In November 2024, the headline inflation in Aklan grew at a slower rate of 1.3 percent compared to the 3.1 percent recorded in the previous month and lower by 2.7 percentage points from the 4.0 percent inflation observed in November 2023. Aklan's inflation rate exceeds the national rate but lower than the regional rate, standing at 2.3 percent and 3.9 percent, respectively.

Table 1. Year-on-Year Inflation Rates, All Items

In percent

(2018=100)

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

Among the major commodity groups, the primary factor contributing to the downtrend in inflation this month was Food and Non-alcoholic beverages, registering a deflation of -0.3 from 4.0 inflation in the previous month. It was observed that Rice mainly brought the deflation of Food and Nonalcoholic Beverages, showing 8.2 percent inflation in November from 22.0 percent inflation in October.

Among other food commodities, Meat also had slower inflation this month from 8.8 percent to 0.6 percent during the reference month, as well as, Fish and seafoods which slowed down from -3.6 percent to -8.4 percent and Ready-made food and other food products nec decreased from 6.2 percent to 4.5 percent from October to November 2024.

On the contrary, price of other food products increased faster from October to November 2024:

a. Oils and fats, from -0.7 percent to -0.5 percent;
b. Fruits and nuts, from -1.8 percent to -1.1 percent; 
c. Vegetables, tubers, plantains, cooking bananas and pulses, from -16.9 percent to -9.4
percent; and
d. Sugar, confectionery and desserts., from -4.5 percent to -4.0 percent.

Following the Food and Non-Alcoholic Beverages, Housing, water, electricity, gas and other fuels displayed a deceleration in inflation from 4.3 percent in the previous month to 3.2 percent in November, while, Clothing and footwear inflated slower from 1.1 percent a month ago to 0.7

percent reported this month. Also, Alcoholic beverages and tobacco declined from 3.5 percent in October to 3.1 percent in November.

On the other hand, Transport went up from -2.9 percent to -1.3 percent in November, and Personal care, and miscellaneous goods and services increased from 1.7 percent in October to 1.8 percent in November 2024.
Inflation of the rest of the major commodities remained stable in November 2024 from October
2024.

Major Contributors to Inflation

The overall inflation of Aklan was mainly contributed by price hike of Restaurants and accommodation services which recorded 11.9 percent inflation with 53.5 percent share to overall inflation. This was followed by Housing, water, electricity, gas and other fuels at 3.2 percent inflation with 46.0 percent share to inflation, and Alcoholic beverages and tobacco with 3.1 percent inflation and 6.3 percent share to inflation.

Other major commodity groups also contributed to the province’s inflation rate in October 2024:

a. Personal care and Miscellaneous goods and services, 1.0 percent inflation with 6.2
percent share;
b. Furnishings, Household Equipment and Routine Household Maintenance, 0.9 percent
inflation with 2.5 percent share;
c. Clothing and footwear, 0.7 percent inflation with 1.9 percent share; and
d. Health, 0.3 percent inflation with 1.0 percent share.

Purchasing Power of Peso

The purchasing power of peso (PPP) is inversely associated with inflation, which implies that as inflation increases, the purchasing power of peso decreases.

PPP in November 2024 was valued at 81 centavos, lower than 82 centavos recorded PPP in the same month last year.

This indicates that a 1000-peso worth of goods and services bought in 2018 will require a person an additional P235.00 in order to buy them in November 2024.

Moreover, -0.3 percent inflation in food commodities results in an additional P38.00 this November 2024 in order to buy the same basket of food commodities worth P1000.00 in 2018.

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

EXPLANATORY TEXT

    Consumer Price Index (CPI) - 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 shows how much on the average, prices of goods and services have increased or decreased from a particular reference period.

    The CPI Report was derived from the results of the 2018-based CPI survey comprised of thirteen (13) major commodity groups. These are the following: Food and Non-alcoholic Beverages; Alcoholic Beverages and Tobacco; Clothing and Footwear; Housing, Water, Electricity, Gas and Other Fuels; Furnishings, Household Equipment and Routine Maintenance of the House; Health; Transport; Information and Communication Services; Recreation, Sport and Culture; Education; Restaurants and Accommodation Services; Financial Services; and Personal Care and Miscellaneous Goods and Services.

    Inflation rate is defined as the annual rate of change or the year-on-year change in the
CPI.

    Purchasing power of peso is a measure of the real value of the peso in a given period
relative to a chosen reference period.

    Market basket is a term used to refer to a sample of goods and services that are
commonly purchased and bought by an average Filipino household.
    
    Base period or Base Year is the period, usually a year, at which the index number is
set to 100. It is the reference point of the index number series. In this report, 2018 is used as
the base period.

ENGR. ANTONET B. CATUBUAN
Chief Statistical Specialist