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Release Date :
Reference Number :
2024-029
Reference Period
2024

Ilocos Region

I. Overall Inflation

The inflation rate of the Ilocos Region for the Bottom 30% decreased from 4.1 percent in April 2024 to 3.9 percent in May 2024, lower by 0.2 percentage point. It is also lower by 2.8 percentage points from the rate of 6.7 percent in May 2023.

 

 

1.1    Main Drivers to the Downward Trend of the Overall Inflation

The downward trend of the overall inflation for the bottom 30% income households in May 2024 was primarily brought about by housing, water, electricity, gas and other fuels which decreased further to 6.7 percent in May 2024 from the 5.7 percent annual decrease in the previous month.

In addition, lower annual growth rates were also noted in the indices of the following commodity groups during the month of May 2024:

a.    Food and non-alcoholic beverages, 8.5 percent from 8.7 percent; and 
b.    Alcoholic beverages and tobacco, 4.8 percent from 5.8 percent.

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

c.    Clothing and footwear, 3.6 percent from 3.5 percent;
d.    Furnishings, household equipment and routine household maintenance, 5.7 percent from 5.6 percent;
e.    Health, 2.6 percent from 2.4 percent;
f.    Transport, 1.3 percent from 0.9 percent;
g.    Recreation, sport and culture, 3.8 percent from 3.7 percent; and
h.    Personal care, and miscellaneous goods and services, 3.8 percent from 3.7 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 May 2024 overall inflation for the bottom 30% income households:

a.    Food and non-alcoholic beverages, 106 percent share  or 4.1 percentage points;
b.    Personal care, and miscellaneous goods and services, 5.5 percent share or 0.2 percentage point; and
c.    Furnishings, household equipment and routine household maintenance, 3.7 percent share or 0.1 percentage point.


II.    Food Inflation

Food inflation for the bottom 30% income households at the regional level moved at a slower pace of 8.7 percent in May 2024 from 9.0 percent in the previous month. In May 2023, its annual increase was observed at 7.9 percent.

2.1    Main Drivers to the Downward Trend of the Food Inflation

The deceleration of food inflation was mainly due to the faster annual decrease of fish and other seafood at 3.3 percent in May 2024 from 1.1 percent in April 2024. Rice also contributed to the downtrend with 27.5 percent from 27.7 percent in April 2024. Likewise, milk, other dairy products and eggs posted lower annual growth of 0.9 percent from 0.6 percent annual decrease in the previous month.

Lower annual growth was also observed in flour, bread and other bakery products, pasta products, and other cereals with 5.9 percent in May 2024 from 6.0 percent in April 2024.

On the other hand, higher annual growth rates were observed in the following food groups during the month of May 2024:

a.    Corn, 42.7 percent from 37.8 percent;
b.    Meat and other parts of slaughtered land animals, 2.7 percent from 2.3 percent;
c.    Oils and fats, -2.9 percent from -3.1 percent;
d.    Fruits and nuts, 5.8 percent from 4.7 percent;
e.    Sugar, confectionery and desserts,  -5.9 percent from 7.9 percent; and 
f.    Ready-made food and other food products,  9.4 percent from 8.6 percent.

 

2.2    Main Contributors to the Food Inflation

Food inflation contributed 101.9 percent or 4.0 percentage points to the May 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,  100.8 percent share or 8.8 percentage points;
b.    Meat and other parts of slaughtered land animals,  4.1 percent share or 0.4 percentage points; and
c.    Ready-made food and other food products,  3.6 percent share or 0.3 percentage point

 

Provinces

Among the provinces, La Union posted the highest inflation rate
for the bottom 30% income households at 6.7 percent in May 2024, followed by Pangasinan with 4.2 percent and Ilocos Norte 
with 3.4 percent. Meanwhile, Ilocos Sur recorded the lowest inflation rate with 0.5 percent annual growth.

Compared to their respective levels in May 2023, only La Union posted higher inflation rate.


SGD. ATTY. SHEILA O. DE GUZMAN
Regional Director
 

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