The headline inflation rate in Ilocos Sur increased to -1.1 percent in February 2024. An increase of 1.3 percentage points from the -2.4 percent in January 2024. The inflation rate in February 2023 was observed at 8.3 percent.

Meanwhile, the headline inflation rate in February 2024 in Ilocos Region was posted at 2.0 percent. The inflation of the region was higher by 3.1 percentage points compared to the province’s inflation, but lower by 1.4 percentage points compared to the country’s inflation at 3.4 percent. The country’s inflation in February 2024 increased by 0.6 percentage point compared to previous month at 2.8 percent.

As shown in Figure 1, the inflation rate in February 2024 was posted 
at -1.1 percent. This means that the average prices of goods and services typically purchased by consumers is lower compared to the prices a year ago.

The uptrend was attributed to higher inflation in the following major commodity groups: Food and Non-Alcoholic Beverages posted at 3.7 percent in February 2024 from 0.6 percent in January 2024; and Transport at -2.8 percent from -6.5 percent.

Meanwhile, the following commodity groups poster slower annual drop; Clothing and Footwear at 3.5 percent in February 2024 from 4.3 percent in January 2024; Housing, Water, Electricity, Gas and Other Fuels at -12.8 percent from -11.9 percent; Furnishings, Household and Equipment and Routine Household Maintenance at 1.9 percent, from 2.1 percent; and Recreation, Sport and Culture at 0.5 percent, from 1.1 percent a month ago. The rest of the major commodity groups posted no change in their inflation rates in February 2024.

Food inflation in the province rose to 3.8 percent in February 2024 from 0.4 percent in January 2024. 

The following food groups exhibited increases in inflation rates during the month:
a.    Rice, at 20.3 percent from 19.7 percent;
b.    Meat and other parts of slaughtered land animals, at 1.6 percent from -0.7 percent;
c.    Fish and other seafood, at 0.8 percent from -2.0 percent;
d.    Oils and fats at -1.1 percent from -2.4 percent; and
e.    Vegetables, tubers, plantains, cooking bananas and pulses, 
at -14.2 percent from -32.5 percent.

On the other hand, the following food groups posted decreases in inflation rates:
a.    Flour, Bread and Other Bakery Products, Pasta Products,  and Other Cereals at 3.0 percent from 3.2 percent;
b.    Milk, other dairy products and eggs, at -2.4 percent from 1.6 percent; and
c.    Fruits and nuts at 8.2 percent from 10.9 percent;
d.    Sugar, confectionery and desserts, at -9.1 percent from -8.7 percent; and
e.    Ready-made food and other food products n.e.c., 2.0 percent from 3.4 percent.

SGD. JEANETTE M. MARZAN
Chief Statistical Specialist