Ilocos Sur’s CPI is 123.3 in May 2021
The Consumer Price Index (CPI) in Ilocos Sur in May 2021 was posted at 123.3. This means that on the average, prices of goods and services in the province have increased by 23.3 percent from the base year 2012. The May 2021 CPI of the province was 5.5 index points higher compared to the 117.8 CPI in May 2020.
Similarly, Ilocos Region’s CPI also increased by 5.3 index points from 121.3 in May 2020 to 126.6 in May 2021.
The CPI of Ilocos Sur and Ilocos Region in April 2021 was posted at 123.3 and 126.8 respectively.
CPI by Commodity Group
Alcoholic beverages, tobacco, and other vegetable-based tobacco products registered with the highest CPI in May 2021 at 189.5. This commodity also recorded the highest CPI in May 2020 at 166.2. Meanwhile, education recorded a double-digit CPI with 78.9 both in May 2020 and May 2021 and the lowest among all the commodity groups in the same periods .
The headline inflation rate in Ilocos Sur in May 2021 was registered at 4.7 percent, a 1.8 percentage points increase from the annual growth rate recorded in May 2020 at 2.9 percent. (Figure 2)
Figure 2 also shows the movement of inflation rates in Ilocos Sur from May 2020 to May 2021. Inflation in June 2020 accelerated to 3.3 percent from the 2.9 percent inflation rate in May 2020. It continued to increase in July 2020 at 3.6 percent. It went down by 1.1 percentage points in August 2020 at 2.5 percent but picked up by 0.5 percentage point in September 2020 at 3.0 percent. It again went down in October 2020 at 2.0 percent, the lowest annual growth rate registered during the time series. Inflation in Ilocos Sur rose in November 2020 at 3.1 percent but slowed down in December 2020 at 3.0 percent. It continued to exhibit spikes in January 2021 and February 2021 both with 3.6 percent, March 2021 with 4.2 percent, and April 2021 and May 2021 both at 4.7 percent inflation.
As shown in Figure 3, varied annual growth rates in the indices of the commodity groups in Ilocos Sur were observed in May 2021. Annual increases were higher in the indices of the following commodity groups in May 2021: Transport, 26.9 percent; Alcoholic beverages, tobacco, and other vegetables-based tobacco products, 14.0 percent; and Restaurant and miscellaneous goods and services, 5.9 percent. Meanwhile, recreation and culture recorded negative inflation of 0.7 percent in the same period.
Purchasing Power of Peso
The Purchasing Power of the Peso (PPP) in Ilocos Sur was posted at PhP0.81 in May 2021. This means that the purchasing capability of PhP1.00 in 2012 decreased by 19 centavos in May 2021.
The province’s PPP in May 2021 was higher by PhP0.02 compared to the region’s PPP in the same period at PhP0.79.
(SGD) REYNOR R. FERNANDO
Chief Statistical Specialist