June 2004

*r-revised

• Year-on-Year

  Year-on-year inflation rate based on the General Wholesale Price Index (GWPI) went up by 1.0 percentage point to 9.3 percent in June from 8.3 percent in May.

  Higher inflation rates were noted in the prices of food items, 8.3 percent in June from 6.3 percent in May; mineral fuels, lubricants and related materials, 25.6 percent from 24.0 percent; manufactured goods classified chiefly by materials, 5.6 percent from 5.2 percent; machinery and transport equipment, 2.8 percent from 2.4 percent; and miscellaneous manufactured articles, 1.8 percent from 1.4 percent. On the other hand, inflation rate for beverages and tobacco slowed down to 4.8 percent from 5.7 percent; crude materials, inedible except fuels, 30.1 percent from 30.2 percent; and chemicals, including animal and vegetable oils and fats, 9.6 percent from 10.0 percent.

  • Similarly, inflation rate in Luzon accelerated to 9.3 percent in June from 8.5 percent in May mainly due to the 2.0 percentage points increment (7.4 percent from 5.4 percent) in the inflation of food. In addition, inflation of mineral fuels, lubricants and related materials grew to 26.9 percent from 25.8 percent; manufactured goods classified chiefly by materials, 5.0 percent from 4.8 percent; machinery and transport equipment, 2.6 percent from 2.3 percent; and miscellaneous manufactured articles, 0.9 percent from 0.7 percent. Meanwhile, slowdowns were registered in the inflation of beverages and tobacco, 4.4 percent from 4.5 percent; crude materials, inedible except fuels, 32.4 percent from 33.2 percent; and chemicals, including animal and vegetable oils and fats, 10.8 percent from 11.5 percent.

  • Inflation rate in Visayas advanced to 4.9 percent in June from 3.4 percent in May. This was brought about by the higher rates seen in the prices of food items, 4.3 percent from 2.7 percent; mineral fuels, lubricants and related materials, 23.6 percent from 14.0 percent; chemicals, including animal and vegetable oils and fats, 4.0 percent from 2.7 percent; and manufactured goods classified chiefly by materials, 1.7 percent from 0.7 percent. Inflation rate for beverages and tobacco and crude materials, inedible except fuels also increased but at a slower pace of 3.9 percent and 10.2 percent from 10.8 percent and 10.3 percent, respectively. The rest of the commodity groups moved at their last month's rates.

  • In Mindanao, inflation rate also jumped by 2.1 percentage points to 13.8 percent in June from 11.7 percent in May. The annual rate of increase in the prices of food items rose to 20.4 percent from 16.5 percent; crude materials, inedible except fuels, 32.1 percent from 19.5 percent; manufactured goods classified chiefly by materials, 12.6 percent from 11.8 percent; machinery and transport equipment, 7.7 percent from 5.7 percent; and miscellaneous manufactured articles, 10.8 percent from 8.5 percent. On the other hand, inflation rate for chemicals, including animal and vegetable oils and fats was slower at 7.8 percent from 8.3 percent. Inflation for beverages and tobacco and mineral fuels, lubricants and related materials respectively remained at 8.8 percent and 10.4 percent.

• By Commodity Group, Month-on- Month

  The month-on-month inflation rate recorded at 1.2 percent in June was higher than the 0.9 percent increase in May.

  • Uptick in the prices of meat, fish, and selected fruits and vegetables raised the food index in Luzon and Visayas by 2.5 percent and 0.8 percent, respectively. Likewise, higher prices of hogs, eggs, rice, fish and fruits pushed up the group's index in Mindanao by 3.5 percent. Thus, the national index moved up by 2.3 percent from 0.3 percent.

  • Prices of beverages and tobacco nationwide generally remained stable during the period as the group's index recorded zero growth.

  • Add-ons in the prices of abaca caused a 0.2 percent growth in the index of crude materials, inedible except fuels in Luzon. Similarly, increases in the prices of bamboo, charcoal, sand and pebbles pulled up the group's index in Mindanao by 10.5 percent. On the other hand, prices of crude materials, inedible except fuels in Visayas generally remained stable as it still registered zero growth during the month. At the national level, the group's index climbed by 0.5 percent.

  • Higher prices of petroleum products pushed up the group's index for mineral fuels, lubricants and related materials in the Philippines by 1.7 percent; Luzon, 1.4 percent; and Visayas, 6.8 percent. Meanwhile, prices of mineral fuels, lubricants and related materials in Mindanao generally remained stable as it posted a zero growth during the month.

  • Index for chemicals, including animal and vegetable oils and fats in Visayas and Mindanao respectively moved up by 1.2 percent and 0.2 percent due to the upward adjustments in the prices of fertilizers, paints and vitamins. The group's index in Luzon had a zero growth. In the Philippines, the index for chemicals, including animal and vegetable oils and fats grew by 0.2 percent.

  • Increments in the prices of lumber, plywood, cement, concrete and fabricated wire products effected the 0.2 percent growth in the index of manufactured goods classified chiefly by materials in Luzon. Similarly, increases in the prices of cement, hollow blocks, glass and glass products and pottery raised the group's index in Visayas by 1.0 percent. The group's index in Mindanao was also up by 0.6 percent brought about by the acceleration in the prices of luggage and handbags, lumber, paper products, concrete and glass and glass products. All these factors contributed to the 0.4 percent uptick in the national index.

  • The machinery and transport equipment index rose by 0.3 percent as prices of selected motor vehicle, dry cell battery and insulated electrical wire moved upward in Luzon. Likewise, the group's index in Mindanao gained 1.0 percent due to the higher prices of agricultural machinery and equipment, assembled engines and insulated electrical wire. However, prices of machinery and transport equipment in Visayas generally remained stable as it posted zero growth during the month. At the national level, the group's index increased by 0.4 percent.

  • Price hikes in office supplies, textbooks and newspaper in Luzon slightly pushed up its index for miscellaneous manufactured articles by only 0.1 percent. The group's index in Mindanao also advanced by 2.4 percent due to the increments in the prices of clothing items, photographic equipment, footwear and office supplies. Meanwhile, the group's index in Visayas recorded a zero growth. At the national level, the index for miscellaneous manufactured articles went up by 0.3 percent.

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  Source: National Statistics Office
  Manila, Philippines

  Page last revised: October 2, 2004