Ilocos Region

The inflation rate of the Ilocos Region increased from 3.6 percent in July 2023 to 4.6 percent in August 2023, higher by of 1.0 percentage point. On the other hand, it is lower by 1.6 percentage points from the rate of 6.2 percent in August 2022.

The higher inflation in Ilocos Region in August 2023 was primarily influenced by the considerable increase in inflation of food and non-alcoholic beverages at 10.6 percent, and transport at -1.7 percent, sharing 71.8 percent and 27.3 percent, respectively, to the inflation trend. Meanwhile, education services was recorded at 4.1 percent, sharing 0.8 percent to the inflation trend. (Table B)

On the other hand, 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, 3.3 percent;
b. Personal care, and miscellaneous goods and services, 5.8 percent;
c. Furnishings, household equipment and routine household maintenance, 8.3 percent;
d. Alcoholic beverages and tobacco, 7.8 percent;
e. Health, 4.9 percent;
f. Clothing and footwear, 5.1 percent;
g. Recreation, sport and culture, 2.7 percent;
h. Information and communication, 0.6 percent; and
i. Housing, water, electricity, gas and other fuels; -4.6 percent.

Financial services retained its previous month’s inflation rates or had zero percent annual growth.

 

As shown in Table C, the food index of Ilocos Region increased at 10.9 percent in August 2023, from 6.5 percent in the previous month. In August 2022, the food index was posted at 5.0 percent. Furthermore, the following food groups exhibited higher annual increments in August 2023:

a. Cereals and cereal products, 13.5 percent;
b. Vegetables, tubers, cooking bananas and pulses, 42.6 percent;
c. Fruits and nuts, 9.2 percent; and
d. Meat and other parts of slaughtered land animals, 0.4 percent.

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

Among the provinces, La Union posted the highest inflation rate at 5.3 percent in August 2023 followed by Pangasinan at 4.9 percent, Ilocos Norte at 3.8 percent, and Ilocos Sur at 3.1 percent.

Compared to their respective levels in August 2022, all the provinces recorded lower inflation rate except for the province of La Union. Ilocos Sur was lower by 4.6 percentage points, Ilocos Norte by 3.6 percentage points, and Pangasinan was lower by 1.6 percent. The province of La Union exhibited increased inflation rate by 2.0 percentage points.

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