Ilocos Region 

The inflation rate of the Ilocos Region increased to 3.3 percent in July 2024 from 2.8 percent in June 2024. This brings the average inflation rate from January to July 2024 to 2.4 percent. In July 2023, 
inflation rate was posted at 3.6 percent.

The higher inflation rate in Ilocos Region in July 2024 was primarily influenced by the increase in the indices of the following commodity groups:
a. Food and non-alcoholic beverages, 7.2 percent;
b. Clothing and footwear, 4.0 percent;
c. Housing, water, electricity, gas and other fuels, -3.0 percent;
d. Recreation, sport and culture, 1.9 percent;
e. Education services, 6.4 percent; and
f. Transport, 3.4 percent.

On the other hand, lower indices of the following commodity groups were observed:
a. Alcoholic beverages and tobacco, 3.0 percent;
b. Furnishings, household equipment and routine household 
maintenance, 3.1 percent; and
c. Personal care, and miscellaneous goods and services, 3.1 percent.

Meanwhile, health, information and communication, restaurants and accommodation services, 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 up to 7.5 percent in July 2024, from 6.7 percent in the previous month. In July 2023,  the food index was posted at 6.5 percent. Furthermore, the following food groups contributed to the inflation trend in July 2024: 
a. Meat and other parts of slaughtered land animals (ND), 2.6 percent;
b. Fish and other seafood (ND), 1.0 percent;
c. Milk, other dairy products and eggs (ND), 0.7 percent;
d. Fruits and nuts (ND), 5.4 percent;
e. Vegetables, tubers, plantains, cooking bananas and pulses (ND), 
6.8 percent; and
f. Sugar, confectionery and desserts (ND), -3.8 percent.

On the other hand, decreased indices of the following food groups were observed:
a. Cereals and cereal products (ND), 18.1 percent;
b. Oils and fats (ND), 1.6 percent; and
c. Ready-made food and other food products n.e.c. (ND), 7.8 percent.

Among the provinces, La Union posted the highest inflation rate at 4.9 percent in July 2024, followed by Ilocos Norte at 3.3 percent.  Pangasinan and Ilocos Sur recorded inflation rates of 3.1 percent and 2.4 percent, respectively.

Compared to their respective levels in July 2023, all provinces recorded higher inflation rates, except Pangasinan.
 

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