Inflation rate in Ilocos region eases to 6.7% in March
LAOAG CITY, Ilocos Norte — The inflation rate in Ilocos slowed to 6.7 percent in March as a result of falling prices in an array of products and services in the region, according to the Philippine Statistics Authority (PSA).
In its latest report released recently, the PSA said the March inflation in the region dropped by 1.6 percentage points from 8.3 percent in February.
Consumers heaved a sigh of relief as inflation cooled down in housing, water, electricity, gas, and other fuels to 5.1 percent from 9.0 percent and in transportation to 1.5 percent from 6.0 percent in February.
Prices in housing, water, electricity, gas, and other fuels also slowed down in the region to 5.1 percent from 9.0 percent, as well as restaurant and accommodation services to 5.0 percent from 5.4 percent and food and non-alcoholic beverages to 9.6 percent from 10.5 percent in February.
Overall food index in the Ilocos region slightly dipped to 9.9 percent in March from 10.9 percent, with cereals and cereal products decreasing to 4.7 percent from 5.6 percent in February, rice to 3.0 percent from 4.3 percent, and meat to 2.5 percent from 3.9 percent.
Inflation in vegetables, tubers, plantains, cooking bananas, and pulses eased to 30.6 percent from 42.0 while sugar, confectionery, and desserts decreased to 41.2 from 44.6, the PSA data showed.
“The rest of the indices exhibited increases from their previous month’s inflation rates or had zero percent annual growths,” the PSA noted.
Among the provinces in the region, Pangasinan posted the highest inflation rate at 7.7 percent in March, followed by Ilocos Sur and Ilocos Norte at 6.0 percent and 5.4 percent, respectively. The lowest inflation rate was registered in La Union at 4.9 percent. INQ