Ilocos Region

I.    Overall Inflation

The inflation rate of the Ilocos Region for the bottom 30% income household decreased to 0.6 percent in September 2024 from 2.6 percent in August 2024, lower by 2.0 percentage points. On the other hand, it is lower by 7.5 percentage points from the rate of 8.1 percent in September 2023. 

1.1    Main Drivers to the Downward Trend of the Overall Inflation

The downward trend of the overall inflation for the bottom 30% income households in September 2024 was primarily contributed by food and non-alcoholic beverages. The decrease was noted in the index of this commodity group at -0.6 percent from 3.5 percent in the previous month.

Lower indices were also observed in the following commodity groups during the month of September 2024:

a.    Transport, -3.6 percent from -0.9 percent; and
b.    Clothing and footwear, 4.0 percent from 4.1 percent.

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

a.    Alcoholic beverages and tobacco, 3.5 percent from 3.3 percent;
b.    Housing, water, electricity, gas and other fuels, 2.9 percent from 1.0 percent;
c.    Furnishings, household equipment and routine household maintenance, 4.8 percent from 4.7 percent;
d.    Health, 3.1 percent from 2.9 percent;
e.    Recreation, sport and culture, 4.5 percent from 4.1 percent; and
f.    Personal care, and miscellaneous goods and services, 4.3 percent from 3.7 percent.

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

1.2    Main Contributor to the Overall Inflation

The following commodity groups were the top three contributors to the September 2024 overall inflation for the bottom 30% income households:

a.    Housing, water, electricity, gas and other fuels, 66.9 percent share or 0.40 percentage point;
b.    Personal care, and miscellaneous goods and services, 35.6 percent share or 0.21 percentage point; and
c.    Restaurants and accommodation services, 18.3 percent share or 0.11 percentage point.
 

II.    Food Inflation

Food inflation for the bottom 30% income households at the regional level decelerated to 1.0 percent in September 2024 from 3.3 percent in the previous month. In September 2023, its annual increase was observed at 15.7 percent. 

2.1    Main Drivers to the Upward Trend of the Food Inflation

The deceleration of food inflation was mainly contributed by cereals and cereal products at 1.7 percent in September 2024 from 9.1 percent in August 2024. Likewise, the following food groups contributed to the downtrend in food inflation in September 2024:

a.    Vegetables, tubers, plantains, cooking bananas and pulses (ND), -27.5 percent from -13.2 percent;
b.    Fish and other seafood (ND), 0.0 percent from 0.8 percent; and
c.    Milk, other dairy products and eggs (ND), 2.5 percent from 2.7 percent.

On the other hand, higher indices were observed in the following food groups during the month of September 2024:

a.    Meat and other parts of slaughtered land animals (ND), 3.3 percent from 2.4 percent;
b.    Oils and fats (ND), -2.5 percent from -2.9 percent;
c.    Fruits and nuts (ND), 7.2 percent from 2.9 percent;
d.    Sugar, confectionery and desserts (ND), -4.6 percent from -6.3 percent; and
e.    Ready-made food and other food products n.e.c. (ND), 10.1 percent from 9.0 percent.

2.2    Main Contributors to the Food Inflation

Food inflation contributed -71.8 percent or -0.43 percentage points to the September 2024 overall inflation. The top three main contributors to the food inflation during the month were the following:

a.    Vegetables, tubers, plantains, cooking bananas and pulses (ND), 814 percent or -8.15 percentage share;
b.    Sugar, confectionery and desserts (ND), 47.7 percent or -0.48 percentage share; and 
c.    Oils and fats (ND), 4.7 percent or -0.05 percentage share.
 

Provinces

Among the provinces, La Union posted the highest inflation rate for the bottom 30% income households at 3.0 percent in September 2024, followed by Ilocos Sur with 1.0 percent. Meanwhile, Pangasinan and Ilocos Norte registered 0.3 percent and -0.8 percent annual growth, respectively.

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

 

SGD. CAMILLE CARLA U. BELTRAN
Chief Administrative Officer
(Officer-In-Charge)
Per SO No. RSSO I-2401-0532
Dated: 07 October 2024

For:

ATTY. SHEILA O. DE GUZMAN
Regional Director, RSSO 01