Consumer Price Index

The Consumer Price Index (CPI) of the Ilocos Region in December 2022 was posted at 119.5. This means that one needs Php119.50 to purchase the same set of goods and services that were worth Php100.00 in 2018.

The region’s CPI in December 2022 increased by 8.2 percent from 3.1 percent in December 2021. Meanwhile, it has increased by 0.4 percent from November 2022. (see Table 2)

By Province

Among the provinces, Ilocos Sur posted the highest price index in December 2022 at 124.3. Ilocos Norte and Pangasinan followed, both posted at 120.2. Meanwhile, La Union recorded the lowest price index of 112.8 during the period.

Compared to the December 2021 levels, all provinces marked increases in the price index. Ilocos Sur recorded the highest increase of 11.6 percentage points, followed by Ilocos Norte with 9.8 percentage points. Pangasinan and La Union have increased by 9.4, and 5.3 percentage points, respectively.

By Commodity Group

The top three commodity groups that recorded high price indices in December 2022 were: alcoholic beverages and tobacco (147.5); financial services (146.0); and transport (123.8). On the other hand, the bottom three commodity groups with low price indices were: information and communication (101.4); recreation, sport and culture (110.5); and furnishings, household equipment and routine maintenance of the house (111.7).

Inflation Rate

As shown in Figure 3, the inflation rate of the Ilocos Region accelerated from 7.7 percent in November 2022 to 8.2 percent in December 2022, an increase of 0.5 percentage point. Similarly, it is higher by 5.1 percentage points from the recorded rate of 3.1 percent in December 2021.

The commodity groups that contributed in the acceleration of the December 2022 inflation rate compared to the previous month in the region were:

a. Food and Non-alcoholic Beverages, 9.9 percent;
b. Transport, 9.8 percent;
c. Health, 7.5 percent;
d. Alcoholic Beverages and Tobacco, 5.8 percent;
e. Furnishings, Household Equipment, and Routine Household
Maintenance, 5.5 percent;
f. Recreation, Sport and Culture, 3.6 percent; and
g. Restaurants and Accommodation Services, 3.3 percent.

On the other hand, lower increments were recorded in the indices of the following commodity groups:

a. Housing, Water, Electricity, Gas and Other Fuels, 11.0 percent;
b. Personal Care, and Miscellaneous Goods and Services,
6.0 percent; and
c. Clothing and Footwear, 3.9 percent;

Education services, Information and communication, and Financial services remained stable in December 2022. (see Table 2)

By Province

Among the provinces, Ilocos Sur posted the highest inflation rate at 10.3 percent in December 2022, followed by Ilocos Norte and Pangasinan at 8.9 percent, and 8.5 percent, respectively. The lowest inflation rate was registered in La Union at 4.9 percent. 

Compared to their respective levels in November 2021, all the provinces, have increased inflation rates. Ilocos Norte and Ilocos Sur have increased by 6.3 percentage points, and 5.2 percentage points, respectively. Pangasinan’s inflation rate increased by 5.3 percentage points and
La Union also went up by 3.0 percentage points.

 

Purchasing Power of Peso

 

The Purchasing Power of the Peso (PPP) in the Ilocos Region in December 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 December 2022 with Php0.89. It was followed by Pangasinan 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 December 2022 were lower than their respective levels in December 2021. Ilocos Sur has the highest decrease of Php0.09 followed by Ilocos Norte and Pangasinan with Php0.08, and Php0.07, respectively. Meanwhile, La Union registered decrease in its PPP at Php0.04.

 

 

 

SGD. ATTY. SHEILA O. DE GUZMAN
Regional Director, RSSO I