Consumer Price Index

The Consumer Price Index (CPI) of the Ilocos Region in February 2022 was posted at 111.7. This means that on the average, prices of goods and services in the region increased by 11.7 percent from the base year 2018.   

The region’s CPI in February 2022 increased by 3.1 percent from February 2021.

By Province

Among the provinces, Ilocos Sur posted the highest price index in February 2022 at 116.2. Ilocos Norte followed at 112.6 and Pangasinan at 111.7. Meanwhile, La Union recorded the lowest price index of 108.0 during the period.

Compared to the February 2021 levels, all provinces marked increases in price index. Ilocos Sur recorded the highest increase of 7.5 percent followed by Ilocos Norte with 4.5 percent, Pangasinan with 2.4 percent and La Union with 2.1 percent.

By Commodity Group

The top three commodity groups that recorded high price indices  in February 2022 were: financial services (146.0); alcoholic beverages and tobacco (139.9); and transport (117.2).  On the other hand, the bottom three commodity groups with low price indices were: information and communication (100.8); furnishings, household equipment and routine maintenance of the house (106.7); and recreation, sport and culture (107.5).

The increase in financial services is due to the increase of transaction charge on money transfer, bank to bank transaction of different bank network and ATM charges with regard to withdrawals.

Inflation Rate

As shown in Figure 3, the inflation rate of Ilocos Region went down  from 3.4 percent in January 2022 to 3.1 percent in February 2022, registering a decrease of 0.3 percentage point. Likewise, it is lower by 0.7 percentage point from the recorded rate of 3.8 percent in February 2021.

The highest inflation rate was recorded in the months of August, September and October 2021 at 4.6 percent. Meanwhile, the lowest was noted in the months of December 2021 and February 2022 at 3.1 percent.

By Province

Among the provinces, Ilocos Sur posted the highest inflation rate at 7.5 percent in February 2022, followed by Ilocos Norte and Pangasinan at 4.5 percent and 2.4 percent, respectively. Inflation rate in La Union was pegged at 2.1 percent.

Compared to their respective levels in February 2021, Pangasinan  and La Union recorded lower inflation rates at 1.9 percentage points and the latter at 0.9 percentage point. Meanwhile, Ilocos Sur and Ilocos Norte have increased by 4.8 percentage points and 0.9 percentage point, respectively.

By Commodity Group

Among the commodity groups, financial services recorded the highest inflation rate with 46.0. It was followed by the transport with 12.6, and housing, water, electricity, gas and other fuels with 7.8. Meanwhile, food and non-alcoholic beverages and education services have the lowest inflation rates of -0.1 and 0.0, respectively. (Table 2)

Purchasing Power of Peso

The Purchasing Power of the Peso (PPP) in the Ilocos Region in February 2022 was posted at Php0.90. This means that the purchasing capability of Php1.00 in 2018 decreased by 10 centavos.

Among     the     provinces, La Union posted the highest PPP  in February 2022 with Php0.93. It was followed by Pangasinan and Ilocos Norte at Php0.90 and Php0.89, respectively. Meanwhile, the least was recorded in Ilocos Sur at Php0.86. 

It can be gleaned in Figure 5 that PPPs in all the provinces in February 2022 were lower than their respective levels in February 2021. Ilocos Sur recorded the highest decrease of Php0.07, followed by Ilocos Norte at Php0.04. Meanwhile, La Union and Pangasinan both decreased by Php0.02.

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