GUIMARAS – Higher price changes of rice, vegetables, and milk items pushed the inflation rate for low-income households (HHs) in the Province to 5.4 percent in August from 2.2 percent in July, according to the Philippine Statistics Authority (PSA).
Inflation Rate is the rate of change in the Consumer Price Index (CPI) derived by computing the indices of goods and services relative to the same period in the previous year or month.
Based on the relative poverty concept, households whose per capita income falls below the bottom 30 percent of the cumulative per capita distribution belong to the low-income group.
“Rice with 7.0 percent inflation; vegetables, tubers, plantains, cooking bananas and pulses with 30.4 percent inflation; and milk, other dairy products, and eggs with 12.5 percent inflation contributed 38.7, 27.6 and 10.2 percent, respectively to the speedy inflation of food and non-alcoholic beverages,” Provincial Statistics Officer Nelida B. Losare said.
With an 80.7 percent share, food and non-alcoholic beverages was the main driver of the 5.4 percent inflation for the bottom 30 percent income HHs.
Alcoholic beverages and tobacco with 11.6 percent inflation which chipped in 8.0 percent follow then restaurants and accommodation services with 11.4 percent inflation, contributing 7.2 percent.
Other commodities that significantly contributed to the food inflation in August 2023 were: ready-made food and other products; flour, bread, and other bakery products, pasta products, and other cereals; and oils and fats, chipping in 6.9, 6.6 and 4.9 percent, respectively, to the annual food price trends.
“Non-alcoholic beverages showed a price increment having 4.6 percent inflation in August from 3.5 percent in the previous month,” Losare mentioned.
Also pushing the overall inflation of the bottom 30 percent income HHs in Guimaras in August were: housing, water, electricity, gas, and other fuels with 3.3 percent inflation, and personal care and miscellaneous goods and services with 11.3 percent inflation, contributing 6.9 and 5.8 percent, respectively.
“The CPI of 127.1 indicates that a low-income household in Guimaras needs 1,271 pesos in August 2023 to purchase a basket of goods and services worth 1,000 pesos in 2018,” Losare clarified./PN
