PSA-Aklan Explains Inflation Rate for December 2024

Numancia, Aklan—The Philippine Statistics Authority (PSA) in Aklan explains the province’s inflation rate in December 2024.

In a press conference held on January 28, 2025, Engr. Antonette Catubuan, chief statistical specialist of the PSA-Aklan, said this is based on the data they gathered last year.

“The province’s inflation rate in December 2024 rose slightly higher by 1.4 percent compared to November 2024, which was 1.3 percent,”  Engr. Catubuan said.

From January to December 2024, the province incurred an average of 3.7 percent inflation. Inflation is the rate at which the the value of a currency is falling and consequently the general level of prices for goods and services is rising12.

Inflation affects a sector, an industry, or a country’s entire economy2. Inflation can be caused by different factors, such as increased demand, increased costs, or increased money supply.

For the purchasing power, the PSA data revealed 80 centavo from 81 centavo rate of both December 2023 and November 2024.

Engr. Catubuan said that the main sources of the uptrend of the December 2024 inflation include  effect in the rising costs of fish and seafood (1.7 %); fruits and nuts (7.0 %); and vegetables (9.4 %). It was gathered that the rising costs from these food and non-alcoholic beverages include the effect of the El Nino phenomenon in the country which causes months of dry spells.

The data also cited the increase of prices of the costs of gasoline (1.1 %) and diesel (2.3%).