Consumer Price Index

The Consumer Price Index (CPI) of the Ilocos Region in September 2023 was posted at 123.1. This means that one needs PhP123.10 to purchase the same set of goods and services that were worth PhP100.00 in 2018.

The region’s CPI in September 2023 decreased by 5.1 percent from 6.6 percent in September 2022. Meanwhile, it has increased by 1.0 percent from the August 2023 CPI. (see Table 2)

Among the provinces, Ilocos Sur posted the highest price index in September 2023 at 125.7. Pangasinan followed at 124.3, and Ilocos Norte at 123.7. Meanwhile, La Union recorded the lowest price index of 116.8 during the period.

Compared to the September 2022 levels, all provinces marked increases in the price index. Pangasinan recorded the highest increase of 7.0 percentage points, followed by La Union with 6.0 percentage points. Ilocos Sur and Ilocos Norte increased by 4.0, and 3.9 percentage points, respectively.

By Commodity Group

The top three commodity groups that recorded high price indices in August 2023 were: alcoholic beverages and tobacco (158.0); financial services (146.0); and food and non-alcoholic beverages (132.4). On the other hand, the bottom three commodity groups with low price indices were: information and communication (101.8); recreation, sport and culture (111.6); and housing, water, electricity, gas and other fuels (112.8).

As shown in Figure 3, the inflation rate of the Ilocos Region increased from 4.6 percent in August 2023 to 5.1 percent in September 2023, higher by of 0.5 percentage point. On the other hand, it is lower by 1.5 percentage points from the recorded rate of 6.6 percent in September 2022.

Two (2) out of the thirteen commodity groups exhibited higher inflation rates that contributed to the uptrend of inflation in Ilocos Region in September 2023:

a.    Food and non-alcoholic beverages at 12.7 percent; and

b.    Transport, -0.6 percent.

Meanwhile, alcoholic beverages and tobacco, restaurants and accommodation services, and financial services retained its previous month’s inflation rate or had zero percent annual growth. The rest of the commodity groups decreased from their previous month’s inflation rates. (see Table 2)

By Province

Among the provinces, Pangasinan posted the highest inflation rate at 6.0 percent in September 2023 followed by La Union at 5.4 percent. Ilocos Sur and Ilocos Norte both recorded the lowest inflation rate at 3.3 percent.

Compared to their respective levels in September 2022, all provinces exhibited decreases in inflation rates except La Union. Ilocos Norte decreased by 5.7 percentage points while Ilocos Sur and Pangasinan decreased by 5.1 percentage points and 0.4 percentage point, respectively. The province of La Union exhibited increased inflation rate by 1.6 percentage points.

Purchasing Power of Peso

The    Purchasing    Power of the Peso (PPP) in the llocos Region in September 2023 was posted at PhP0.81.    This means    that the purchasing capability of PhP1.00 in 2018 has decreased by 19 centavos.

Among    the    provinces,    La Union    posted the highest PPP in September 2023 with PhP0.86. It was followed by Ilocos Norte with PhP0.81 PPP. Meanwhile, Ilocos Sur and Pangasinan both recorded the lowest PPP of PhP0.80.

It can be gleaned in Figure 5 that PPPs in all the provinces of the region in September 2023 were lower than their respective levels in September 2022. Pangasinan has the highest decrease of PhP0.05 followed by La Union with PhP0.04 decrease. Meanwhile, Ilocos Sur and Ilocos Norte’s PPP decreased by PhP0.02.

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