Ilocos Region logs 2.2% inflation rate in March

CALASIAO: Inflation rate in the Ilocos Region accelerated to 2.2 percent last March from month-ago's 2 percent due largely to faster upticks in the prices of housing, water, and electricity, gas and other fuels. In a virtual forum on Thursday, Philippine Statistics Authority (PSA) Ilocos Statistical Operations and Coordination Division officer-in-charge Teresa Olarte said these factors contributed largely to the faster inflation rate in the region in the third month this year at 83.1 percent. Other contributors are the transportation and restaurants and accommodations, she said. National Economic Development Authority (NEDA) Ilocos Region chief economic and development specialist Vida Karna Bacani, during the same briefing, said higher demand for electricity is evident during dry season in the country. 'From March to May, even though there are classes, travel or tourism increases hence, the demand for restaurants and accommodations,' she said. Bacani said the rate of price increases in the region is stil l manageable as it remains between the government's 2 to 4 percent target band, with the help of government measures to help address the impact of the dry spell. 'Government interventions are in place to protect us and to ensure that the supply of products will not decrease and the inflation will be managed well,' she said. Among the provinces in the region, La Union posted the highest inflation rate at 3.7 percent in March 2024, followed by Pangasinan, 2.5 percent; Ilocos Norte, 1.5 percent; and Ilocos Sur, 0.6 percent. Source: Philippines News Agency