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Release Date :
Reference Number :
2024-025
Reference Period
2024

Ilocos Region

I.    Overall Inflation

The inflation rate of the Ilocos Region for the Bottom 30% increased from 4.0 percent in March 2024 to 4.1 percent in April 2024, higher by 0.1 percentage point. On the other hand, it is lower 
by 3.2 percentage points from the rate of 7.3 percent in April 2023. 
 

 

 

1.1    Main Drivers to the Upward Trend of the Overall Inflation

The uptrend of the overall inflation in April 2024 was primarily brought about by the slower annual decline of 5.7 percent in the housing, water, electricity, gas and other fuels index from a 6.1 percent annual decrease in the previous month.

In addition, higher annual rates were noted in the indices of Health at 2.4 percent from 2.2 percent in April 2023, and Transport at 0.9 percent from 0.0 percent.

On the other hand, decreased indices were observed in the following commodity groups:

a.    Alcoholic Beverages and Tobacco with 5.8 percent from 6.9 percent;
b.    Clothing and Footwear with 3.5 percent from 3.6 percent; and
c.    Restaurants and Accommodation Services with 0.9 percent from 1.0 percent.

The rest of the commodity groups retained their previous month’s inflation rates or had zero percent annual growths. (Table B)

 

1.2    Main Contributor to the Overall Inflation

The following commodity groups were the top three contributors to the April 2024 overall inflation for the bottom 30% income households:

a.    Food and Non-Alcoholic Beverages, 102.4 percent share or 4.20 percentage points;
b.    Personal Care, and Miscellaneous Goods and Services, 5.0 percent share or 0.21 percentage point; and
c.    Furnishings, Household Equipment and Routine Household Maintenance, 3.4 percent share or 0.14 percentage point.
 

II.    Food Inflation

Food inflation for the bottom 30% income households at the regional level moved at a faster pace of 9.0 percent in April 2024 from 8.9 percent in the previous month. In April 2023, its annual increase was observed at 8.2 percent. 
 

2.1    Main Drivers to the Upward Trend of the Food Inflation

The acceleration of food inflation was mainly due to the slower annual decrease in vegetables, tubers, plantains, cooking bananas and pulses at 3.7 percent in April 2024 from 11.8 percent annual decrease in March 2024. Higher annual growth rates in cereals and cereal products which include rice, corn, flour, bread and other bakery products, pasta products, and other cereals with 23.4 percent in April 2024 from 23.1 percent, and ready-made food and other food products with 8.6 percent from 7.4 percent also contributed to the upward trend of the food inflation. Likewise, slower annual decreases were observed in oils and fats, and sugar, confectionery and desserts.
 

On the other hand, there were lower annual growth rates in meat and other parts of slaughtered land animals, 2.3 percent from 3.1 percent; fish and other seafood, -1.1 percent from 2.5 percent; milk, other dairy products and eggs, -0.6 percent from 0.4 percent; and fruits and nuts, 4.7 percent from 5.8 percent.


2.2    Main Contributors to the Food Inflation

Food inflation contributed 98.2 percent or 4.02 percentage points to the April 2024 overall inflation for this particular income group. Among the food groups, the top three main contributors to the food inflation during the month were the following:

a.    Cereals and cereal products, 99.1 percent or 8.92 percentage points;
b.    Meat and other parts of slaughtered land animals, 3.4 percent or 0.31 percentage point; and
c.    Ready-made food and other food products n.e.c., 3.2 percent or 0.29 percentage point.
 

 

Among the provinces, La Union posted the highest inflation rate for the bottom 30% income households at 6.4 percent in April 2024, followed by Pangasinan with 4.3 percent and Ilocos Norte with 3.6 percent. Meanwhile, Ilocos Sur recorded the lowest inflation rate with 1.6 percent annual growth.

All the provinces, except La Union, recorded lower inflation rates compared to their respective levels in April 2023.
 

 

SGD. ATTY. SHEILA O. DE GUZMAN
Regional Director
 

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