Month-on-Month Growth Rates

• Philippines

The seasonally adjusted CPI for all items and restaurant and miscellaneous goods and services at the country level both moved up at a faster rate of 0.7 percent in January 2018 from 0.3 percent in the previous month. Higher increments were also noticed in the indices of clothing and footwear at 0.2 percent from 0.1 percent and health, 0.5 percent from 0.2 percent. Moreover, the indices of non-food and furnishing, household equipment and routine maintenance of the house both picked up by 0.3 percent from 0.1 percent and 0.2 percent, respectively. From a zero growth in the previous month, the index of housing, water, electricity, gas and other fuels inched up by 0.1 percent. On the other hand, the growth in recreation and culture index slowed down to 0.1 percent from 0.2 percent while movement in education index remained at 0.2 percent.

Relative to the expected trend, the seasonal factor like the practice of implementing business changes at the start of the year pushed up the indices for all items; clothing and footwear; health; and restaurant and miscellaneous goods and services. On the contrary, this seasonal factor pushed down the indices of the following commodity groups:

• Non-food;
• Housing, Water, Electricity, Gas and Other Fuels;
• Recreation and Culture; and
• Education.

The index for furnishing, household equipment and routine maintenance of the house index was not affected by this seasonal factor (see Table 1).

• National Capital Region (NCR)

The seasonally adjusted CPI for all items in NCR picked up by 0.9 percent in January from 0.4 percent in the previous month. Higher monthly increases were likewise posted in the indices of the following commodity groups:

• Food and Non-alcoholic Beverages (1.3% from 0.8%);
• Alcoholic Beverages and Tobacco (3.2% from 0.5%);
• Non-food (0.6% from 0.1%);
• Furnishing, Household Equipment and Routine Maintenance of the House (0.4% from 0.1%);
• Health (0.4% from 0.3%); and
• Restaurant and Miscellaneous Goods and Services (1.9% from 0.7%).

The indices of recreation and culture and education both retained their previous month’s rate of 0.2 percent while the index for clothing and footwear had zero growth from 0.1 percent in December.

The seasonal factor like the practice of implementing business changes during the beginning of the year pushed up the indices of food and non-alcoholic beverages; health; and restaurant and miscellaneous goods and services relative to the expected trend. This seasonal factor however, pushed down the indices of the following commodity groups:

• Non-food;
• Furnishing, Household Equipment and Routine Maintenance of the House;
• Recreation and Culture; and
• Education.

The indices for all items; alcoholic beverages and tobacco; and clothing and footwear were not affected by this seasonal factor (see Table 2).

• Areas Outside National Capital Region (AONCR)

In AONCR, the seasonally adjusted CPI for all items went up by 0.6 percent in January from 0.4 percent in December. The indices for the following commodity groups also recorded higher increments:

• Alcoholic Beverages and Tobacco (4.3% from 1.3%);
• Non-food and Clothing and Footwear (0.3% from 0.1%);
• Housing, Water, Electricity Gas and Other Fuels and Restaurant and Miscellaneous Goods and Services (0.2% from 0.1%); and
• Health (0.4% from 0.1%).

On the other hand, the growth in the index for furnishing, household equipment and routine maintenance of the house slowed down to 0.2 percent from 0.3 percent while movements in the indices of recreation and culture and education remained at 0.1 percent and 0.2 percent, respectively.

Relative to the expected trend, the seasonal factor such as the practice of implementing business changes at the beginning of the year pushed up the indices of the following commodity groups:

• All Items;
• Alcoholic Beverages and Tobacco;
• Clothing and Footwear;
• Furnishing, Household Equipment and Routine Maintenance of the House; and
• Health.

This seasonal factor, however, pushed down the indices of non-food; housing, water, electricity, gas and other fuels; and education. The indices of recreation and culture and restaurant and miscellaneous goods and services were not affected by this seasonal factor (see Table 3).