Consumer Price Index
The Consumer Price Index (CPI) of the Ilocos Region in November 2022 was posted at 119.0. This means that one needs Php119.00 to purchase the same set of goods and services that were worth Php100.00 in 2018.
The region’s CPI in November 2022 increased by 7.7 percent from 3.8 percent in November 2021. Meanwhile, it has increased by 0.8 percent from October 2022. (see Table 2)
Among the provinces, Ilocos Sur posted the highest price index in November 2022 at 124.3. Ilocos Norte followed at 120.9, and Pangasinan at 119.4. Meanwhile, La Union recorded the lowest price index of 112.6 during the period.
Compared to the November 2021 levels, all provinces marked increases in the price index. Ilocos Sur recorded the highest increase of 11.4 percentage points followed by Ilocos Norte with 10.2 percentage points. Pangasinan and La Union have increased by 8.7, and 4.7 percentage points, respectively.
By Commodity Group
The top three commodity groups that recorded high price indices in November 2022 were: alcoholic beverages and tobacco (147.2); financial services (146.0); and transport (125.4). On the other hand, the bottom three commodity groups with low price indices were: information and communication (101.4); recreation, sport and culture (109.6); and furnishings, household equipment and routine maintenance of the house (111.2).
As shown in Figure 3, the inflation rate of the Ilocos Region accelerated from 7.4 percent in October 2022 to 7.7 percent in November 2022, an increase of 0.3 percentage point. Similarly, it is higher by 3.9 percentage points from the recorded rate of 3.8 percent in November 2021.
The commodity groups that contributed in the acceleration of the November 2022 inflation rate compared to the previous month in the region were:
a. Housing, Water, Electricity, Gas, and Other Fuels, 12.3 percent;
b. Food and Non-alcoholic Beverages, 8.3 percent;
c. Health, 6.2 percent;
d. Personal Care, and Miscellaneous Goods and Services, 6.1 percent;
e. Furnishings, Household Equipment, and Routine Household Maintenance, 5.2 percent;
f. Clothing and Footwear, 4.1 percent; and
g. Restaurants and Accommodation Services, 3.2 percent.
On the other hand, lower increments were recorded in the indices of the following commodity groups:
a. Recreation, Sport and Culture, 2.9 percent;
b. Alcoholic Beverages and Tobacco, 5.7 percent; and
c. Transport, 9.0 percent;
Education services, information and communication, and financial services remained stable in November 2022. (see Table 2)
Among the provinces, Ilocos Sur posted the highest inflation rate at 10.1 percent in November 2022, followed by Ilocos Norte and Pangasinan at 9.2 percent, and 7.9 percent, respectively. The lowest inflation rate was registered in La Union at 4.4 percent.
Compared to their respective levels in November 2021, all the provinces, have increased inflation rates. Ilocos Norte and Ilocos Sur have increased by 5.8 percentage points, and 4.7 percentage points, respectively, while Pangasinan increased by 4.2 percentage points. Meanwhile, La Union’s inflation rate went up by 1.3 percentage points.
Purchasing Power of Peso
The Purchasing Power of the Peso (PPP) in the Ilocos Region in November 2022 was posted at Php0.84.
This means that the purchasing capability of Php1.00 in 2018 has decreased by 16 centavos.
Among the provinces, La Union posted the highest PPP in November 2022 with Php0.89. It was followed by Pangasinan with Php0.84 PPP, and Ilocos Norte with Php0.83 PPP. Meanwhile, Ilocos Sur recorded the lowest PPP of Php0.80.
It can be gleaned in Figure 5 that PPPs in all the provinces of the region in November 2022 were lower than their respective levels in November 2021. Ilocos Sur has the highest decrease of Php0.09 followed by Ilocos Norte and Pangasinan with Php0.07, and Php0.06 decrease, respectively. Meanwhile, La Union registered decrease in its PPP at Php0.04.
SGD. ATTY. SHEILA O. DE GUZMAN
Regional Director, PSA-RSSO I