Ilocos Region

The inflation rate of the Ilocos Region declined from 9.3 percent in January 2023 to 8.3 percent in February 2023, a decrease of 1.0 percentage point. Similarly, it is higher by 5.2 percentage points from the recorded rate of 3.1 percent in February 2022. (Table A) 

The decreased inflation in Ilocos Region on February 2023 was primarily influenced by the considerable decrease in inflation of housing, water, electricity, gas and other fuels at 9.0 percent from 12.0 percent in January 2023; and food and non-alcoholic beverages, at 10.5 percent from 11.7 percent in January 2023. (Table B). 

Also contributing to 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 at 8.9 percent;

b.   Furnishings, household equipment and routine and household maintenance, 8.6 percent;

c.   Personal care and miscellaneous good, 6.5 percent;

d.   Clothing and footwear; 5.8 percent;

e.   Restaurants and Accommodation Services, 5.4 percent; and

f.     Recreation, sport and culture, 4.0 percent.

On the other hand, annual upticks slowed down in the indices of Health at 6.2 percent, and Transport at 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 decreased by 10.9 percent in February 2023, from the 12.2 percent in the previous month.
In February 2022, the food index posted at -0.2 percent. Furthermore,
the following food groups exhibited higher annual increments during
the month:

a.   Flour, Bread And Other Bakery Products, Pasta Products, and Other

Cereals, 10.3 percent;

b.   Milk, other daily products and eggs, 14.6 percent; and

c.   Fruits and nuts, 10.9 percent.

On the other hand, annual decline were exhibited in the indices of Corn, -10.2 percent; Meat and other parts of slaughtered land animals, 3.9 percent; Oils and fats, 16.9 percent; Vegetables, tubers, plantains, cooking bananas and pulses, 42.0 percent; Sugar, confectionery and desserts, 44.6 percent; and Ready-made food and other food products n.e.c., 6.5 percent.

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

Provinces 

Among the provinces, Pangasinan posted the highest inflation rate at 9.3 percent in February 2023 followed by Ilocos Sur and La Union at 8.3 percent, and 6.2 percent, respectively. The lowest inflation rate registered in Ilocos Norte at 6.1 percent.

Compared to their respective levels in February 2022, all of the provinces in the region exhibited increased inflation rates. Ilocos Norte and Ilocos Sur have increased by 1.6 percentage points, and 0.8 percentage points, respectively, while La Union and Pangasinan increased by 4.1 percentage and 6.9 percentage points, respectively.

Note:

CPIs and inflation rates by province and selected city are posted at the PSA website (https://openstat.psa.gov.ph/).