Month-on-Month Growth Rates

• Philippines

The month-on-month growth of the seasonally adjusted CPI for all items at the national level slowed down to 0.2 percent in October from 0.7 percent in September. Likewise, increases in the indices of non-food decelerated to 0.3 percent from 0.5 percent; clothing and footwear, 0.1 percent from 0.2 percent; housing, water, electricity, gas and other fuels and restaurant and miscellaneous goods and services, 0.3 percent from 1.2 percent and 0.4 percent, respectively. That for the recreation and culture index went up by 0.3 percent from 0.2 percent. The indices of furnishing, household equipment and routine maintenance of the house and health, however, retained their previous month’s rate of 0.1 percent and education, 0.2 percent.

The seasonal factor such as higher production of selected goods in preparation for the holiday season pushed up the index for restaurant and miscellaneous goods and services relative to the expected trend. The seasonal factor like the opening of classes for the second semester also raised the index for education. On the contrary, these seasonal factors pushed down the indices of the following commodity groups:

• All Items;
• Non-food;
• Clothing and Footwear; and
• Housing, Water, Electricity, Gas and Other Fuels; and
• Health.

Meanwhile, these seasonal factors have no effect in the indices for furnishing, household equipment and routine maintenance of the house and recreation and culture (see Table 1).

• National Capital Region (NCR)

In NCR, the seasonally adjusted CPI for all items and food and non-alcoholic beverages both moved up at a slower pace of 0.4 percent in October from 1.0 percent in September. Lower increments were also registered in the indices of alcoholic beverages and tobacco at 0.5 percent from 0.7 percent; clothing and footwear, 0.1 percent from 0.2 percent; and non-food and housing, water, electricity, gas and other fuels, 0.2 percent from 1.2 percent and 2.2 percent, respectively. On the other hand, the monthly gains posted in the indices of health and education were both higher at 0.3 percent from their corresponding previous month’s growths of 0.1 percent and 0.2 percent and recreation and culture, 0.6 percent from 0.1 percent. The indices of furnishing, household equipment and routine maintenance of the house and restaurant and miscellaneous goods and services moved at their respective previous month’s rates of 0.2 percent and 0.8 percent.

Relative to the expected trend, the seasonal factor like the higher production of selected goods in preparation for the holiday season and the opening of classes for the second semester pushed up the indices of the following commodity groups:

• All Items;
• Food and Non-alcoholic Beverages;
• Furnishing, Household Equipment and Routine Maintenance of the House;
• Recreation and Culture;
• Education; and
• Restaurant and Miscellaneous Goods and Services.

These seasonal factors however, pushed down the indices for alcoholic beverages and tobacco; clothing and footwear; and housing, water, electricity, gas and other fuels. Meanwhile, the indices for non-food and health were not affected by these seasonal factors (see Table 2).

• Areas Outside National Capital Region (AONCR)

The monthly growth of the seasonally adjusted CPI for all items in AONCR decelerated to 0.3 percent in October from 0.5 percent in September; non-food, 0.2 percent from 0.4 percent; and housing, water, electricity, gas and other fuels, 0.4 percent from 0.8 percent. Moreover, a slower monthly gain of 0.1 percent was recorded in the indices of clothing and footwear; furnishing, household equipment and routine maintenance of the house; and health. On the other hand, the transport index dropped by 0.1 percent from 0.4 percent while those for the indices of education and restaurant and miscellaneous goods and services retained their previous month’s rates of 0.2 percent and 0.1 percent, respectively.

Contrary to the expected trend, the seasonal factor of bigger volume of production of selected goods in preparation for the coming Christmas season pushed down the indices of the following commodity groups:

• All Items;
• Non-food;
• Clothing and Footwear;
• Housing, Water, Electricity, Gas and Other Fuels;
• Furnishing, Household Equipment and Routine Maintenance of the House;
• Health;
• Transport; and
• Restaurant and Miscellaneous Goods and Services.

Meanwhile, the seasonal factor such as the start of classes for the second semester raised the education index during the period (see Table 3).