Ilocos Region

The inflation rate of the Ilocos Region declined from 8.3 percent in February 2023 to 6.7 percent in March 2023, a decrease of 1.6 percentage points. Similarly, it is higher by 2.1 percentage points from the recorded rate of 4.6 percent in March 2022. (Table A) 

The decreased inflation in Ilocos Region in March 2023 was primarily influenced by the considerable decrease in inflation of housing, water, electricity, gas and other fuels at 5.1 percent from 9.0 percent in March 2023; health at 6.1 percent from 6.2 percent; transport at 1.5 percent from 6.0 percent; restaurant and accommodation services at 5.0 percent from 5.4 percent; and food and non-alcoholic beverages, at 9.6 percent from 10.5 percent in February 2023. (Table B). 

Meanwhile, higher annual increments in the indices of the following commodity groups as compared with their previous month’s inflation rates were observed:

a.   Alcoholic beverages and tobacco at 9.0 percent;

b.   Furnishings, household equipment and routine and household maintenance, 9.0 percent;

c.   Personal care and miscellaneous good, 7.3 percent;

d.   Clothing and footwear; 6.0 percent;

e.   Recreation, sport and culture, 4.4 percent; and

f.     Information and communication, 1.0 percent.

The rest of the commodity groups retained their previous month’s inflation rates or had zero percent annual growths. 

As shown in Table C, the food index of Ilocos Region decreased by 9.9 percent in March 2023, from the 10.9 percent in the previous month. 
In March 2022, the food index posted at 2.2 percent. Furthermore, 
the following food groups exhibited lower annual increments during 
the month:

a.            Cereals and cereal products, 4.7 percent;

b.            Cereals, 2.8 percent;

c.            Rice, 3.0 percent;

d.            Flour, Bread And Other Bakery Products, Pasta Products, And Other Cereals, 10.1 percent;

e.            Meat and other parts of slaughtered land animals, 2.5 percent;

f.              Oils and fats, 15.9 percent;

g.            Fruits and nuts, 10.1 percent;

h.            Vegetables, tubers, plantains, cooking bananas and pulses, 30.6 percent; and

i.              Sugar, confectionery and desserts, 41.2 percent.

The rest of the indices exhibited increases on their previous month’s inflation rates or had zero percent annual growths.

Provinces 

Among the provinces, Pangasinan posted the highest inflation rate at 7.7 percent in March 2023 followed by Ilocos Sur and Ilocos Norte at 6.0 percent, and 5.4 percent, respectively. The lowest inflation rate was registered in La Union at 4.9 percent.

Compared to their respective levels in March 2022, Ilocos Norte and Ilocos Sur exhibited decreased inflation rates by 0.5 percentage point and 2.2 percentage points, respectively. On the other hand the provinces 
of La Union and Pangasinan exhibited increases in the inflation rates by 1.9 percentage points and 3.7 percentage points, respectively.

Note:

CPIs and inflation rates by province and selected city are posted at the PSA website (https://openstat.psa.gov.ph/).