Inflation rate in Region 1 down by 1% in February — PSA
THE Philippine Statistics Authority (PSA) said the inflation rate in the Ilocos Region declined by one percentage point from 9.3 percent in January 2023 to February 2023.
PSA said that the decreased inflation in the region in February 2023 was primarily influenced by the considerable decrease in inflation of housing, water, electricity, gas and other fuels at 9.0 % from 1.0 % in January 2023; and food and non-alcoholic beverages, at 10.5 % from 11.7 % in January 2023.
Also contributing to the overall inflation during the period were the higher annual increments in the indices of six essential commodity groups as compared with the previous month’s inflation rates: alcohol, beverages and tobacco, 8.9 percent; furnishing, household equipment and routine household maintenance, 8.6 percent; Personal care and miscellaneous goods, 6.5 percent; clothing, footwear, 5.8 percent; Restaurants and accommodation services, 5.4 percent; and recreation, sports and culture, 4.0 percent.
Among the provinces in Region 1, Pangasinan posted the highest inflation rate at 9.3% in February 2023, followed by Ilocos Sur and La Union at 6.2 % respectively. Ilocos Norte registered the lowest inflation rate at 6.1%.
Compared to their respective levels in February 2022, all the provinces in Region 1 exhibited increased inflation rates, according to PSA. (Leonardo Micua)
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