SEPTEMBER AND AUGUST 2003
| Inflation Rates, Philippines, All Items | |||
| September | August | Year-to-date | |
| Year-on-year | 2.9 | 3.0 | 3.0 |
| NCR | 4.2 | 4.1r | 3.5 |
| AONCR | 2.4 | 2.6 | 2.8 |
| Month-on-month | 0.1 | 0.2 | |
| NCR | 0.1 | 0.3 | |
| AONCR | 0.1 | 0.2 | |
Year-on-year inflation slightly decelerated to 2.9 percent in September from 3.0 percent in August. This was effected by the slower rates recorded in the indices of food, beverages and tobacco (FBT) and housing and repairs (H&R). Inflation a year ago was 2.9 percent.
On the other hand, inflation rate in the National Capital Region (NCR) slightly increased by 0.1 percentage point to 4.2 percent in September from 4.1 percent in August as the inflation in FBT and FLW moved up.
Inflation rate in Areas Outside the National Capital Region (AONCR) further slid to 2.4 percent in September from 2.6 percent in August brought about by the slowdown in the inflation rates of FBT and H&R.
Month-on-month inflation slightly improved to 0.1 percent in September from 0.2 percent as slower movements in the prices of miscellaneous items were observed during the month. Moreover, prices of FBT, H&R and FLW items generally remained stable this month.
CONSUMER PRICE INDEX
(1994=100)
SEPTEMBER 2003
> By Region, Year-on-Year
The inflation rate in NCR slightly went up by 0.1 percentage point to 4.2 percent in September from 4.1 percent in August.
Inflation in Areas Outside the National Capital Region (AONCR) at 2.4 percent in September was slower than the 2.6 percent in August. Ten regions posted lower inflation rates. The biggest decrease was observed in Central Mindanao at 1.7 percentage points followed by ARMM at 1.3 percentage points. The lowest rate was observed in Southern Mindanao at 0.9 percent while the highest rate at 4.7 percent was still in CAR.
> By Commodity Group, Year-on-Year
Inflation rates for FBT and H&R correspondingly slowed down to 1.4 percent and 3.0 percent in September from 1.5 percent and 3.2 percent, respectively. On the other hand, inflation for FLW went up by 9.6 percent from 9.5 percent. Inflation for clothing, services and miscellaneous items remained at their corresponding August rates of 2.4 percent, 5.9 percent and 1.9 percent.
The inflation rate for food alone slightly slid to 1.4 percent in September from 1.5 percent in August as inflation of rice dropped to –1.3 percent from 1.7 percent. Inflation rate of fruits and vegetables was still negative at –0.2 percent in September from –2.5 percent in August. Moreover, slower positive rates were observed in the prices of corn, 0.9 percent in September from 1.4 percent in August; cereal preparations, 4.7 percent from 5.0 percent; and dairy products, 5.0 percent from 5.1 percent. However, inflation rate for eggs picked up to 1.3 percent from 1.0 percent; fish, 2.4 percent from 0.7 percent; meat, 1.2 percent from 1.0 percent; and miscellaneous foods, 2.9 percent from 2.5 percent.
In NCR, inflation rates for FBT and FLW correspondingly increased to 2.3 percent and 19.7 percent in September from their respective August rates of 1.7 percent and 19.5 percent. On the other hand, inflation for H&R and miscellaneous items correspondingly slowed to 1.3 percent and 2.2 percent from 1.8 percent and 2.3 percent. Inflation for clothing and services items remained at their previous month’s rates of 3.5 percent and 6.9 percent, respectively.
The inflation rate for food alone in NCR accelerated to 2.3 percent in September from 1.7 percent in August mainly due to the 6.9 percent increment in the index for fish from last month’s 1.8 percent. Inflation for meat and miscellaneous foods also picked up by 1.5 percent and 3.9 percent from their corresponding last month’s rates of 1.2 percent and 3.7 percent. Slower movements were however noted in the inflation of cereal preparations, 5.7 percent from 6.5 percent; dairy products, 5.6 percent from 6.1 percent; and eggs, 0.1 percent from 0.4 percent. Inflation rate for rice dropped to –0.6 percent from 0.8 percent while inflation for fruits and vegetables was still negative at –4.2 percent from –5.1 percent. The price of corn went up at its previous month’s rate of 9.9 percent.
In AONCR, inflation rate for FBT and H&R respectively decelerated to 1.2 percent and 4.0 percent in September from their previous month’s rates of 1.5 percent and 4.2 percent in August. However, inflation rate for miscellaneous items slightly grew to 1.8 percent from 1.7 percent. Inflation rates for clothing, FLW and services items remained at their August rates of 2.0 percent, 4.2 percent and 5.4 percent, respectively.
Inflation rate for food alone in AONCR slowed to 1.1 percent in September from 1.3 percent in August.
The price of rice decreased by –1.3 percent from 1.8 percent. Thirteen regions posted lower rates. Negative rates in the price of rice were noted in ten regions with the highest in Southern Mindanao at –10.6 percent followed by Caraga at –6.8 percent. The price of corn also eased to 0.7 percent from 1.3 percent.
Prices of dairy products went up to 4.8 percent from 4.7 percent; eggs, 1.7 percent from 1.2 percent; fish, 1.5 percent from 0.6 percent; fruits and vegetables, 1.2 percent from –1.7 percent; meat, 1.1 percent from 0.8 percent; and miscellaneous foods, 2.5 percent from 2.0 percent. The price of cereal preparations increased at its August rate of 4.4 percent.
> By Region, Month-on-Month
The general level of prices in NCR moved at 0.1 percent in September, slower than the 0.3 percent in August as increases in the prices of FBT, H&R and miscellaneous items slowed down to 0.1 percent from 0.3 percent, 0.4 percent and 0.5 percent, respectively. On the other hand, prices of clothing and FLW items correspondingly grew by 0.2 percent and 0.4 percent from 0.1 percent. Prices of services items moved at its August rate of 0.3 percent.
Price increases in AONCR further slowed down to 0.1 percent in September from 0.2 percent in August mainly due to the 0.2 percent decline in the prices of FLW items. On the other hand, prices of services items moved up by 0.3 percent from 0.1 percent while prices of clothing and miscellaneous items increased at their previous month’s rate of 0.1 percent. Prices of FBT and H&R items generally remained stable as they posted zero growth in September from their corresponding last month’s rates of 0.2 percent and 0.3 percent. The lowest month-on-month rate was observed in Southern Mindanao and Central Mindanao at –0.3 percent while Northern Mindanao and Caraga recorded the highest rate at 0.5 percent.
> By Commodity Group, Month-on-Month
The month-on-month inflation slightly slowed to 0.1 percent in September from 0.2 percent in August. Prices of miscellaneous items increased but a slower rate of 0.1 percent from 0.2 percent while prices of FBT, H&R and FLW items generally remained stable during the month. On the contrary, prices of clothing and services items correspondingly increased to 0.2 percent and 0.3 percent from their previous month’s rate of 0.1 percent.
The stormy weather conditions experienced during the month raised prices of fish in NCR and AONCR by 1.7 percent and 0.4 percent, respectively. Thus, the national index was up by 0.7 percent from 0.2 percent.
Sufficient supply of vegetables and selected fruits in the wet markets further pulled down the index of fruits and vegetables in AONCR to –1.3 percent from –1.0 percent. In NCR, the continuous inflow of vegetables in the wet markets slowed down the increase of the group’s index by 0.1 percent from 0.2 percent. Overall, the fruits and vegetables index further dropped to –1.0 percent from –0.7 percent.
Abundant supply of pork and chicken in the markets pushed down the meat index in the three areas: Philippines, -0.3 percent from 0.1 percent; NCR, -0.7 percent from zero growth; and AONCR, -0.1 percent from 0.1 percent.
Reductions in the prices of cooking oil, calamansi and selected spices and seasonings caused the index for miscellaneous foods in NCR to still post a negative rate of 0.1 percent. However, higher prices of cooking oil, coffee, margarine, meals eaten outside the home and selected spices and seasonings recorded in some regions pulled up the miscellaneous foods index in AONCR and Philippines by 0.4 percent and 0.3 percent, respectively.
Sufficient supply of rice in NCR brought down its price to –0.3 percent from 0.2 percent. Moreover, the onset of harvest season for palay in some provinces brought declines in the price of rice in these areas. All these factors contributed to a 0.1 percent decline in the national index during the month.
The continued upward adjustments in the prices of medicines, gasoline and diesel effected a 0.3 percent uptick in the services index in the three areas. Higher charges for selected personal services also contributed to the uptrend.
Price add-ons in detergent soap, other items for household operations and selected items for personal care and effects slightly raised the miscellaneous index in the three areas by 0.1 percent.
The clothing indices in the Philippines and NCR moved up by 0.2 percent and in AONCR by 0.1 percent as prices of footwear and selected ready-made apparel were up during the month.
Lower electricity charges were observed in selected provinces. This brought down the FLW index in AONCR by –0.2 percent. However, increments in the prices of LPG and kerosene in NCR pushed up its index by 0.4 percent during the month. These offsetting trends resulted to a zero growth in the FLW index in the Philippines.
NOTE: Revisions in the inflation rates were due to the increase in the price of ordinary postage effective April 2003.
