Ilocos Region inflation rate down to 8.3% in February

File photo
File photo

THE inflation rate in the Ilocos Region has declined from 9.3 percent in January this year to 8.3 percent in February.

This, however, is still higher by 5.2 percent points from the recorded rate of 3.1 percent in February 2022.

In a statement issued on Thursday, March 9, 2023, Philippine Statistics Authority-Ilocos Regional Director Shiela De Guzman said the decrease in the inflation rate was primarily influenced by the considerable dip in inflation of housing, water, electricity, gas, and other fuels at 9.0 percent from 12.0 percent in January 2023; and food and non-alcoholic beverages, at 10.5 percent from 11.7 percent in the same month.

Also contributing to the overall inflation during the period were the higher annual increments in the indices alcoholic beverages and tobacco at 8.9 percent; furnishings, household equipment and routine and household maintenance at 8.6 percent, personal care and miscellaneous good at 6.5 percent; clothing and footwear at 5.8 percent; restaurants and accommodation services at 5.4 percent; and recreation, sport and culture at 4.0 percent, she said.

"On the other hand, annual upticks slowed down in the indices of health at 6.2 percent, and transport at 6.0 percent. The rest of the commodity groups retained their previous month’s inflation rates or had zero percent annual growths," she added.

De Guzman said the food index of the Ilocos Region decreased by 10.9 percent in February 2023 from 12.2 percent in the previous month.

Flour, bread and other bakery products, pasta products, and other cereals were at 10.3 percent; milk, other daily products and eggs at 14.6 percent; and fruits and nuts at 10.9 percent.

The indices of corn, meat, and other parts of slaughtered land animals, oils and fats, vegetables, tubers, plantains, bananas and legumes, sugar, confectionery, desserts, and ready-made food and other food products have declined in annual indices.

De Guzman said among the provinces in the region, Pangasinan posted the highest inflation rate at 9.3 percent in February 2023 followed by Ilocos Sur and La Union at 8.3 percent and 6.2 percent, respectively.

"The lowest inflation rate registered in Ilocos Norte at 6.1 percent," she said.

However, in comparison to February 2022 data, all of the provinces in the region exhibited increased inflation rates. (PNA)

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