The Philippine Statistics Authority (PSA) reported on Tuesday that the inflation rate in the Ilocos Region had skyrocketed to 4.6% last month, 1% higher than its previous 3.6% record in July.

Despite the higher inflation for the month of August, it is still lower compared to the 6.2% recorded in the same month last year.

According to the report signed by PSA chief statistical specialist Juanito Yabes, the higher inflation rate in the Ilocos Region last month was due to the ‘considerable increase’ in the inflation of food and nonalcoholic beverages at 10.6% and transport at -1.7%.

Among the provinces in the Ilocos Region, La Union had the highest inflation rate at 5.3%, followed by Pangasinan at 4.9%, Ilocos Norte at 3.8%, and Ilocos Sur at 3.1%.

The phrase inflation rate refers to the annual rate of change of the consumer price index, which is calculated based on a weekly and bimonthly survey of changes in the prices of commodities and services purchased by an average Filipino household.

It is understood in terms of money's declining purchasing power.