CONSUMER PRICE INDEX (1988=100) : FEBRUARY 1998
- Measured from a year ago, the national inflation rate went up to 7.4 percent in February from 6.4 percent last month. The index was estimated at 251.4 in February from 248.0 in January.
- On a month-on-month basis, prices rose by 1.4 percent in February from 1.0 percent in January.
- By Commodity Group, Year-on-Year
- All the commodity groups recorded higher inflation rates except for that of housing and repairs (H&R) which remained at the previous month level of 10.3 percent. The rates for food, beverages and tobacco (FBT) increased to 4.9 percent from 3.7 percent; clothing, 5.1 percent from 4.2 percent; fuel, light and water (FLW), 9.2 percent from 8.1 percent; services, 15.4 percent from 14.7 percent; and miscellaneous items, 5.1 percent from 3.5 percent.
- The inflation rate for food alone was estimated at 5.0 percent in February, which was higher than the 3.8 percent posted last month. Year-on-year rates for rice moved up to 3.6 percent from 3.0 percent; cereal preparations, 8.0 percent from 6.6 percent; dairy products, 11.6 percent from 6.2 percent; eggs, 5.5 percent from 4.7 percent; fish, 9.2 percent from 7.9 percent; fruits and vegetables, 2.1 percent from -0.4 percent; meat, 3.9 percent from 3.3 percent; miscellaneous foods, 4.7 percent from 3.2 percent; and meals eaten outside, 3.8 percent from 3.1 percent. However, a lower rate was noted in the price of corn, -0.2 percent from 4.8 percent.
- The same trend was observed in Metro Manila (MM). FBT was higher by 0.7 percentage point; clothing, 1.4 percentage points; FLW, 3.1 percentage points; services, 0.4 percentage point; and miscellaneous items, 1.3 percentage points.
- The MM inflation for food alone went up to 3.2 percent in February from 2.6 percent last month. Higher rates were posted in the prices of rice, 0.6 percent from -0.5 percent; corn, 6.8 percent from 5.1 percent; dairy products, 13.9 percent from 7.6 percent; eggs, 6.7 percent from 5.4 percent; fish, 13.1 percent from 12.2 percent; meat, 3.5 percent from 3.1 percent; and miscellaneous foods, 3.1 percent from 2.4 percent. However, a lower rate was posted in the price of cereal preparations, 5.5 percent from 7.9 percent, while prices of fruits and vegetables went down to -10.4 percent from -7.9 percent.
- For areas outside Metro Manila (AOMM), all the commodity groups recorded higher inflation rates in February compared to the previous month. FBT went up by 1.3 percentage points; clothing, 0.8 percentage point; H&R, 0.2 percentage point; FLW, 0.4 percentage point; services, 0.8 percentage point; and miscellaneous items, 1.7 percentage points
- The inflation rate for food alone moved up to 5.5 percent from 4.1 percent in January. The inflation rate for rice rose to 4.0 percent from 3.5 percent last month. Eight regions posted higher rates with the biggest increase in Western Mindanao at 5.2 percentage points. All the other food groups registered higher inflation rates except for that of corn which went down by 5.1 percentage points in February compared to the rate last month. Prices of cereal preparations were up by 2.7 percentage points; dairy products, 5.0 percentage points; eggs, 0.6 percentage point; fish, 1.3 percentage points; fruits and vegetables, 3.8 percentage points; meat, 0.6 percentage point; miscellaneous foods, 2.0 percentage points; and meals eaten outside, 1.1 percentage points.
- By Region, Year-on-Year
- The MM inflation rate rose to 8.4 percent in February from 7.8 percent in January.
- AOMM posted a rate of 7.1 percent from 6.0 percent last month. The biggest increment was noted in Western Mindanao at 2.4 percentage points followed by the Cordillera Administrative Region (CAR) at 2.0 percentage points and Ilocos Region at 1.8 percentage points. The Autonomous Region of Muslim Mindanao (ARMM) registered the highest rate at 11.0 percent while Eastern Visayas recorded the lowest rate at 4.8 percent.
- By Commodity Group, Month-on-Month
- All the commodity groups posted higher month-on-month inflation rates except for that of services which slowed down to 1.1 percent in February from 1.3 percent last month. FBT increased by 1.2 percent from 0.8 percent; clothing, 1.3 percent from 0.6 percent; H&R, 1.8 percent from 1.4 percent; FLW, 2.0 percent from 1.0 percent; and miscellaneous items, 1.8 percent from 0.8 percent.
- The index for rice grew by 0.9 percent which was the same as the previous month. Twelve regions posted positive month-on-month changes ranging from 0.4 percent in MM to 3.4 percent in Western Visayas. The lowest rate was noted in Central Luzon at -2.2 percent.
- The national and AOMM indices for corn continued to decline at -0.3 percent , slower than the -1.0 percent posted last month. Six regions recorded lower rates with Eastern Visayas posting the biggest decrease at -3.5 percent. The price of corn in MM was higher by 1.7 percent from 1.0 percent last month.
- Cereal preparations were priced higher by 2.1 percent at the national level, 0.7 percent in MM and 2.6 percent in AOMM as prices of flour, bread, and noodles continued to go up in February.
- Prices of dairy products were on the uptrend with the national index increasing by 5.4 percent, MM, 6.5 percent and AOMM, 5.0 percent as prices of milk continued to increase.
- Prices of eggs went up by 0.8 percent in the Philippines, by 0.6 percent in MM and 0.8 percent in AOMM.
- Price mark-ups were noted for fish in MM at 2.2 percent and in AOMM, at 1.3 percent resulting in a 1.4 percent increase for the Philippines.
- Higher price quotations for fruits and vegetables were registered in five regions as AOMM recorded a 0.6 percent increase this month. In MM, the index dropped by -2.2 percent due to the abundant supply of fruits and vegetables in various wet markets. This resulted in a 0.1 percent increase in the national index for the group.
- The meat index went up by 0.7 percent in MM while it increased by 0.6 percent in AOMM and in the Philippines.
- The miscellaneous foods index rose by 1.2 percent in the Philippines as prices of sugar, coffee and seasonings were higher in MM and in AOMM.
- Meals eaten outside also went up by 0.7 percent and 1.2 percent in the Philippines and AOMM, respectively.
- The FLW index posted the highest month-on-month rate of 2.0 percent in the national index resulting from higher charge for electricity consumption in AOMM and increased currency exchange rate adjustment (CERA) and purchased power adjustment (PPA) for electricity in MM.
- The H&R index went up by 1.8 percent in the Philippines, 2.1 percent in MM and 1.4 percent in AOMM. This was due to higher rental rates in some regions and higher prices of construction materials such as gravel, cement, sand, lumber, paint and plumbing materials in MM and in many regions.
- Increases in the prices of bath soap, detergent powder, toothpaste, floorwax and hair shampoo along with those of some household appliances like refrigerator and stove caused the miscellaneous items group to increase by 1.8 percent
- The clothing index posted a 1.3 percent increment in the Philippines, 1.6 percent in MM and 1.1 percent in AOMM. This was due to the continued price increases in footwear and ready-made apparel.
- The services index posted a 1.1 percent increment in the Philippines and 1.3 percent in AOMM. This was due to higher prices of diesel, gasoline, medicines and increased wages for domestic helpers. In MM, the index increased by 0.6 percent brought about by higher prices of educational supplies, medicines, diesel and gasoline. Rates for international postage, telephone, and admission fees also increased in the area.
- By Region, Month-on-Month
- Prices in MM inched up by 1.5 percent from 0.9 percent last month. Higher rates were recorded in FBT, 1.2 percentage points; H&R, 0.7 percentage point; FLW, 2.6 percentage points; and miscellaneous items, 0.4 percentage point.
- In AOMM, prices increased by 1.3 percent from 1.0 percent last month. Except for that of H&R which month-on-month rate slowed down by 0.1 percentage point, all the other commodity groups registered higher rates, i.e. FBT, 0.2 percentage point, clothing, 0.8 percentage point; FLW, 0.5 percentage point; services, 0.5 percentage point; and miscellaneous items, 1.1 percentage points. Seven regions recorded higher month-on-month rates with the highest rate registered in Western Mindanao at 2.4 percent while the lowest was in Bicol region at 0.4 percent.
Note : Mid-month price reports of the following provinces were not received as of March 2,1998:
1. Mt. Province
3. Camarines Norte
4. Misamis Occidental
5. South Cotabato
6. Tawi-tawi (1st and 2nd phase)
Source: National Statistics Office