INFLATION REPORT. Ilocos Sur continues to post deflation, with the February 2024 level at -1.1 percent from month-ago’s -2.4 percent, according to a Philippine Statistics Authority report released Tuesday (March 12, 2024). The province has been posting negative inflation rate since November 2023 but authorities said a short-term deflation benefits consumers since it gives their money more value. (Photo courtesy of PSA-Ilocos Sur)
LAOAG CITY – Consumers are benefiting from the four consecutive months of deflation in Ilocos Sur until February this year, authorities said Tuesday.
The rate of price increases in Ilocos Sur has been in negative territory since November 2023, with the February level at negative 1.1 percent, from month-ago’s negative 2.4 percent.
“When deflation is short term, this is good for our consumers because they have more confidence to buy more,” National Economic and Development Authority chief economic development specialist Freynon Perez said in a Zoom briefing for the release of the February 2024 inflation report.
The factors behind the deflation are attributed to a considerable decrease in the indices of housing, water, electricity, gas and other fuels including transportation, according to Philippine Statistics Authority-Ilocos Region supervising statistical specialist Teresa Olarte.
The purchasing power of peso in February 2024 stood at around PHP0.80, better than the PHP0.79 in the same period last year, she said.
Among the provinces in Region 1, only Ilocos Sur has been posting deflation, but the rest registered slower inflation rates.
As of last February, La Union posted the fastest inflation rate at 2.8 percent and was followed by Ilocos Norte and Pangasinan at 2.4 percent both. (PNA)
