PSA: Inflation in Ilocos region slowed to 8.3% in Feb

LAOAG CITY, Ilocos Norte—Inflation rate in the Ilocos region declined to 8.3 percent in February from 9.3 percent in January due mainly to slower increases in the prices of basic necessities  such as food and utilities, according to the latest report of the Philippine Statistics Authority (PSA).

The February inflation dipped by one percentage point from last month’s figure, with the PSA noting that the 8.3 percent rate was higher by 5.2 percentage points from the recorded rate of 3.1 in February 2022.

The rate of price increases slowed down in a broad range of products and utilities, including housing, water, electricity, gas and other fuels to 9 percent from 12 percent in January, as well as food and non-alcoholic beverages to 10.5 percent from 11.7 percent last month.

While the overall food index in the region decreased to 10.9 percent in February from 12.2 in January, prices were still elevated for other food categories such as flour, bread, and other bakery products, pasta products, and other cereals at 10.3 percent compared to 9.5 in January.

Prices were also higher for the commodity group composed of milk, other dairy products, and eggs, with an inflation rate of 14.6 percent compared to 13.2 last January.

The PSA, meanwhile, noted that prices decreased for other categories under the food group such as meat, oils, sugar, ready-made food, vegetables, among others.

All provinces in the region marked higher inflation rates in February 2023 compared to year-ago levels, with Pangasinan posting the highest rate at 9.3 percent, up from 2.4 percent in the same period last year.

Ilocos Sur followed with 8.3 percent, up from 7.5 during the previous year. La Union registered a 6.2 -percent inflation rate from 2.1 percent in February 2022.

The lowest inflation rate for February in the region was registered in Ilocos Norte at 6.1 percent, up from 4.5 percent during the same period in 2022. INQ