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The Inflation Rate in the Province of Ilocos Norte increased from 7.1 percent in May 2022 to 7.6 percent in June 2022. This is the highest inflation recorded from January 2019 to June 2022. The recorded inflation rate in the Province of Ilocos Norte is higher than the recorded National Inflation Rate (6.1%).In addition, inflation in 2021 was lower at 3.1 percent. The average inflation for the first six month in 2022 was 5.9 percent (Table A and Figure 1). The recorded Inflation Rate of the province is higher than the recorded Inflation Rate of the Philippines which resulted to higher Year to date average increase of 5.9 percent.
In June 2022, Ilocos Norte ranked second highest Inflation Rate in Ilocos Region, next to Ilocos Sur with a recorded Inflation Rate of 8.0 percent. Pangasinan and La Union recorded 4.3 percent and 3.2 percent, respectively.
The increase in the province’s inflation was attributed to the increase of all commodity groups except for Financial Services, Education Services, Information and Communication which retained their previous year’s inflation rate or had zero percent annual growth.
As compared to last year’s prices, the biggest increase was observed in the index of transportation (19.44%). This was followed by Food and Non- alcoholic beverages (8.9 %), Housing , Water, Electricity, Gas and Other Fuel (6.27%) and Alcoholic Beverages and Tobacco (5.9%) in a month to month basis. (Figure 2)
SDG. MARILYN P. VERGARA
Chief Statistical Specialist, PSA Ilocos Norte
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