Ilocos Region

The inflation rate of the Ilocos Region increased to 2.2 percent in March 2024 from 2.0 percent in February 2024, higher by 0.2 percentage point. However, it is lower by 4.5 percentage points from the rate of 6.7 percent in March 2023. 
 

The higher inflation in Ilocos Region in March 2024 was primarily influenced by the increase in the indices of the following commodity groups:

a.    Clothing and footwear, 3.9 percent;
b.    Housing, water, electricity, gas and other fuels, -5.7 percent;
c.    Health, 2.0 percent; and
d.    Transport, 0.2 percent; 
e.    Recreation, sport and culture, 0.5 percent; and
f.    Restaurants and accommodation services, 1.0 percent.

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

a.    Food and non-alcoholic beverages, 6.6 percent;
b.    Alcoholic beverages and tobacco, 6.1 percent;
c.    Furnishings, household equipment and routine household maintenance, 3.7 percent;
d.    Information and communication, 0.1 percent; and
e.    Personal care, and miscellaneous goods and services, 3.3 percent.

Meanwhile, education, and financial services retained their previous month’s inflation rate or had zero percent annual growth. (Table C)

As shown in Table D, the food index of Ilocos Region 
decreased to 6.7 percent in March 2024, from 7.1 percent 
in the previous month. In March 2023, the food index was posted 
at 9.9 percent. Furthermore, the following food groups contributed 
to the inflation trend in March 2024:

a.    Fish and other seafood, 2.6 percent;
b.    Milk, other dairy products and eggs, 0.6 percent;
c.    Fruits and nuts, 6.6 percent; and
d.    Sugar, confectionery and desserts, -7.8 percent.

The rest of the indices exhibited increases from their previous month’s inflation rates.

Among the provinces, La Union posted the highest inflation rate 
at 3.7 percent in March 2024, followed by Pangasinan at 2.5 percent, 
and Ilocos Norte at 1.5 percent. Meanwhile, Ilocos Sur’s inflation rate 
was recorded at 0.6 percent.

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

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