The annual inflation rate of the Guimaras province settled at 5.3 percent after an errative five-year movement, based on the latest price statistics released by the Philippines Statistics Authority (PSA).
“The data showed that the trend of the average annual inflation in the Province of Guimaras slowed in 2023 due to the slower price change of Transport at –6.9 percent; Food and Non-Alcoholic Beverages with 8.2 percent inflation; and Housing, Water, Electricity, Gas and Other Fuels with 1.8 percent inflation, showing a huge share of 52.4, 16.1 and 13.8 percent, respectively,” Provincial Statistics Officer Nelida B. Losare said.
The slower inflation of Transport was due to the sluggish price change in Operation of Personal Transport Equipment from 31.4 percent in 2022 to –8.8 percent 2023, while inflation on Food and Non-Alcoholic Beverages, pushed by the dwindling retail costs of Food items from 8.8 to 8.5 percent.
Moreover, slower inflation of Housing, Water, Electricity, Gas and Other Fuels was driven by the decelerating market value of Maintenance, Repair, and Security from 4.5 to -0.8 percent price increase.
“In terms of contributions to the 2023 inflation of Guimaras, Food, and Non-Alcoholic Beverages with 8.2 inflation topped the rank with a 75.2 percent share followed by Restaurant and Accommodation Services with 11.9 percent inflation and 10.7 percent share, and Alcoholic Beverages and Tobacco with 10.1 percent inflation and 6.4 share,” Losare said.
The data showed that Cereals and cereal products, (7.3 percent inflation), significantly contributed 24.6 percent to the Food and Non-Alcoholic Beverages, followed by Vegetables, tubers, plantains, cooking bananas and pulses (17.4 percent inflation and 11.0 percent share), and Meat and other parts of slaughtered land animals (7.0 inflation, 8.1 percent share).
Losare also expounded that Food and Beverage Serving Services, with 12.1 percent inflation, contributed 10.7 percent to Restaurants and Accommodation Services.
The prices of Spirits and liquors, with a 12.1 percent inflation accounted for 3.6 percent of the 2023 inflation of Alcoholic Beverages and Tobacco.
The price statistics results also showed that among the 13 commodities, eight posted downtrend inflation from 2022 to 2023 (Food and Non-Alcoholic Beverages; Clothing and Footwear; Housing, Water, Electricity, Gas and Other Fuels; Health; Transport; Recreation, Sport and Culture; Education Services; Furnishings, and Financial Services). See Table 2
Likewise, five items posted an uptrend in 2023 inflation: Alcoholic Beverages and Tobacco; Furnishings, Household Equipment and Routine Household Maintenance; Information and Communication; Restaurant and Accommodation Services; and Personal Care, and Miscellaneous Goods and Services See Table 2
“Inflation Rate is the rate of change in the Consumer Price Index (CPI) derived by computing the indices relative to the same period in the previous year or month, and currently, Guimaras Province posted a 125.8 CPI, this indicates that a typical Guimarasnon household needs 1,258.00 pesos in 2023 to purchase a basket of goods and services worth 1,000.00 pesos in 2018,” Losare clarified.
“The Purchasing Power of the Peso (PPP) in Guimaras at 0.79 in 2023, indicating that the one peso in 2018 is now worth 0.79 centavos, representing a 6.21 percentage points depreciation from the PPP value of 7.0 recorded in 2022,” she added
