Ilocos Region 

The inflation rate of the Ilocos Region for All Income Household increased to 1.9 percent in October 2024 from 0.6 percent in September 2024. This brings the average inflation rate from January to October 2024 to 2.1 percent. In October 2023, inflation rate was posted at 3.7 percent.

The higher inflation rate in Ilocos Region in October 2024 for all income household was primarily influenced by the acceleration of the indices of the following commodity groups:

a.    Food and non-alcoholic beverages, 2.6 percent;

b.    Transport, -4.5 percent;

c.    Personal care, and miscellaneous goods and services, 4.5 percent;

d.    Furnishings, household equipment and routine household maintenance, 4.0 percent;

e.    Clothing and footwear, 4.8 percent; and

f.    Alcoholic beverages and tobacco, 3.4 percent.

On the other hand, lower indices of the following commodity groups were observed:

a.    Health, 2.1 percent;

b.    Information and communication, -0.1 percent; and

c.    Recreation, sport and culture, 3.0 percent.

Housing, water, electricity, gas and other fuels; education services; restaurants and accommodation services; and financial services retained their previous month’s inflation rates or had zero percent annual growth. (Table C)

Meanwhile, the following commodity groups were the top three major contributors to the October 2024 overall inflation for all income households:

a.    Food and non-alcoholic beverages, 54.2 percent share or 1.03 percentage points;

b.    Housing, water, electricity, gas and other fuels, 19.8 percent share or 0.38 percentage point; and

c.    Personal care, and miscellaneous goods and services, 12.0 percent share or 0.23 percentage point.

As shown in Table D, the food index of Ilocos Region went up to 2.4 percent in October 2024, from -0.7 percent in the previous month. In October 2023, the food index was posted at 9.3 percent. Furthermore, the following food groups contributed to the upward inflation trend in October 2024:

a.    Cereals and cereal products (ND), 7.3 percent;

b.    Vegetables, tubers, plantains, cooking bananas and pulses (ND), -16.3 percent;

c.    Meat and other parts of slaughtered land animals (ND), 4.3 percent;

d.    Fish and other seafood (ND), 1.6 percent;

e.    Milk, other dairy products and eggs (ND), 3.4 percent;

f.    Sugar, confectionery and desserts (ND), -2.6 percent;

g.    Ready-made food and other food products n.e.c. (ND), 9.5 percent; and

h.    Oils and fats (ND), 0.3 percent;

On the other hand, fruits and nuts decreased to 5.3 percent in October 2024 from 7.5 percent in September 2024.
 

Among the provinces, llocos Sur posted the highest inflation rate at 3.8 percent in October 2024, followed by La Union at 2.2 percent. Meanwhile, Pangasinan and llocos Norte recorded inflation rate of 1.6 percent and 0.6 percent, respectively.

Compared to their respective levels in October 2023, only llocos Sur posted higher inflation rate.

Note:

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

SGD. ATTY. SHEILA O. DE GUZMAN
Regional Director, RSSO 01