Month-on-Month Growth Rates

The seasonally adjusted CPI for all items at the national level moved up at a slower pace of 0.2 percent in December from 0.4 percent in November. Increments in the indices of alcoholic beverages and tobacco and recreation and culture correspondingly decelerated to 0.6 percent and 0.1 percent from their respective last month’s rates of 0.8 percent and 0.3 percent. On the other hand, a higher rate of 0.4 percent was noted in the indices of housing, water, electricity, gas and other fuels and health from zero growth and 0.2 percent, respectively. The same previous month’s growths were recorded in the rest of the commodity groups.

Relative to the expected trend, the seasonal factor like higher supply for selected items and services due to the holiday season generally did not pull down the indices for all items; alcoholic beverages and tobacco; clothing and footwear; housing, water, electricity, gas and other fuels; furnishing, household equipment and routine maintenance of the house; health; recreation and culture; education; and restaurant and miscellaneous goods and services.

In NCR, the seasonally adjusted CPI for non-food inched up 0.2 percent in December from 0.1 percent in November. Meanwhile, no movement was registered in the indices of alcoholic beverages and tobacco; furnishing, household equipment and routine maintenance of the house; and transport. That for education index retained its last month’s rate of 0.4 percent.

The indices for alcoholic beverages and tobacco; non-food; furnishing, household equipment and routine maintenance of the house; transport; and education were pushed down by the seasonal factor such as heavier demand for selected commodities during the Christmas season.

The month-on-month growth of the seasonally adjusted CPI in AONCR for housing, water, electricity, gas and other fuels rose 0.4 percent in December from 0.2 percent last month. Slower monthly increases were, however, observed in the indices of clothing and footwear and health at 0.2 percent and 0.3 percent, respectively and restaurant and miscellaneous goods and services, 0.1 percent from 0.4 percent. The index for alcoholic beverages and tobacco retained its last month’s rate of 0.8 percent; education index, 0.3 percent; and furnishing, household equipment and routine maintenance of the house and recreation and culture indices, 0.2 percent.

The festive season brought bigger demand for selected goods during the month. This seasonal factor, however, did not raise the indices of alcoholic beverages and tobacco; clothing and footwear; housing, water, electricity, gas and other fuels; furnishing, household equipment and routine maintenance of the house; health; recreation and culture; and education. Moreover, this seasonal factor did not affect the index for restaurant and miscellaneous goods and services relative to the expected trend.