PANGASINAN

1.   Headline Inflation

The inflation rate in the Philippines declined to 6.6 percent in April 2023 from 7.6 percent in March. The inflation rate of the country in April 2022 was posted at 4.9 percent (see Table A). The average inflation in the country this year was posted at 7.9 percent.

Similarly, the Ilocos Region recorded a weakening in inflation at 5.9 percent in April 2023, which was lower than that in March at 6.7 percent. The inflation rate of the region in April 2022 was posted at 5.2 percent (see Table A). The average inflation in the region this year was posted at 7.6 percent.

The headline inflation rate in Pangasinan continuously dropped to 6.9 percent in April 2023 from 7.7 percent in March (see Figure 1). The inflation rate in the province in April 2022 was posted at 4.3 percent. The average inflation in the province this year was posted at 8.5 percent (see Table A).

1.1 Main Drivers of the Downward Trend of Headline Inflation

The province’s inflation rate in April 2023 was mainly brought about by a lower year-on-year growth rate in the index of Food and Non-Alcoholic Beverages at 8.2 percent from 10.2 percent in March (see Table C). Also contributing to the weakening inflation rate of the province during the month were the decreased inflation rates in the following commodities:

a.    Personal Care and Miscellaneous Good, 8.2 percent;

b.   Recreation, Sports, and Culture, 5.7 percent;

c.   Information and Communication, 1.0 percent; and

d.   Transport, (1.1) percent.

In contrast, higher year-on-year increases were seen in the indices of the following commodities:

a.   Alcoholic Beverages and Tobacco, 12.4 percent; and

b.   Housing, Water, Electricity, Gas, and Others, 6.7 percent.

The rest of the commodities retained their previous month’s inflation rates.

1.   Food Inflation

The inflation rate at the provincial level of Food and Non-Alcoholic Beverages in April 2023 was reported at 8.2 percent, which was lower than 10.2 percent in March. The inflation rate of this commodity group was lower at 1.7 percent in April 2022 (see Table D).

2.1 Main Drivers of the Downward Trend of Food Inflation

The inflation for sugar, confectionery, and desserts at 40.4 percent influenced the downward trend of food inflation in April 2023. In addition, slower annual growth rates compared to that in the previous month were also observed in the following food groups:

a.   Oils and Fats, 17.4 percent;

b.   Vegetables, Tubers, etc., 12.5 percent;

c.   Fish and Other Seafood, 11.2 percent;

d.   Flour, Bread, Pasta, and Others, 11.0 percent; and

e.   Rice, 3.7 percent.

Meanwhile, the following food groups showed an increase in their inflation:

a.   Milk, Other Dairy Products, and Eggs, 14.9 percent;

b.   Fruits and Nuts, 13.5 percent;

c.   Ready-made Foods, etc., 6.4 percent; and

d.   Meat of Slaughtered Land Animals, (0.2) percent.

The remaining food group of corn retained its inflation rate from the previous month.

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

EDGAR M. NORBERTE
Chief Statistical Specialist