The inflation rate of the Ilocos Region decreased from 4.3 percent in June 2023 to 3.6 percent in July 2023, lower by of 0.7 percentage point. Furthermore, it is lower by 2.7 percentage points from the rate of 6.3 percent in July 2022.

The slower inflation in Ilocos Region in July 2023 was primarily influenced by the considerable decrease in inflation of housing, water, electricity, gas and other fuels at 1.0 percent, and food and non-alcoholic beverages at 6.3 percent, both sharing 41.2 percent to the inflation trend, while transport was recorded at -9.1 percent, sharing 8.9 percent to the inflation trend. (Table B)

In addition, lower annual increments in the indices of the following commodity groups as compared to their previous month’s inflation rates were observed:

a. Restaurants and accommodation services, 4.6 percent;
b. Clothing and footwear, 5.3 percent;
c. Health, 5.7 percent;
d. Personal care, and miscellaneous goods and services, 6.6 percent;
e. Furnishings, household equipment and routine household maintenance, 8.6 percent; and
f. Recreation, sport and culture, 3.2 percent.

Meanwhile, alcoholic beverages and tobacco went up to 9.2 percent in July 2023. 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 at 6.5 percent in July 2023, from 7.3 percent in the previous month. In July 2022, the food index was posted at 6.5 percent. Furthermore, the following food groups exhibited lower annual increments during the current month:

a. Meat and other parts of slaughtered land animals, -1.9 percent;
b. Sugar, confectionery and desserts, 17.7 percent;
c. Fish and other seafood, 9.2 percent;
d. Fruits and nuts, 6.5 percent;
e. Milk, other dairy products, and eggs, 14.9 percent; and
f. Oils and fats, 9.2 percent.

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

 

Among the provinces, Pangasinan posted the highest inflation rate at 4.6 percent in July 2023 followed by Ilocos Sur and La Union, both at 2.3 percent, and Ilocos Norte at 2.1 percent.

Compared to their respective levels in July 2022, Ilocos Norte decreased by 6.2 percentage points. Meanwhile, Ilocos Sur, and La Union exhibited decreased inflation rate by 5.3 percentage points and 2.0 percentage points, respectively. The province of Pangasinan exhibited decreased inflation rate by 1.4 percentage points.

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