Ilocos Region

The inflation rate of the Ilocos Region decreased from 5.1 percent in September 2023 to 3.7 percent in October 2023, lower by 1.4 percentage points. Likewise, it is lower by 3.7 percentage points from the rate of 7.4 percent in October 2022.

The lower inflation in Ilocos Region in October 2023 was primarily influenced by the considerable decrease in the following commodity groups:

a. Food and non-alcoholic beverages, 8.9 percent;
b. Alcoholic beverages and tobacco, 7.6 percent;
c. Clothing and footwear, 4.8 percent;
d. Housing, water, electricity, gas and other fuels, -5.8 percent;
e. Furnishings, household equipment and routine household maintenance, 7.1 percent; and
f. Personal care, and miscellaneous goods and services, 5.2 percent.

On the other hand, increase in the indices of the following commodity
groups as compared to their previous month’s inflation rates were
observed:

a. Health, 3.5 percent;
b. Transport, 0.8 percent; and
c. Recreation, sport and culture, 2.5 percent.

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

As shown in Table C, the food index of Ilocos Region decreased at 9.3 percent in October 2023, from 13.2 percent in the previous month. In October 2022, the food index was posted at 8.0 percent. Furthermore, the following food groups exhibited lower annual increments in October 2023:

a. Cereals and cereal products, 13.6 percent;
b. Meat and other parts of slaughtered land animals, -0.6 percent;
c. Milk, other dairy products and eggs, 8.5 percent;
d. Oils and fats, 1.3 percent;
e. Vegetables, tubers, cooking bananas and pulses, 19.2 percent;
f. Sugar, confectionery and desserts, 1.5 percent; and
g. Ready-made food and other food products n.e.c., 4.2 percent.

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

Among the provinces, Pangasinan posted the highest inflation rate at 5.0 percent in October 2023 followed by La Union at 4.6 percent. Meanwhile, llocos Norte recorded 1.2 percent inflation, and llocos Sur exhibited zero percent annual growth.

Compared to their respective levels in October 2022, all the provinces recorded lower inflation rate except for the province of La Union which exhibited increased inflation rate by 0.6 percentage point.

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