Summary Inflation Report of the Consumer Price Index in Ilocos Region January 2023 (2018=100)

Release Date :
Reference Number :
2023-024
Consumer Price Index
 
The Consumer Price Index (CPI) of the Ilocos Region in January 2023 was posted at 121.3. This means that one needs Php121.30 to purchase the same set of goods and services that were worth Php100.00 in 2018.
 
The region’s CPI in January 2023 increased by 9.3 percent from 3.4 percent in January 2022. Meanwhile, it has increased by 1.5 percent from December 2022. (see Table 2)
 
By Province
Among the provinces, Ilocos Sur posted the highest price index in January 2023 at 126.9. Pangasinan and Ilocos Norte followed with 122.3 and 120.0, respectively. Meanwhile, La Union recorded the lowest price index of 114.7 during the period.
 
Compared to the January 2022 levels, all provinces marked increases in the price index. Ilocos Sur recorded the highest increase of 11.9 percentage points, followed by Pangasinan with 11.3. percentage points. Ilocos Norte and La Union have increases of 8.4 and 7.2 percentage points, respectively.
 
By Commodity Group
 
The top three commodity groups that recorded high price indices in January 2023 were: alcoholic beverages and tobacco (151.6); financial services (146.0); and food and non-alcoholic beverages (125.3). On the other hand, the bottom three commodity groups with low price indices were: information and communication (101.6); recreation, sport and culture (111.3); and education services (113.2).

Table 1. Consumer Price Index by Commodity Group and Province, 
Ilocos Region: January 2023 (2018 = 100)

Inflation Rate

As shown in Figure 3, the inflation rate of the Ilocos Region accelerated from 8.2 percent in December 2022 to 9.3 percent in January 2023, an increase of 1.1 percentage pointd. Similarly, it is higher by 5.9 percentage points from the recorded rate of 3.4 percent in January 2022.

The commodity groups that contributed in the acceleration of the January 2023 inflation rate compared to the previous month in the region were:
 
a. Housing, water, electricity, gas and other fuels, 12.0 percent;
b. Food and Non-alcoholic Beverages, 11.7 percent;
c. Alcoholic Beverages and Tobacco, 8.6 percent;
d. Furnishings, Household Equipment, and Routine Household Maintenance, 8.2 percent;
e. Personal care, and miscellaneous goods and services, 6.2 percent;
f. Clothing and Footwear, 5.1 percent;
g. Restaurants and Accommodation Services, 4.7 percent;
h. Recreation, Sport and Culture, 3.8 percent; and
i. Information and Communication, 0.9 percent.
On the other hand, lower increments were recorded in the indices of the following commodity groups:
     a. Health, 6.5 percent; and
     b. Transport, 8.6 percent.
Education services and Financial services remained stable in January 2023. (see Table 2)
By Province
 
Among the provinces, Ilocos Sur posted the highest inflation rate at 10.3 percent in January 2023, followed by Pangasinan and Ilocos Norte at 10.2 percent, and 7.5 percent, respectively. The lowest inflation rate was registered in La Union at 6.7 percent.
 
Compared to their respective levels in January 2022, all the provinces, have increased inflation rates. Ilocos Norte and Ilocos Sur have increased by 4.5 percentage points, and 2.6 percentage points, respectively. Pangasinan’s inflation rate increased by 6.9 percentage points and La Union also went up by 5.8 percentage points.
 
Figure 4. Headline Inflation Rates by Province, Ilocos Region
January 2023 and January 2022
 
Purchasing Power of Peso
 
The Purchasing Power of the Peso (PPP) in the Ilocos Region in January 2023 was posted at Php0.82. This means that the purchasing capability of Php1.00 in 2018 has decreased by 18 centavos.
 
Among the provinces, La Union posted the highest PPP in January 2023 with Php0.87. It was followed by Ilocos Norte and Pangasinan with Php0.83 and Php0.82, respectively. Meanwhile, Ilocos Sur recorded the lowest PPP of Php0.79.
 
It can be gleaned in Figure 5 that PPPs in all the provinces of the region in January 2023 were lower than their respective levels in January 2022. Ilocos Sur and Pangasinan have the highest decrease of Php0.08 followed by Ilocos Norte with Php0.07. Meanwhile, La Union registered decrease in its PPP at Php0.06.
 
Figure 5. Purchasing Power of the Peso by Province Ilocos Region: January 2023 and January 2022
(2018 = 100)
 
 
 
 
(SGD) ATTY. SHEILA O. DE GUZMAN, CPA 
Regional Director, RSSO I

 
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