Food, non-alcoholic drinks push Guimaras’ 2022 average inflation to 7 percent

Food and Non-Alcoholic Beverages pushed Guimaras’ average inflation in 2022  to 7 percent, higher by 3.4 percentage points than the 3.6 average inflation in 2021, based on the generated data of the Consumer Price Index (CPI) from the Retail Price Survey (RPS) of Commodities conducted by 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, up 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,” Provincial Statistics Officer Nelida B. Losare said.

“Included in the top three heavily weighted commodity group items that buoyed up the average inflation of Guimaras to 7 percent 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.

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 in Health was mainly due to the annual price hike in Vitamins and Minerals at 4.2 percent in 2022, up from –3.3 percent in 2021; Private Inpatient Curative and Rehabilitative Services at 1.2 percent in 2022 from 1 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 added.

The 7 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 said 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.