Ilocos Region 

The inflation rate of the Ilocos Region slowed down to 2.3 percent in May 2024 from 2.4 percent in April 2024. This brings the average inflation rate from January to May 2024 to 2.1 percent. In May 2023, inflation rate was posted at 5.2 percent. 

The lower inflation in Ilocos Region in May 2024 was primarily influenced by the decline in the indices of the following commodity groups:

1.       Food and Non-Alcoholic Beverages, 6.6 percent;

2.       Alcoholic Beverages and Tobacco, 4.4 percent; 

3.       Housing, Water, Electricity, Gas and Other Fuels, -6.1 percent; and

4.       Furnishings, Household Equipment and Routine Household Maintenance, 3.7 percent.

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

1.       Clothing and Footwear, 4.0 percent;

2.       Health, 2.2 percent;

3.       Transport, 2.1 percent; and

4.       Recreation, Sport and Culture, 1.1 percent.

Meanwhile, information and communication, education services, restaurants and accommodation services, financial services, and personal care, and miscellaneous goods and 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 6.8 percent in May 2024, from 6.9 percent 
in the previous month. In May 2023, the food index was posted 
at 7.9 percent. Furthermore, the following food groups contributed 
to the inflation trend in May 2024: 

1.       Cereals and cereal products (ND), 21.0 percent;

2.       Flour, Bread and Other Bakery Products, Pasta Products, and Other Cereals, 5.4 percent;

3.       Fish and other seafood (ND), -2.2 percent; and

4.       Milk, other dairy products and eggs (ND), -0.5 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 4.0 percent in May 2024, followed by Pangasinan at 2.6 percent,  and Ilocos Norte at 2.0 percent. Meanwhile, Ilocos Sur’s inflation rate was recorded at -0.1 percent.

Compared to their respective levels in May 2023, all provinces recorded lower inflation rates, except La Union.

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