| Year-on-Year Inflation Rates, All Items | ||||
|---|---|---|---|---|
| Oct 2014 | Sep 2014 | Oct 2013 | Year-to-date | |
| Philippines | ||||
| Headline | 4.3 | 4.4 | 2.9 | 4.3 |
| Core | 3.2 | 3.4 | 2.5 | 3.1 |
| NCR | ||||
| Headline | 3.6 | 3.5 | 1.1 | 3.4 |
| AONCR | ||||
| Headline | 4.5 | 4.7 | 3.4 | 4.6 |
The annual headline inflation at the national level continued to move at a slower pace of 4.3 percent in October. Last month, it was registered at 4.4 percent and in October 2013, 2.9 percent. The slowdown resulted from the lower annual increments in the indices of food and non-alcoholic beverages; clothing and footwear; and restaurant and miscellaneous goods and services.
Excluding selected food and energy items, core inflation further decelerated to 3.2 percent in October. It was 3.4 percent last month and 2.5 percent during the same period last year.
Annual inflation in the National Capital Region (NCR) however, went up to 3.6 percent in October. Last month, it was 3.5 percent and in October 2013, 1.1 percent. Higher annual growths were noted in the indices of clothing and footwear; housing, water, electricity, gas and other fuels; furnishing, household equipment and routine maintenance of the house; and health.
Following the same trend in the Philippines, annual inflation in Areas Outside NCR (AONCR) further eased to 4.5 percent in October. Inflation was 4.7 percent in September and 3.4 percent in October 2013. This was due to the slower annual hikes in the indices of food and non-alcoholic beverages; alcoholic, beverages and tobacco; clothing and footwear; housing, water, electricity, gas and other fuels; and restaurant and miscellaneous goods and services.
| Year-on-Year Inflation Rates in the Philippines, All Items January 2009 - October 2014 (2006=100) | ||||||
|---|---|---|---|---|---|---|
Month | Year | |||||
| 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | |
| January | 7.1 | 3.9 | 4.0 | 4.0 | 3.1 | 4.2 |
| February | 7.2 | 3.9 | 4.7 | 2.7 | 3.4 | 4.1 |
| March | 6.7 | 3.9 | 4.9 | 2.6 | 3.2 | 3.9 |
| April | 5.6 | 4.0 | 4.7 | 3.0 | 2.6 | 4.1 |
| May | 4.3 | 3.9 | 4.9 | 3.0 | 2.6 | 4.5 |
| June | 3.2 | 3.6 | 5.2 | 2.9 | 2.7 | 4.4 |
| July | 2.2 | 3.7 | 4.9 | 3.2 | 2.5 | 4.9 |
| August | 1.7 | 4.1 | 4.6 | 3.8 | 2.1 | 4.9 |
| September | 2.3 | 3.8 | 4.7 | 3.7 | 2.7 | 4.4 |
| October | 2.9 | 3.3 | 5.2 | 3.2 | 2.9 | 4.3 |
| November | 3.5 | 3.7 | 4.7 | 2.8 | 3.3 | |
| December | 4.4 | 3.6 | 4.2 | 3.0 | 4.1 | |
| Average | 4.2 | 3.8 | 4.6 | 3.2 | 3.0 | |
| Month-on-Month Inflation Rates, All Items (2006=100) | ||
|---|---|---|
| Oct 2014 | Sep 2014 | |
| Philippines | 0.1 | 0.1 |
| NCR | 0.0 | -0.3 |
| AONCR | 0.1 | 0.2 |
The country’s consumer prices inched up 0.1 percent in October 2014. It was the same rate posted last month. Positive growths were registered in the prices of rice, fish, milk, cheese, eggs, cooking oil and fruits in selected regions. Lower prices of petroleum products such as LPG, kerosene, gasoline and diesel were however, noted nationwide. Downward adjustments in the charges for electricity rates were also noted in many provinces. Meanwhile, prices in NCR generally remained stable during the month.
CONSUMER PRICE INDEX
(2006=100)
OCTOBER 2014
By Region, Year-on-Year
- Year-on-year inflation in NCR rose to 3.6 percent in October.
Annual inflation in AONCR further improved to 4.5 percent in October as 11 regions had lower annual growths. The lowest rate of 3.7 percent was posted in Central Luzon while the highest remained in Eastern Visayas at 6.2 percent.
By Commodity Group, Year-on-Year
The year-on-year mark- up in the heavily-weighted food and non-alcoholic beverages index at the national level slowed to 7.0 percent in October; clothing and footwear index, 3.4 percent; and restaurant and miscellaneous goods and services index, 1.7 percent. The other commodity groups had higher annual add-ons or retained their last month’s rate.
A lower annual rate of 7.2 percent was noted in the country’s food alone index. Its annual growth last month was at 7.8 percent and in October 2013, 3.4 percent.
Annual growths slackened in the indices of meat; fish; oils and fats; vegetables; sugar, jam, honey, chocolate and confectionery; and food products not elsewhere classified. The other food groups however had higher annual upticks except the corn index which retained its last month’s figure of 8.3 percent.
In NCR, a higher annual growth was seen in clothing and footwear index at 4.6 percent in October; housing, water, electricity, gas and other fuels index, 2.0 percent; furnishing, household equipment and routine maintenance of the house index, 4.4 percent; and health index, 5.2 percent. The rest of the commodity groups either had slower annual increases or retained their previous month’s rates.
On an annual basis, the food alone index in NCR continued to pace slowly at 6.8 percent in October. Last month, it moved by 7.6 percent and during the same month a year ago, 2.6 percent.
An annual decrease of 2.1 was posted in the vegetables index. Moreover, slower annual hikes were noted in the indices of meat; fish; milk, cheese and egg; sugar, jam, honey, chocolate and confectionery; and food products not elsewhere classified. Meanwhile, the other food groups had higher annual mark-ups with the index of oils and fats retaining its last month’s rate of 2.5 percent.
In AONCR, the annual movement in food and non-alcoholic beverage index improved to 7.1 percent in October; alcoholic beverages and tobacco index, 3.2 percent; clothing and footwear index, 3.0 percent; housing, water, electricity, gas and other fuels index, 2.6 percent; and restaurant and miscellaneous goods and services, 1.9 percent. The other commodity groups had either faster annual gain or retained their last month’s rates.
The food alone index in AONCR further eased to 7.4 percent in October. Last month, its growth was pegged at 7.8 percent and in October 2013, 3.5 percent.
A slower annual uptick was observed in the corn index at 8.4 percent in October; meat index, 5.3 percent; fish index, 5.6 percent; oils and fats index, 8.5 percent; vegetable index, 7.5 percent; sugar, jam, honey, chocolate and confectionery index, 7.3 percent; and food products not elsewhere classified index, 8.9 percent.
Higher annual rates in the rice index were posted in 10 regions with Central Luzon having the highest rate at 15.1 percent. The lowest inflation of 5.8 percent was however noticed in CAR.
Faster annual gains were reported in milk, cheese and egg index at 4.1 percent and fruit index, 12.2 percent.
By Region, Month-on-Month
The mixed price trends observed among the commodity groups resulted to a zero monthly growth in the prices of consumer items in NCR in October. Last month, it was -0.3 percent. The indices of food and non-alcoholic beverages and housing, water, electricity, gas and other fuels inched up 0.1 percent and alcoholic beverages and tobacco index, 0.2 percent. On the other hand, the transport index dropped by 0.4 percent. Rates for the other commodity groups were either slower or zero, with the indices of clothing and footwear and health retaining their respective last month’s growths of 0.2 percent and 0.1 percent.
Price increments on consumer items in AONCR further slowed down to 0.1 percent in October. The growth last month was posted at 0.2 percent. The indices for housing, water, electricity, gas and other fuels and transport declined by 0.2 percent. Moreover, the index of food and non-alcoholic beverages moved up at a slower rate of 0.2 percent and clothing and footwear; health; and restaurant and miscellaneous goods and services indices, 0.1 percent. The index for furnishing, household equipment and routine maintenance of the house, however, inched up 0.2 percent. The rest of the commodity groups either had zero growth or retained their previous month’s rates.
Negative monthly rates were registered in Cagayan Valley (-0.3%), Central Luzon and Western Visayas (-0.1%); and SOCCSKSARGEN (-0.5%), the lowest rate among the regions. Moreover, four regions recorded slower annual add-ons. On the other hand, Davao had the highest monthly rate of 0.5 percent in October.
Prices of consumer items in the Luzon and Mindanao areas of the country moved up by 0.1 percent while those for Visayas areas generally remained stable during the period in review.
By Commodity Group, Month-on-Month
The country’s consumer prices gained 0.1 percent in October, the same rate recorded last month. All the commodity groups moved at their last month’s rates except for the indices of clothing and footwear; health; recreation and culture; and restaurant and miscellaneous goods and services which moved at a slower pace during the month.
Eleven regions had positive growths in the rice index. However, the onset of harvest of palay during the period caused the rice index in four regions to post monthly decreases. Thus, the AONCR’s aggregate index for rice registered a 0.5 percent increase during the month, slower than the 0.9 percent growth recorded last month. Prices of rice in NCR however moved up at a faster pace of 1.4 percent. At the national level, the group’s index’s movement improved to 0.6 percent during the month.
Higher prices of banana and papaya and some fruits that were out of season in many regions raised the fruits index in the Philippines by 1.6 percent; NCR, 0.7 percent; and AONCR, 1.8 percent.
Price increments in fresh fish species and selected seafoods such as shrimps, squid and crabs in many regions primarily effected a 0.3 percent uptick in the fish index in AONCR and in the Philippines. On the contrary, the group’s index in NCR had a zero growth as upward adjustments in the prices of fresh fish particularly tilapia and round scad were offset by the price decreases in shrimps, squid and crabs.
The group’s index for milk, cheese and egg in AONCR went up by 0.3 percent and in the Philippines, 0.2 percent. This was brought about by the upward adjustments in the prices of milk, cheese and egg. Meanwhile, price reductions in milk and eggs in NCR pushed down the group’s index in the area by 0.1 percent during the period.
Vegetables such as garlic, onions, tomatoes, cabbage, stringbeans and bitter gourd were priced lower in many regions. Thus, the vegetables index in AONCR fell by 0.9 percent and in the Philippines, -0.7 percent. Prices for chayote, potato, onions and chili leaves went up, however, in NCR markets, thereby resulting to a 0.3 percent increase in its group’s index.
The food products not elsewhere classified index in the Philippines shrank by 1.8 percent; NCR, -4.0 percent; and AONCR, -1.2 percent. Lower prices of ginger and calamansi that generally prevailed during the month brought about the downtrend.
With price cuts in pork, chicken and beef in NCR, the meat index in the area went down by 0.7 percent. Likewise, prices of fresh meat also decreased in selected regions in AONCR. However, these were offset by the price increments in processed meat and meat products. Hence, the meat index in the area posted a zero growth during the month. At the national level, the group’s index dropped by 0.1 percent.
The index for restaurant and miscellaneous goods and services in the Philippines and AONCR inched up 0.1 percent due to higher prices of selected items for personal care. The group’s index in NCR recorded a zero growth during the month.
The 0.2 percent add-on in the index for furnishing, household equipment and routine maintenance of the house in the three areas resulted from the upward price adjustments in selected household utensils and cleaning products.
LPG and kerosene were generally priced lower nationwide. Lower charges in the electricity rates were also noticed in many provinces. These factors pushed down the index for housing, water, electricity, gas and other fuels in AONCR and in the Philippines by 0.2 percent. However, the group’s index in NCR rose 0.1 percent due to higher charges in electricity rates.
The series of price rollbacks in gasoline and diesel were observed nationwide. Thus, the transport index in the Philippines and AONCR declined by 0.2 percent and in NCR, -0.4 percent.
Note:
CPIs and inflation rates by province and selected city are also available upon request at NSO, Industry and Trade Statistics Department, Economic Indices and Indicators Division (Telephone Numbers: 716-39-35 and 715-33-47).
(Sgd.) LISA GRACE S. BERSALES, Ph.D.
National Statistician
