Ilocos Region’s CPI posts at 121.7 in June 2020
The Consumer Price Index (CPI) of Ilocos Region in June 2020 was posted at 121.7. This means that on the average, prices of goods and services in the region have increased by 21.7 percent from the base year 2012.
The region’s CPI was recorded at 121.3 in May 2020 and at 118.7 in June 2019.
The top three commodity groups that recorded high price indices were: alcoholic beverages and tobacco (214.2); food and non-alcoholic beverages (129.6); and furnishings, household equipment and routine maintenance of the house (124.6). On the other hand, the bottom three commodity groups with low price indices were: transport (96.5); communication (101.7); and education (109.8).
Table 1. Consumer Price Index by Commodity Group and by Province Ilocos Region: June 2020 (2012 = 100)
Among the provinces, Ilocos Norte posted the highest price index at 125.9, followed by Pangasinan at 123.5, and Ilocos Sur at 118.3. On the other hand, La Union recorded the lowest price index at 114.7.
Ilocos Region’s inflation rate stands at 2.5 percent in June 2020
Headline inflation in Ilocos Region settled to 2.5 percent in June 2020. Its annual rate in the previous month was 2.2 percent and 2.5 percent in June 2019.
Figure 1. Headline Inflation Rates in Ilocos Region, All Items June 2019 – June 2020
Figure 1 shows that the highest inflation rate in the region was recorded in July 2019 at 2.8 percent. Meanwhile, a negative inflation rate was noted in September and October 2019 both at 0.2 percent.
Table 2. Year-on-Year Inflation Rates for All Income Households by Commodity Group and by Province, Ilocos Region
June 2020 (2012 = 100)
Among the provinces in the region, Ilocos Norte posted the highest inflation rate at 3.8 percent in June 2020. This was followed by Ilocos Sur at 3.3 percent and Pangasinan at 2.2 percent. However, the lowest inflation rate was observed in La Union with 1.9 percent.
By commodity group, alcoholic beverages and tobacco recorded with the highest inflation rate in La Union and Pangasinan. In Ilocos Norte and Ilocos Sur, the highest inflation rate was registered by housing, water, electricity, gas, and other fuels and miscellaneous goods and services, respectively. On the other end, the transport commodity recorded the lowest inflation rate in all four provinces of the region.
Figure 2. Headline Inflation Rates by Province, Ilocos Region June 2019, May 2020, and June 2020
The inflation rate of the region increased by 0.3 percentage point from 2.2 percent in May 2020 to 2.5 percent in June 2020 as shown in Figure 2. The same inflation rate was recorded in June 2019 and June 2020.
Pangasinan posted a decrease in inflation rate from 3.2 percent in June 2019 to 2.2 percent in June 2020 while Ilocos Sur registered the highest increase of inflation rate with 2.8 percentage points from 0.5 percent in June 2019 to 3.3 percent in June 2020.
PPP in Ilocos Region remains at PhP 0.82 in June 2020
The Purchasing Power of the Peso (PPP) in Ilocos Region was posted at PhP 0.82 in June 2020. This means that the purchasing capability of PhP 1.00 in 2012 decreased by 18 centavos in June 2020.
FIGURE 3. Purchasing Power of the Peso by Province, Ilocos Region June 2019 and June 2020
(2012 = 100)
Among the provinces, La Union posted the highest PPP in June 2020 at PhP 0.87. This was followed by Ilocos Sur with Php 0.85 PPP and Pangasinan with PhP 0.81 PPP. However, Ilocos Norte registered the lowest value with PhP 0.79 PPP.
It can be gleaned in Figure 3 that PPPs in all the provinces went down from June 2019 to June 2020. Ilocos Norte posted the highest decrease of PhP 0.03 from PhP 0.82 in June 2019 to PhP 0.79 in June 2020. Ilocos Sur, La Union, and Pangasinan recorded a decrease of PhP 0.02 from their PPPs recorded in June 2019 to June 2020.
SGD. ATTY. SHEILA O. DE GUZMAN
(Chief Adiministrative Officer)