Consumer Price Index

The Consumer Price Index (CPI) of the Ilocos Region in January 2022 was posted at 111.0. This means that on the average, prices of goods and services in the region increased by 11.0 percent from the base year 2018.   

The region’s CPI in January 2022 increased by 3.4 percent from January 2021.

By Province

Among the provinces, Ilocos Sur posted the highest price index in January 2022 at 115.0. Ilocos Norte followed at 111.6 and Pangasinan at 111.0. Meanwhile, La Union recorded the lowest price index of 107.5 during the period.

Compared to the January 2021 levels, all provinces marked increases in price index. Ilocos Sur recorded the highest increase of 7.68 percent followed by Pangasinan with 3.26 percent, Ilocos Norte with 3.05 percent and La Union with 0.94 percent.

By Commodity Group

The top three commodity groups that recorded high price indices  in January 2022 were: financial services (146.0); alcoholic beverages and tobacco (139.6); and transport (114.8).  On the other hand, the bottom three commodity groups with low price indices were: information and communication (100.7); furnishings, household equipment and routine maintenance of the house (106.4); and recreation, sport and culture (107.2).

Inflation Rate

As shown in Figure 3, the inflation rate of Ilocos Region went up  from 3.1 percent in December 2021 to 3.4 percent in January 2022, registering an increase of 0.3 percentage point. Likewise, it is higher by 0.3 percentage point from the recorded rate of 3.1 percent in January

2021.

The highest inflation rate was recorded in the months of August, September and October 2021 at 4.6 percent. Meanwhile, the lowest was noted in the months of January and December 2021 at 3.1 percent.

By Province

Among the provinces, Ilocos Sur posted the highest inflation rate at 7.7 percent in January 2022, followed by Pangasinan and Ilocos Norte at 3.3 percent and 3.0 percent, respectively. Inflation rate in La Union was pegged at 0.9 percent.

Compared to their respective levels in January 2021, Ilocos Norte  and La Union recorded lower inflation rates at 2.8 percentage points and the latter at 1.0 percentage point. Meanwhile, Ilocos Sur and Pangasinan have increased by 5.7 percentage points and 0.5 percentage point, respectively.

By Commodity Group

Among the commodity groups, financial services recorded the highest inflation rate with 46.0. It was followed by the transport with 10.8, and alcoholic beverages and tobacco with 5.6. Meanwhile, education services and information and communication have the lowest inflation rates of 0.0 and 0.6, respectively.

Purchasing Power of Peso

The Purchasing Power of the Peso (PPP) in the Ilocos Region in January 2022 was posted at Php0.90. This means that the purchasing capability of Php1.00 in 2018 decreased by 10 centavos.

Among the provinces, La Union posted the highest PPP in January 2022 with Php0.93. It was followed by Ilocos Norte  and Pangasinan both at Php0.90 PPP. Meanwhile, the least was recorded  in Ilocos Sur at Php0.87.  

It can be gleaned in Figure 5 that PPPs in all the provinces in January 2022 were lower than their respective levels in January 2021. Ilocos Sur recorded the highest decrease of Php0.07, followed by Pangasinan at Php0.03. Meanwhile, Ilocos Norte and La Union decreased by Php0.02 and Php0.01, respectively.

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