Month-on-Month Growth Rates

• Philippines

At the national level, the seasonally adjusted CPI for all items retained its November rate of 0.3 percent. Likewise, movement in clothing and footwear index remained at 0.1 percent and education index, 0.2 percent. Higher monthly increment was registered in the indices of furnishing, household equipment and routine maintenance of the house and health at 0.2 percent in December from 0.1 percent in November. On the other hand, the indices of non-food and recreation and culture both moved up at a slower pace of 0.1 percent from 0.2 percent and restaurant and miscellaneous goods and services, 0.2 percent from 0.4 percent. That for housing, water, electricity, gas and other fuels index had a zero growth from 0.3 percent in November.

Relative to the expected trend, the seasonal factor such as higher demand for selected goods and services during the holiday season pushed up the indices for all items and restaurant and miscellaneous goods and services. On the contrary, this seasonal factor pushed down the indices of the following commodity groups:

• Clothing and Footwear;
• Housing, Water, Electricity, Gas and Other Fuels;
• Furnishing, Household Equipment and Routine Maintenance of the House;
• Health; and
• Education.

Meanwhile, the indices of non-food and recreation and culture were not affected by this seasonal factor (see Table 1).

• National Capital Region (NCR)

In NCR, the seasonally adjusted CPI for all items and health both went up at a faster pace of 0.3 percent in December from their corresponding previous month’s rates of 0.2 percent and 0.1 percent. Likewise, higher monthly gains were noticed in the indices of alcoholic beverages and tobacco at 0.6 percent from 0.4 percent; recreation and culture, 0.2 percent from 0.1 percent; and restaurant and miscellaneous goods and services, 0.9 percent from 0.8 percent. In addition, the index of food and non-alcoholic beverages picked up by 0.7 percent from zero growth. A slower monthly increment was, however, recorded in non-food index at 0.1 percent from 0.5 percent while that for housing, water, electricity, gas and other fuels index decreased by 0.3 percent from 0.2 percent. Movements in the indices of clothing and footwear; furnishing, household equipment and routine maintenance of the house; and education remained at 0.2 percent.

The seasonal factor like bigger demand for selected goods and services during the Yuletide season pushed up the indices for all items; food and non-alcoholic beverages; and restaurant and miscellaneous goods and services relative to the expected trend. On the other hand, this seasonal factor pushed down the indices of the following commodity groups:

• Alcoholic Beverages and Tobacco;
• Non-food;
• 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 (see Table 2).

• Areas Outside National Capital Region (AONCR)

The month-on-month growth of the seasonally adjusted CPI for all items in AONCR went up by 0.3 percent in December. It was the same rate recorded in November. Similarly, the same previous month’s rates were posted in the indices of clothing and footwear; health; and restaurant and miscellaneous goods and services at 0.1 percent and education, 0.2 percent. A higher mark-up was registered in furnishing, household equipment and routine maintenance of the house index at 0.3 percent from 0.1 percent. The increase in housing, water, electricity, gas and other fuels index, however, decelerated to 0.1 percent from 0.4 percent while the non-food index registered a zero growth from 0.2 percent. The transport index dropped by 0.1 percent during the month after it had a 0.2 percent growth in November.

The seasonal factor like the higher demand for selected goods and services during the Christmas season pushed up the indices for all items and transport relative to the expected trend. Meanwhile, this seasonal factor pushed down the indices of the following commodity groups:

• Clothing and Footwear;
• Housing, Water, Electricity, Gas and Other Fuels;
• Furnishing, Household Equipment and Routine Maintenance of the House;
• Health;
• Education; and
• Restaurant and Miscellaneous Goods and Services.

This seasonal factor, however, did not affect the index of non-food (see Table 3).