Aklan inflation slows down to 4pct in October 2023

Source: Retail Price Survey of Commodities for the Generation of Consumer Price Index, Philippine Statistics Authority

Aklan province’s inflation rate or the year-on-year change in price indices of overall goods and services in October 2023 slowed down to 4.0 percent from 5.6 percent recorded in the past month.

The province was the third-highest contributor, following Iloilo and Iloilo City, to the downtrend of Western Visayas inflation to 4.9 percent in October 2023 from 6.0 percent in the previous month.

Moreover, Aklan’s slower inflation this month was mainly influenced by decrease in price indices of Food and non-alcoholic beverages which dropped to 11.7 percent compared to 13.5 percent a month ago.

Rice prices, among the food commodities, increased the slowest at 9.6 percent from 13.1 percent in a month’s period.

Vegetables, tubers, plantains, cooking bananas and pulses followed next which slowed down to 30.4 percent inflation this month compared to 41.4 percent in September.

Sugar, confectionery and desserts also showed slow-moving increase at -1.9 percent from 3.0 percent reported last month.

Among other major commodities, Transport commodities with -2.9 percent and Housing, water, electricity, gas and other fuels with -5.7 percent also caused the downtrend of overall inflation of the province.

Consequently, due to the inflation turnaround this October, the purchasing power of peso increased to Php0.82.

This further revealed that for a minimum wage earner, he/she needed additional Php93.15 in October 2023 in order to buy the same 450-peso cost of goods and services back in 2018.