The Ilocos Region experienced an increase in its inflation rate to 1.9% in October 2024, up from 0.6% in September, primarily due to rising food and non-alcoholic beverage prices, according to the Philippine Statistics Authority (PSA). During a virtual forum, PSA Ilocos Supervising Statistical Specialist Teresa Olarte highlighted that the food index inflation surged to 2.4% in October from a negative 0.7% in September. Significant increases were observed in various food categories: rice inflation rose to 8.4% from 3.1%, corn to 18.2% from 16.7%, meat and other slaughtered land animals to 4.3% from 3.1%, fish and other seafoods to 1.6% from 0.2%, and vegetables, tubers, cooking bananas, and pulses saw a lesser decline at -16.3% from -28.8%. Other food items like milk, dairy products, and eggs increased to 3.4% from 2.7%, sugar and confectionery to -2.6% from -3.9%, ready-made food and other food products to 9.5% from 8.6%, and oils and fats to 0.3% from 0.1%. Conversely, the inflation rate for fruits and nuts decreased to 5.3% from 7.5%. The average inflation rate in the region so far this year is 2.1%, significantly lower than the 5.7% recorded during the same period last year. Among the provinces, Ilocos Sur had the highest inflation rate at 3.8%, followed by La Union at 2.2%, Pangasinan at 1.6%, and Ilocos Norte at 0.6%. Department of Agriculture project evaluation officer Jinnefer Pulamo noted that previous weather disturbances have influenced agricultural product prices, despite the region’s surplus in most agricultural goods. She mentioned the availability of buffer stocks to aid farmers in rehabilitating their farmlands. National Economic and Development Authority Ilocos chief economic development specialist Ednore Freynon Perez pointed out that while the food index inflation rate increased, it was still lower than the 9.3% recorded a year ago. He also attributed the higher inflation rate to rising fuel prices due to international geopolitical tensions, expressing hope that policies from the incoming US President Donald Trump could positively affect inflation rates.
