| Year-on-Year Inflation Rates, All Items | ||||
|---|---|---|---|---|
| Sep 2014 | Aug 2014 | Sep 2013 | Year-to-date | |
| Philippines | ||||
| Headline | 4.4 | 4.9 | 2.7 | 4.4 |
| Core | 3.4 | 3.4 | 2.3 | 3.1 |
| NCR | ||||
| Headline | 3.5 | 4.4 | 1.1 | 3.4 |
| AONCR | ||||
| Headline | 4.7 | 5.0 | 3.1 | 4.6 |
The Philippines’ annual headline inflation slowed down to 4.4 percent in September. It was 4.9 percent last month and 2.7 percent during the same month a year ago. The downtrend was primarily due to slower annual growth in the heavily-weighted food and non-alcoholic beverages index. Moreover, annual rates also decelerated in the indices of housing, water, electricity, gas and other fuels and transport.
Excluding selected food and energy items, core inflation remained at its last month’s rate of 3.4 percent. It was registered at 2.3 percent in September last year.
Following the national trend, annual inflation in the National Capital Region (NCR) likewise eased to 3.5 percent in September. Inflation was 4.4 percent in August and 1.1 percent in September 2013. Slower annual increments were noted in the indices of food and non-alcoholic beverages; housing, water, electricity, gas and other fuels; transport; and restaurant and miscellaneous goods and services.
Annual inflation in Areas Outside NCR (AONCR) improved to 4.7 percent in September. Last month, it was 5.0 percent and in September 2013, 3.1 percent. Slowdowns in the annual growths were noticed in the indices of food and non-alcoholic beverages; housing, water, electricity, gas and other fuels; and transport.
| Year-on-Year Inflation Rates in the Philippines, All Items January 2009 - September 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 | |
| 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) | ||
|---|---|---|
| Sep 2014 | Aug 2014 | |
| Philippines | 0.1 | 0.3 |
| NCR | -0.3 | 0.5 |
| AONCR | 0.2 | 0.2 |
Slower increases in the prices of consumer items were registered at the national level as the growth decelerated to 0.1 percent in September from its August level. This was due to lower charges in electricity rates and price decreases in LPG and kerosene in NCR. Also contributing to the downtrend were the price reductions in food items particularly corn and vegetables in many regions. Similarly, lower prices of selected fish species and cooking oil were also observed in some regions in AONCR. Moreover, a general downward price adjustment in gasoline and diesel was noted during the month.
CONSUMER PRICE INDEX
(2006=100)
SEPTEMBER 2014
By Region, Year-on-Year
- The year-on-year inflation in NCR improved to 3.5 percent in September.
Slower annual growths posted in 13 regions resulted to a lower inflation in AONCR at 4.7 percent in September. The lowest annual increase of 4.0 percent was noted in Northern Mindanao and Davao Region. The highest annual rate of 6.3 percent however, was still seen in Eastern Visayas.
By Commodity Group, Year-on-Year
The country’s year-on-year increment in food and non-alcoholic beverages index slowed to 7.4 percent in September; housing, water, electricity, gas and other fuels index, 2.2 percent; and transport index, 0.7 percent. The other commodity groups either had higher annual growths or retained their last month’s rates.
The annual gain in the food alone index in the Philippines eased to 7.8 percent in September. Last month, its annual rate was 8.7 percent and during the same month a year ago, 2.5 percent.
Slower annual increases were noticed in the indices of rice, corn and vegetables. Meanwhile, the other food groups recorded higher annual rates except meat and oils and fats indices which retained their corresponding last month’s annual growths of 5.9 percent and 7.5 percent.
In NCR, movement in the indices of food and non-alcoholic beverages slowed to 7.2 percent in September; housing, water, electricity, gas and other fuels index, 0.8 percent; transport, 0.7 percent; and restaurant and miscellaneous goods and services index, 1.5 percent. The rest of the commodity groups either had faster annual mark-ups or retained their last month’s rates.
The food alone index in NCR had a 7.6 percent annual growth in September. It was pegged at 9.0 percent last month and 1.0 percent in September 2013.
Lower annual increments were seen in the indices of rice, corn, meat and vegetables. The rest of the food groups however, posted higher annual rates.
In AONCR, the annual inflation in food and non-alcoholic beverage index decelerated to 7.4 percent in September; housing, water, electricity, gas and other fuels index, 2.7 percent; and transport index, 0.8 percent. Those for the rest of the commodity groups were either at higher rates or remained at their last month’s rates with a zero growth registered in the communication index.
The annual growth of the food alone index in AONCR moved up at slower pace of 7.8 percent in September. It was 8.7 percent a month ago and 2.8 percent in September 2013.
The rice index moved slowly at 10.5 percent in September as all the regions had slower annual rates except in Western Visayas and Davao Region. The lowest annual growth of 6.3 percent was still noted in ARMM while the highest annual rate of 15.3 percent remained in Ilocos region.
Slower annual pace of increases were likewise observed in the indices of corn and vegetables. On the other hand, the rest of the food groups had faster annual rates except oils and fats index which retained its last month’s annual growth of 8.9 percent.
By Region, Month-on-Month
Prices in NCR dropped by 0.3 percent in September. It moved by 0.5 percent in August. The heavily-weighted food and non-alcoholic beverages index went down by 0.1 percent; housing, water, electricity, gas and other fuels index, -1.1 percent; and transport index, -0.2 percent. Moreover, the monthly hike in the index of clothing and footwear slowed down to 0.2 percent. The other commodity groups either retained their last month’s rate or had zero growth except in furnishing, household equipment and routine maintenance of the house and recreation and culture indices which moved at faster rates.
Prices of consumer items in AONCR gained 0.2 percent in September, the same rate recorded last month. The increment in alcoholic beverages and tobacco index was higher at 0.2 percent and in health index, 0.3 percent. Meanwhile, a 0.1 percent decrease was posted in the index of transport. The other commodity groups either had higher rates or retained their last month’s rate with communication and education indices posting a zero growth.
Mixed month-on-month movements were seen among the regions. Higher rates were noted in the regions of Ilocos, Central Luzon, Zamboanga Peninsula and Davao. On the contrary, MIMAROPA, Bicol, Western Visayas, Central Visayas and ARMM posted slower rates. The other regions either moved at their last month’s rates or had negative rates. The highest month-on-month inflation at 0.7 percent was in Ilocos region while the lowest rate of -0.6 percent was in SOCCSKSARGEN.
Among the three big areas of the country, price gains in consumer items were generally faster in Visayas compared to those in Luzon and Mindanao areas.
By Commodity Group, Month-on-Month
The month-on-month inflation at the national level further slowed down to 0.1 percent in September. It was 0.3 percent last month. This was mainly effected by the downward adjustments in the indices of housing, water, electricity, gas and other fuels and transport at -0.2 percent. Moreover, improved monthly growths were registered in the indices of food and non-alcoholic beverages and clothing and footwear at 0.2 percent. On the other hand, uptrends were seen in the indices of alcoholic beverages and tobacco; recreation and culture; and restaurant and miscellaneous goods and services at 0.2 percent and health, 0.3 percent. The rest of the commodity groups either moved at their last month’s rate or had zero growth.
Ample supplies of vegetables in the markets caused their prices to decrease during the month. Among the vegetables that were sold at cheaper prices were bitter gourd, eggplant and stringbeans. This factor pushed down the vegetables index in the three areas: Philippines, -2.2 percent; NCR, -2.4 percent; and AONCR, -2.1 percent.
A 0.7 percent decline in the corn index in NCR and -0.4 percent in AONCR and at the national level was due to its lower prices in many regions.
Higher acquisition cost for a sack of commercial rice prompted retailers to increase its prices. Thus, the rice index in AONCR and in the Philippines moved up by 0.9 percent and in NCR, 0.8 percent.
Price increments in mango, banana and papaya in many regions raised the fruits index in the Philippines by 2.1 percent; NCR, 1.7 percent; and AONCR, 2.2 percent.
Prices of fish such as tilapia, lapu-lapu, tulingan, crabs amd shrimps were generally higher in NCR. Thus, the group’s index in the area went up by 0.4 percent. Meanwhile, the general downward price adjustments in fresh fish species in selected regions effected a 0.1 percent drop in its group’s index in AONCR. These offsetting price trends resulted to a zero growth in the fish index at the national level.
Uptick in milk, cheese and egg index in AONCR and at the national level was at 0.4 percent and in NCR, 0.3 percent as prices of egg, milk and cheese went up during the month.
The soaring prices of ginger primarily raised the index for food products not elsewhere classified in AONCR and in the Philippines at 0.9 percent and in NCR, 1.4 percent. Prices of table salt, calamansi and pepper were also higher during the month.
Lower charges in electricity rates and price rollbacks in LPG and kerosene pushed down the index for housing, water, electricity, gas and other fuels index in NCR by -1.1 percent. On the contrary, the index for housing, water, electricity, gas and other fuels in AONCR inched up 0.1 percent due to higher charges in electricity rates in selected regions. At the national level, the group’s index declined by 0.2 percent.
The index for transport in NCR and in the Philippines dropped by 0.2 percent and in AONCR, -0.1 percent. This was due to the series of price rollbacks in gasoline and diesel during the month.
The 0.2 percent gain in the index for restaurant and miscellaneous goods and services in the Philippines and AONCR resulted from the price upticks on some items for personal care and effects in many regions. Higher prices in meals eaten outside the home and upward adjustments in service charges in beauty shops were also noted in some provinces. The group’s index in NCR however, had zero growth during the period.
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
