Ilocos Region 

The inflation rate of the Ilocos Region decreased to 1.8 percent in August 2024 from 3.3 percent in July 2024. This brings the average inflation rate from January to August 2024 to 2.3 percent. In August 2023, inflation rate was posted at 4.6 percent. 

The lower inflation rate in Ilocos Region in August 2024 was primarily influenced by the large decrease in the indices of the following commodity groups:

a.    Food and non-alcoholic beverages, -2.8 percent;
b.    Transport, -1.4 percent; and
c.    Education services, 5.2 percent.

On the other hand, higher indices of the following commodity groups were observed:

a.    Clothing and footwear, 4.2 percent;
b.    Housing, water, electricity, gas and other fuels, -0.1 percent;
c.    Furnishings, household equipment and routine household maintenance, 3.4 percent;
d.    Recreation, sport and culture, 2.9 percent;
e.    Restaurants and accommodation services, percent; 1.0 and
f.    Personal care, and miscellaneous goods and services, 3.5 percent.

Meanwhile, alcoholic beverages and tobacco, health, information and communication, and financial services retained their previous month’s inflation rates or had zero percent annual growth. (Table C)
 

As shown in Table D, the food index of Ilocos Region went down 
to 2.7 percent in August 2024, from 7.5 percent in the previous month. 
In August 2023, the food index was posted at 10.9 percent. Furthermore, the following food groups contributed to the inflation trend in August 2024:

a.    Cereals and cereal products (ND), 8.7 percent;
b.    Meat and other parts of slaughtered land animals (ND), 2.1 percent;
c.    Oils and fats (ND), -0.7 percent; 
d.    Fruits and nuts (ND), 3.8 percent;
e.    Vegetables, tubers, plantains, cooking bananas and pulses (ND),   -12.8 percent; and
f.    Sugar, confectionery and desserts (ND), -5.2 percent.

On the other hand, increased indices of the following food groups were observed:

a.    Fish and other seafood (ND), 1.3 percent;
b.    Milk, other dairy products and eggs (ND), 3.1 percent;

Furthermore, ready-made food and other food products n.e.c. (ND) retained their previous month’s inflation rates or had zero percent annual growth.
 

Among the provinces, La Union posted the highest inflation rate at 2.2 percent in August 2024, followed by Ilocos Sur at 2.0 percent. Pangasinan and Ilocos Norte recorded inflation rates of 1.9 percent and 0.9 percent, respectively.

Compared to their respective levels in August 2023, all provinces recorded lower inflation rates.
 

SGD. ATTY. SHEILA O. DE GUZMAN
Regional Director, RSSO 01