2022 against the previous year’s rate: Alcoholic Beverages and Tobacco from 10.9 percent to 6.7 percent; Clothing and Footwear from 3.5 percent to 2.5 percent; Furnishings, Household Equipment, and Routine Household Maintenance from 7.9 percent to 4.3 percent; Transport from 21.6 percent to 9.6 percent; Restaurants and Accommodation Services from 10.6 percent to 3.7 percent; Financial Services from 47.7 percent to 10.8 percent; Personal Care, and Miscellaneous Goods and Services from 6.1 percent to 5.2 percent ” Losare elaborated.
The seven percent inflation rate in 2022 was the highest year-on-year rate recorded since 2019.
“The average inflation rate in 2022 implied that average price level of consumer goods and services increased by 7.0 percent from a low of 3.6 percent in 2021,” Losare said.
Meanwhile, Losare cited that the average Purchasing Power of the Peso (PPP) in 2022 is at 0.84, which is lower when compared to the previous year’s 0.90, illustrating that the purchasing power of the peso depreciated, thereby interpreting that the one peso in 2018, is now valued at 0.84 centavos./PN
