Release Date :
Reference Number :
2022-034
Consumer Price Index
The Consumer Price Index (CPI) of the Ilocos Region in May 2022 was posted at 114.2. This means that one needs Php114.20 to purchase the same set of goods and services that were worth Php100.00 in 2018.
The region’s CPI in May 2022 increased by 5.7 percent from 4.1 percent in May 2021. (see Table 3)
By Province
Among the provinces, Ilocos Sur posted the highest price index in May 2022 at 118.2. Ilocos Norte followed at 115.4 and Pangasinan at 114.4. Meanwhile, La Union recorded the lowest price index of 109.6 during the period.
Compared to the May 2021 levels, all provinces marked increases in the price index. Ilocos Sur recorded the highest increase of 9.3 percentage points followed by Ilocos Norte with 7.7 percentage points. Pangasinan and La Union have increased by 5.7 and 4.4 percentage points, respectively.
By Commodity Group
The top three commodity groups that recorded high price indices in May 2022 were: financial services (146.0); alcoholic beverages and tobacco (142.5); and transport (127.8). On the other hand, the bottom three commodity groups with low price indices were: information and communication (100.9); furnishings, household equipment and routine maintenance of the house (107.6); and recreation, sport, and culture (107.7).
Inflation Rate
As shown in Figure 3, the inflation rate of the Ilocos Region increased from 5.2 percent in April 2022 to 5.7 percent in May 2022, registering an increase of 0.5 percentage point. Likewise, it is higher by 1.6 percentage points from the recorded rate of 4.1 percent in May 2021.
The highest inflation rate was recorded during the period at 5.7 percent. Meanwhile, the lowest was noted in December 2021 and February 2022 at 3.1 percent.
By Province
Among the provinces, Ilocos Sur posted the highest inflation rate at 8.5 percent in May 2022, followed by Ilocos Norte and Pangasinan at 7.1 percent and 5.2 percent, respectively. The lowest inflation rate was registered by La Union at 4.2 percent.
Compared to their respective levels in May 2021, all the provinces have increased inflation rates. Ilocos Norte and Ilocos Sur have increased by 4.6 percentage points, and 3.9 percentage points, respectively, while La Union has 1.7 percentage points increase. Moreover, Pangasinan’s inflation rate went up by 0.4 percentage point.
By Commodity Group
Among the commodity groups, transport recorded the highest inflation rate of 19.6 percent. It was followed by housing, water, electricity, gas and other fuels with 8.1 percent, and alcoholic beverages and tobacco with 5.3 percent. Meanwhile, education services, and financial services recorded a steady (0.0) inflation rate.
Purchasing Power of Peso
The Purchasing Power of the Peso (PPP) in the Ilocos Region in May 2022 was posted at Php0.88. This means that the purchasing capability of Php1.00 in 2018 decreased by 12 centavos.
Among the provinces, La Union posted the highest PPP in May 2022 with Php0.91. It was followed by Ilocos Norte and Pangasinan both with Php0.87 PPP. Meanwhile, Ilocos Sur recorded the lowest PPP of Php0.85.
It can be gleaned in Figure 5 that PPPs in all the provinces in May 2022 were lower than their respective levels in May 2021. Ilocos Sur recorded the highest decrease of Php0.07, followed by Ilocos Norte at Php0.06. Moreover, Pangasinan and La Union decreased by Php0.05 and Php0.04, respectively.
SGD. ATTY. SHEILA O. DE GUZMAN
Regional Director, RSSO I
