headline inflation of Aklan province continuously dropped to 6.2 percent in May 2023 from 6.8 percent recorded in April 2023.
This, however, is still relatively higher compared to the 4.1 percent inflation reported in May last year.
Transport, among the major commodity groups, led the downtrend of the overall province’s inflation with 1.3 percent this month, down from 4.3 percent a month ago.
Under this commodity group, Gasoline primarily caused the decrease in inflation, with -7.9 percent inflation last month down to -14.7 percent during the reference period.
Passenger transport by air followed which went down to 19.0 percent from 59.6 percent in the past month, while Diesel dropped to -26.1 percent from -18.4 percent in April 2023.
Passenger transport by sea and inland waterway and Parts for personal transport equipment also decreased from their previous reported inflation rates from April to May 2023 at -64.3 percent and 0.4 percent, respectively.
Moreover, prices of Food and non-alcoholic beverages also contributed to the downtrend of inflation with 7.4 percent in May 2023 from 7.8 percent in the past month.
Alcoholic beverages and tobacco and Housing, water, electricity, gas and other fuels exhibited lower inflation rates this month at 11.5 percent, 9.4 percent, and 1.9 percent, respectively.
In addition, the purchasing power of peso still remained stable at Php0.84 during the reference period.
Furthermore, the report revealed that an individual needed additional P190.00 in May 2023 in order to buy the same 1000-peso worth of goods and services bought in 2018.
This inflation report was based on the year-on-year change in consumer price indices of a group of goods and services across time relative to 2018 prices.
