Consumer Price Index
The Consumer Price Index (CPI) of Ilocos Region in June 2021 was posted at 126.6. This means that on the average, prices of goods and services in the region increased by 26.6 percent from the base year 2012.
The region’s CPI in June 2021 increased by 4.1 percent from June 2020 while remained the same from May 2021.
Among the provinces, Pangasinan posted the highest price index in June 2021 at 129.1, Ilocos Norte followed at 128.9 and Ilocos Sur at 124.2. On the other hand, La union recorded the lowest price index at 117.9 in the same period.
Compared from June 2020 price index, all provinces marked increases. Ilocos Sur has increased by 5.0 percent, Pangasinan by 4.5 percent, Ilocos Norte by 3.0 percent and La Union by 2.8 percent.
By Commodity Group
The top three commodity groups that recorded high price indices in the region in June 2021 were: alcoholic beverages and tobacco (237.3); food and non-alcoholic beverages (135.6); and furnishings, household equipment and routine maintenance of the house (127.0). On the other hand, the bottom three commodity groups with low price indices were: communication (101.9); transport (111.1); and education (111.3).
As shown in Figure 3, the inflation rate in the Ilocos Region settled at 4.1 percent in June 2021. Its annual rate in the previous month was 4.4 percent, while 2.4 percent in June 2020.
The highest inflation rate in the region was recorded in February 2021 at 4.6 percent. Meanwhile, the lowest inflation rate was noted in the month of June 2020 at 2.4 percent.
The inflation rate of the region in June 2021 is lower by 0.3 percentage point from May 2021 but higher by 1.7 percentage points compared from June 2020.
Among the provinces in the region, Ilocos Sur posted the highest inflation rate at 5.0 percent in June 2021, followed by Pangasinan at 4.5 percent. Inflation rates in Ilocos Norte and La Union were pegged at 3.0 percent and 2.8 percent, respectively.
Compared to their respective levels in June 2020, all provinces, except Ilocos Norte, recorded higher inflation rates. Pangasinan has the highest increase of 2.3 percentage points. But compared to the previous month, Pangasinan is the lone province that recorded a decrease in inflation rate from 5.1 to 4.5.
By commodity group, transport recorded the highest inflation rate in Ilocos Norte, Ilocos Sur and Pangasinan. In La Union, the highest inflation rate was registered in the alcoholic beverages and tobacco commodity. Meanwhile, recreation and culture has the lowest inflation rate in Ilocos Sur, La Union and Pangasinan. Communication and education have the lowest inflation rate in Ilocos Norte.
Among the provinces, La Union posted the highest PPP in June 2021 with Php0.85. It was followed by Ilocos Sur with Php0.81 PPP. Meanwhile, the least were recorded in Ilocos Norte and Pangasinan with Php0.78 and Php0.77, respectively.
It can be gleaned in Figure 5 that PPPs in the provinces, except Ilocos Sur, decreased from June 2020 to June 2021. The PPPs in Ilocos Norte and La Union both went down by Php0.02 while PPP in Pangasinan went down by Php0.04. On the other hand, an increase of Php0.01 in the PPP of Ilocos Sur was observed.