Consumer Price Index

The Consumer Price Index (CPI) of the Ilocos Region in November 2023 was posted at 122.5. This means that one needs PhP122.50 to purchase the same set of goods and services that were worth PhP100.00 in 2018.

Among the provinces, Pangasinan posted the highest price index in November 2023 at 124.0. Ilocos Sur followed at 123.9, and Ilocos Norte at 121.7. Meanwhile, La Union recorded the lowest price index of 116.8 during the period.

Compared to the November 2022 levels, all provinces marked increases in the price index, except Ilocos Sur. Pangasinan recorded the highest increase of 4.6 percentage points, followed by La Union with 4.2 percentage points. Ilocos Norte increased by 0.8 percentage point. Meanwhile, Ilocos Sur’s price index went down by 0.4 percentage point.

By Commodity Group

The top three commodity groups that recorded high price indices in November 2023 were: alcoholic beverages and tobacco (158.1); financial services (146.0); and food and non-alcoholic beverages (129.8). On the other hand, the bottom three commodity groups with low price indices were: information and communication (101.8); recreation, sport and culture (112.1); and restaurant and accommodation services (115.1).

The lower inflation in Ilocos Region in November 2023 was primarily influenced by the considerable decrease in the indices of the following commodity groups:

a.    Food and non-alcoholic beverages, 7.2 percent;

b.    Alcoholic beverages and tobacco, 7.4 percent;

c.    Clothing and footwear, 4.2 percent;

d.    Furnishings, household equipment and routine household maintenance, 6.6 percent;

e.    Health, 2.9 percent;

f.    Transport, -1.3 percent;

g.    Recreation, sport and culture, 2.3 percent;

h.    Restaurants and accommodation services, 2.9 percent; and

i.    Personal care, and miscellaneous goods and services, 4.0 percent.
On the other hand, increase in the index of housing, water, electricity, gas and other fuels was observed at -5.1 percent. The rest of the commodity groups retained their previous month’s inflation rates or had zero percent annual growths. (Table 2)

By Province

Among the provinces, Pangasinan posted the highest inflation rate at 3.9 percent in November 2023 followed by La Union at 3.7 percent. Meanwhile, Ilocos Norte recorded 0.7 percent inflation, and Ilocos Sur exhibited -0.3 percent annual growth.

Compared to their respective levels in November 2022, all the provinces recorded lower inflation rates.

Purchasing Power of Peso

The Purchasing Power of the Peso (PPP) in the Ilocos Region in November 2023 was posted at PhP0.82. This means that the purchasing capability of PhPI.OO in 2018 has decreased by 18 centavos.

Among the provinces, La Union posted the highest PPP in November 2023 with PhP0.86. It was followed by Ilocos Norte with PhP0.82. Meanwhile, Ilocos Sur and Pangasinan recorded the lowest PPP of PhP0.81.

It can be gleaned in Figure 5 that PPPs in all the provinces of the region in November 2023 were lower than their respective levels in November 2022, except Ilocos Sur which recorded increased PPP. Pangasinan and La Union both decreased by PhP0.03, while Ilocos Norte’s PPP decreased by PhP0.01.
 

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