Philippines

The headline inflation in the Philippines posted an increase of 8.1 percent in December 2022. Inflation in December 2021 was lower at 3.1 percent. The average inflation from January to December 2022 stood at 5.8 percent. (Table A)

Ilocos Region

Following the trend at the national level, the inflation rate of the Ilocos Region accelerated from 7.7 percent in November 2022 to 8.2 percent in December 2022, an increase of 0.5 percentage point. Similarly, it is higher by 5.1 percentage points from the recorded rate of 3.1 percent in December 2021. (Table A)

The accelerated inflation in Ilocos Region on December 2022 was primarily influenced by the higher inflation of food and non-alcoholic beverages at 9.9 percent; transport, 9.8 percent and health, 7.5 percent. (Table B)

Also contributing to the uptrend in the overall inflation during the period were the higher annual increments in the indices of the following commodity groups as compared with their previous month’s inflation rates:

a.    Alcoholic beverages and Tobacco, 5.8 percent;

b.    Furnishings, Household Equipment and Routine Household Maintenance, 5.5 percent;

c.    Recreation, Sport and Culture, 3.6 percent; and

d.    Restaurants and Accommodation Services, 3.3 percent.

On the other hand, annual upticks slowed down in the indices of Clothing and footwear at 3.9 percent; Housing, water, electricity, gas and other fuels, 11.0 percent; and Personal care and miscellaneous good,
6.0 percent.

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

As shown in Table C, the food index of Ilocos Region increased by 10.2 percent in December 2022, from the 8.5 percent in the previous month.
In December 2021, the food index posted at 1.0 percent. Furthermore,
the following food groups exhibited higher annual increments during
the month:

a.    Rice, 3.2 percent;

b.    Milk, Other Dairy Products, and Eggs, 7.9 percent;

c.    Vegetables, Tubers, Cooking Bananas and Pulses, 40.2 percent;

d.    Sugar, Confectionery and Desserts, 46.0 percent; and

e.    Ready-Made Food and Other Food Products N.E.C., 6.2 percent.

On the other hand, annual decline were exhibited the indices of Corn at -10.0 percent; Flour, Bread and Other Bakery Products, Pasta Products,  and Other Cereals, 8.3 percent; Meat and Other Parts of Slaughtered Land Animals, 8.4 percent; Fish and Other Seafood,
5.4 percent; Oils and Fats, 20.8 percent; and Fruits and Nuts, 4.2 percent.

Provinces