Inflation rate in the Ilocos region declined to 8.3 percent in February from 9.3 percent in January due mainly to slower increases in the prices of basic necessities such as food and utilities, according to the PSA's latest report. | jmichaelmgsINQ /PDI
The February inflation dipped by one percentage point from last month’s figure, with the PSA noting that the 8.3 percent rate was higher by 5.2 percentage points from the recorded rate of 3.1 in February 2022.The rate of price increases slowed down in a broad range of products and utilities, including housing, water, electricity, gas and other fuels to 9 percent from 12 percent in January, as well as food and non-alcoholic beverages to 10.5 percent from 11.7 percent last month.
While the overall food index in the region decreased to 10.9 percent in February from 12.2 in January, prices were still elevated for other food categories such as flour, bread, and other bakery products, pasta products, and other cereals at 10.3 percent compared to 9.5 in January.
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