Prices of consumer goods up in Aklan

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Sunday, March 12, 2017
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KALIBO, Aklan – Faster price increase in most of consumer goods in Aklan pushed the province’s inflation by two percent in February, based on the data of the Philippine Statistics Authority-Aklan.

Inflation rate is the annual rate of change or the year-on-year change in consumer price index (CPI), according to Provincial Statistics Officer Antonet Catubuan.

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.

Inflation went up by 1.3 percent over last month’s index and 0.2 percent a year ago.

The last time inflation notched up at this level was in November 2014 with 2.8 percent.

The rapid increase was primarily brought by higher annual rates of the following:

  • alcoholic beverages and tobacco (6.3 percent)

  • furnishings, household equipment, and house maintenance (4.8 percent)

  • transport (3.1 percent)

  • food and non-alcoholic beverages (2.2 percent)

  • housing, water, electricity, gas (HWEG) and other fuels (1.9 percent)

  • recreation and culture (1.9 percent)

  • clothing and footwear (1.1 percent), and

  • restaurants and miscellaneous goods and services (0.6 percent),

On a monthly basis, consumer prices in Aklan generally picked up by 0.1 percent, which is the same rate recorded in the previous month.

Faster increments were observed in HWEG and other fuels (0.2 percent), clothing and footwear (0.2 percent), furnishings, household equipment, and house maintenance (0.1 percent), and alcoholic beverages and tobacco (0.1 percent).

The other commodity groups have retained its previous month’s rates except for transport, and food and non-alcoholic beverages which dropped to 0.5 and 0.1 percent, respectively.

The decrease in price index across heavily-weighted food items is attributed to slower price movement observed in fish (-0.7 percent), sugar and related products (-0.7 percent), food products NEC such as salt and spices (-0.4 percent), oils and fats (-0.4 percent), meat (-0.1 percent), and other cereals, flour and related products(-0.1 percent).

However, higher price adjustments were noted invegetables (1.2 percent), rice (0.1 percent), non-alcoholic beverages (0.1 percent), milk, cheese and eggs (0.1 percent), and bread and cereals (0.1 percent)./PN
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