Headline inflation in Aklan at 4.8 pct in June 2022

Headline inflation in Aklan reached 4.8 percent in June, faster by 3.1 percentage points than 1.7 recorded in June 2021, according to Philippine Statistics Authority (PSA)-Aklan.

Inflation rate is the annual rate of change or increase in the consumer price indices of goods and services.

Consumer Price index (CPI), on the other hand, is an indicator of the change in the average retail prices of a fixed basket of goods and services commonly purchased by the households relative to a base year.

It further increased from 4.1 percent inflation in May and posted the highest inflation from the series of results since June 2020.

The upward trend was primarily brought about by faster annual rates of food and non-alcoholic beverages with 7%; transport at 12%; and restaurants and accommodation services at 4.1%.

Inflation growths were also noted in health, 3.3%; alcoholic beverages and tobacco, 8.5%; personal care and miscellaneous goods and services, 0.6%; and furnishings and household equipment and maintenance, 0.5%.

On the other hand, annual upticks slowed down for clothing and footwear at -1%; while housing, water, electricity, gas and other fuels went down to 1.3% from 3% in May 2022; and recreation, sports and culture dropped to 1.3% from 1.4% last month.

The rest of the major commodity groups retained their previous month’s inflation rates.

The uptrend inflation in food was highly contributed by fast annual price movements of cereals and other cereal products with 9.8%, fish and other seafood with 1.3%, and meat and other parts of slaughtered land animals with 10.5%.

Oils and fats and ready-made food and other food products NEC also increased which posted 16.8% and 5.1% inflation, respectively.

Meanwhile, vegetables, tubers, plantains, cooking bananas and pulses posted lower rate from 16.5% in the past month to 9.2% in June.

Other food commodities either increased or retained their previous month’s inflation rates.