NextGen Day

According to the Philippine Statistics Authority (PSA) on Tuesday, the inflation rate in the Ilocos Region jumped to 8.2 percent in December 2022 from 7.7 percent the month before.

Ilocos Sur had the highest inflation rate among the provinces in December 2022, at 10.3 percent, according to a statement from PSA Ilocos regional director lawyer Sheila de Guzman. Ilocos Norte and Pangasinan were second and third, with 8.9 percent and 8.5 percent, respectively.

According to her, La Union has the lowest inflation rate, at 1.9 percent.

According to De Guzman, the majority of the provinces showed higher inflation rates when compared to their respective levels in December 2021.

“Pangasinan increased by 5.3 percentage points, while Ilocos Norte and Ilocos Sur increased by 6.3 percentage points and 5.2 percentage points, respectively. La Union’s inflation rate decreased by 1.2 percentage points in the meantime, she continued.

According to De Guzman, the region’s accelerated inflation in December 2022 was mostly caused by greater inflation in the following three sectors: transport (9.8%), health (7.5%), and food and non-alcoholic drinks (9.9%).

She added that higher annual increments in the indices for alcoholic beverages and tobacco at 5.8 percent, furnishings, household equipment, and routine household maintenance at 5.5 percent, recreation, sport, and culture at 3.6 percent, and restaurants and accommodation services at 3.3 percent, as compared to their previous month’s inflation rates, were other factors contributing to the uptrend in overall inflation during the period.

She also noted that annual increases in the indexes for clothing and footwear, housing, water, electricity, gas, and other fuels, and personal care and miscellaneous goods all slowed down.

The remaining commodity groupings either maintained their monthly inflation rates or experienced annual growth rates of 0%.

According to De Guzman, the food index for the Ilocos Region rose from 8.5 percent in November 2022 to 10.2 percent in December 2022. The food index registered at 1.0 percent in December 2021.

According to her, annual increments for rice, milk, other dairy goods, eggs, vegetables, tubers, cooked bananas, cooked pulses, sugar, confectionary and sweets, ready-made food, and other food products were greater.

She went on to say that the indices for corn, flour, bread and other bakery goods, pasta and other grains, meat and other parts of slain land animals, fish and other seafood, oils, and fats, and fruits and nuts showed a yearly reduction.

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