Ilocos Region’s Inflation Rate Climbs to 7.9% in April 2008

The year-on-year inflation rate in the Ilocos Region continued to accelerate, reaching 7.9 percent in April 2008. The April 2008 inflation rate was up by 5.7 percentage points from its level in the same period last year and higher by 2.5 percentage points compared to the previous month It was the highest in the past two years.

The surge of the inflation rate in April 2008 was largely due to the increase in the over-all inflation rate of the food items, from 6.5 percent the previous month to 10.9 percent. Among the food items, rice recorded the highest inflation rate at 26.0 percent, rising by 18.3 percentage points from its level the previous month. Dairy products and corn followed with 13.7 percent and 13.6 percent inflation rate, respectively.

Fuel, light and water (FLW) also recorded double-digit over-all inflation rate at 10.2 percent in April 2008 as fuel experienced a 19.4 percent inflation rate, from 17.9 percent in March 2008. The April inflation rate of FLW, however, was slightly lower than its 10.6 percent inflation rate the previous month due to the lower inflation rate of light at 1.0 percent, from 3.4 percent.

The rest of the commodity groups, except clothing, recorded higher inflation rates in April 2008 as compared to March 2008: housing and repairs – 2.0 percent (from 1.7 percent); services – 4.2 percent (from 3.9 percent); and miscellaneous – 1.9 percent (from 1.6 percent). Clothing’s inflation rate was 1.6 percent, from 1.8 percent the previous month.

The region’s inflation rate started to ascend in September 2007 with a 2.1 percent inflation rate, from 1.4 percent the previous month.

Inflation Rate, Region 1: August 2007-April 2008

Source of Basic Data : National Statistics Office (NSO)

The details of the above data could be accessed at the NSO website: http://www.census.gov.ph.