Ilocos Region 

The inflation rate of the Ilocos Region increased to 2.0 percent in February 2024 from 1.5 percent in January 2024,  higher by 0.5 percentage point. However, it is lower  by 6.3 percentage points from the rate of 8.3 percent in February 2023. 

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

a.    Food and non-alcoholic beverages, 6.9 percent;
b.    Alcoholic beverages and tobacco, 6.4 percent;
c.    Clothing and footwear, 3.5 percent;
d.    Health, 1.7 percent; and
e.    Transport, -0.2 percent;

On the other hand, decrease in the indices of the following commodity groups was observed:

a.    Housing, water, electricity, gas and other fuels, -7.4 percent;
b.    Furnishings, household equipment and routine household maintenance, 4.0 percent;
c.    Information and communication, 0.2 percent;
d.    Recreation, sport and culture, 0.4 percent;
e.    Restaurants and accommodation services, 0.9 percent; and
f.    Personal care, and miscellaneous goods and services, 3.7 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 increased to 7.1 percent in February 2024, from 4.7 percent in the previous month. In February 2023, the food index was posted at 10.9 percent. Furthermore, the following food groups contributed to the inflation trend in February 2024:

a.    Cereals and cereal products, 20.7 percent;
b.    Meat and other parts of slaughtered land animals, 1.9 percent;
c.    Oils and fats, 1.1 percent;
d.    Vegetables, tubers, cooking bananas and pulses, -12.2 percent;
e.    Sugar, confectionery and desserts, -6.8 percent; and
f.    Ready-made food and other food products, 6.0 percent.

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

 

Among the provinces, La Union posted the highest inflation rate at 2.8 percent in February 2024, followed by Pangasinan at 2.4 percent. Meanwhile, Ilocos Norte recorded 2.4 percent inflation, and Ilocos Sur with -1.1 percent annual growth.

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

SGD. JOSEPH E. ESTOESTA
Statistical Specialist II

For:

ATTY. SHEILA O. DE GUZMAN, CPA

Regional Director