Consumer Price Index

The Consumer Price Index (CPI) of the Ilocos Region in October 2022 was posted at 118.1. This means that one needs Php118.10 to purchase the same set of goods and services that were worth Php100.00 in 2018.   

The region’s CPI in October 2022 increased by 7.4 percent from 4.6 percent in October 2021. Meanwhile, it has increased by 0.9 percent from September 2022. (see Table 2)

By Province

Among the provinces, Ilocos Sur posted the highest price index in October 2022 at 122.4. Ilocos Norte followed at 120.6, and Pangasinan at 118.6. Meanwhile, La Union recorded the lowest price index of 111.2 during the period.

Compared to the October 2021 levels, all provinces marked increases in the price index. Ilocos Norte recorded the highest increase of 10.3 percentage points followed by Ilocos Sur with 10.2 percentage points. Pangasinan and La Union have increased by 8.3, and 4.3 percentage points, respectively.

By Commodity Group

The top three commodity groups that recorded high price indices in October 2022 were: alcoholic beverages (146.8); financial services (146.0); and transport (124.2).  On the other hand, the bottom three commodity groups with low price indices were: information and communication (101.4); recreation, sport and culture (109.4); and furnishings, household equipment and routine maintenance of the house (110.6).

Inflation Rate

As shown in Figure 3, the inflation rate of the Ilocos Region spiked from 6.6 percent in September 2022 to 7.4 percent in October 2022, an increase of 0.8 percentage point. Similarly, it is higher by 2.8 percentage points from the recorded rate of 4.6 percent in October 2021.

The commodity groups that contributed in the acceleration of the October 2022 inflation rate compared to the previous month in the region were:

a.   Housing, Water, Electricity, Gas, and Other Fuels, 11.9 percent;

b.   Food and Non-alcoholic beverages, 7.7 percent;

c.   Personal Care, and Miscellaneous Goods and Services,
5.1 percent;

d.   Furnishings, Household Equipment, and Routine Household Maintenance, 4.7 percent;

e.   Clothing and footwear, 3.3 percent; and

f.     Recreation, Sport and Culture, 3.2 percent.

On the other hand, lower increments were recorded in the indices of the following commodity groups:

a.   Alcoholic Beverages and Tobacco, 6.4 percent; and

b.   Transport, 10.0 percent;

Health, information and communication, education services, restaurants and accommodation services, and financial services remained stable in October 2022. (see Table 2)

By Province

Among the provinces, Ilocos Norte posted the highest inflation rate at 9.3 percent in October 2022, followed by Ilocos Sur and Pangasinan at 9.1 percent, and 7.5 percent, respectively. The lowest inflation rate was registered in La Union at 4.0 percent.

Compared to their respective levels in October 2021, all the provinces, have increased inflation rates. Ilocos Norte and Ilocos Sur have increased by 5.5 percentage points, and 2.7 percentage points, respectively, while Pangasinan has 3.0 percentage points increase. Meanwhile, La Union’s inflation rate went up by 0.4 percentage point.

Purchasing Power of Peso

The Purchasing Power of the Peso (PPP) in the Ilocos Region in October 2022 was posted at Php0.85. This means that the purchasing capability of Php1.00 in 2018 has decreased by 15 centavos.

Among the provinces, La Union posted the highest PPP in October 2022 with Php0.90. It was followed by Pangasinan with Php0.84 PPP, and Ilocos Norte with Php0.83 PPP. Meanwhile, Ilocos Sur recorded the lowest PPP of Php0.82.

It can be gleaned in Figure 5 that PPPs in all the provinces of the region in October 2022 were lower than their respective levels in October 2021. Ilocos Norte has the highest decrease of Php0.08 followed by Ilocos Sur and Pangasinan both with Php0.07 decrease. Meanwhile, La Union registered decrease in their PPP at Php0.04.