Ilocos Region

The inflation rate of the Ilocos Region decreased from 2.9 percent in November 2023 to 2.3 percent in December 2023, lower by 0.6 percentage point. Likewise, it is lower by 5.9 percentage points from the rate of 8.2 percent in December 2022.

The lower inflation in Ilocos Region in December 2023 was primarily influenced by the considerable decrease in the indices of the following commodity groups:

a.    Food and non-alcoholic beverages, 5.5 percent;

b.    Housing, water, electric, gas and other fuels, (5.5) percent;

c.    Furnishings, household equipment and routine household maintenance, 6.4 percent;

d.    Health, 2.0 percent; and

e.    Recreation, sport and culture, 1.3 percent.

On the other hand, increased in the indices of the following commodities were observed:

a.    Alcoholic beverages and tobacco, 7.6 percent;

b.    Transport, -1.2 percent; and

c.    Personal care, and miscellaneous goods and services, 4.1 percent.

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

As shown in Table C, the food index of Ilocos Region decreased by 5.7 percent in December 2023, from 7.5 percent in the previous month. In December 2022, the food index was posted at 10.2 percent. Furthermore, the following food groups contributed to the inflation trend in December 2023:

a.    Meat and other parts of slaughtered land animals, -0.6 percent;

b.    Fish and other seafood, 9.5 percent;

c.    Oils and fats, -2.3 percent;

d.    Fruits and nuts, 9.2 percent;

e.    Vegetables, tubers, cooking bananas and pulses, -15.5 percent; and

f.    Sugar, confectionery and desserts, -4.0 percent.

The rest of the indices exhibited increases from their previous month’s inflation rates. (Table C)

Among the provinces, La Union posted the highest inflation rate at 4.1 percent in December 2023, followed by Pangasinan at 2.7 percent. Meanwhile, llocos Norte recorded 1.2 percent inflation, and llocos Sur with -1.6 percent annual growth.

Compared to their respective levels in December 2022, all the provinces recorded lower inflation rates

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