Inflation in Aklan continues to rise in September 2023, driven by Rice prices

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

Aklan’s headline inflation in September 2023 was pegged at 5.6 percent, up from 4.5 percent in August 2023.

The province was the fourth-highest contributor, following Iloilo, Capiz, and Antique, to the increase in Western Visayas inflation, which rose to 6.0 percent in September from 5.2 percent in the previous month.

This is attributed to rapid increase of price indices of majority of the Food and Non-Alcoholic Beverages, which inched up further to 13.5 percent from 10.6 percent in a month.

Rice, among food commodities, primarily caused the uptrend of Food inflation, whose price index grew by 13.1 percent in September from 11.0 percent in August.

Meat followed, reaching 16.9 percent inflation from 3.5 percent in the past month.

Moreover, price indices of Fish and other seafood increased to 14.9 percent from 10.6 percent, fruit-bearing vegetables increased to 49.6 percent from 49.3 percent, and Other vegetables increased to 49.9 percent from 73.8 percent, all in a month’s period from August to September 2023.

Meanwhile, in terms of major commodity groups, Transport items followed next to Food and non-alcoholic beverages as fastest-increasing commodity in the province. It posted 3.5 percent inflation in September from 2.0 percent in August.

Moreover, Personal care, and miscellaneous goods and services (3.3 percent), Recreation, sport and culture (4.2 percent), and Alcoholic beverages and tobacco (9.1 percent) exhibited positive growth in inflation compared to their respective levels in August 2023.

Apparently, the real value of a 100-peso bill in 2018 is only worth Php82.30 in September 2023 due to inflation.

This further translates that for a minimum wage earner of P450.00, he/she needed additional Php96.75 in September 2023 in order to buy the same 450-peso cost of goods and services back in 2018.