Ilocos Region Sees Inflation Rate Drop to 1.5% in January

SAN FERNANDO, Ilocos Region — The inflation rate in the Ilocos Region experienced a notable decrease to 1.5 percent in January, down from 2.3 percent in the preceding month.

According to Philippines News Agency, The deceleration in the rate of price increases was largely attributed to slower inflation in the food and non-alcoholic beverages sector.

Camille Carla Beltran, chief administrative officer of PSA Ilocos Region, highlighted in a Wednesday statement that the food index in the region fell to 4.7 percent in January 2024 from 5.7 percent the month before. Beltran also pointed out several other factors contributing to the region’s reduced inflation rate, including lesser annual increases in the prices of alcoholic beverages, clothing and footwear, furnishings, household equipment, routine household maintenance, health, transport, information and communication, recreation, sport and culture, restaurant and accommodation services, and personal care and miscellaneous goods and services.

Despite the overall slowdown, there was an acceleration in the inflation rate for housing, water, electricity, gas, other fuels, and education services, while the inflation rate for financial services remained unchanged.

Among the provinces within the region, La Union reported the highest inflation rate at 3.1 percent, followed by Pangasinan with 2.1 percent, and Ilocos Norte at 0.8 percent. Notably, Ilocos Sur experienced a deflation of -2.4 percent, indicating a decrease in the general price level of goods and services in the province.

This latest inflation data reflects the dynamic nature of regional economies and the various factors influencing the cost of living, underscoring the efforts of local and national agencies to monitor and address economic fluctuations.