CONSUMER PRICE INDEX (1988=100) : AUGUST 1997 REPORT
Release Date: 05 September 1997
- Measured from a year ago, the national inflation rate increased by 4.5 percent in August, slower than the 4.8 percent posted in June and July. The index was estimated at 241.1 in August from 239.3 in July.
- On a month-on-month basis, prices increased by 0.8 percent in August from 0.1 percent last month.
By Commodity Group, Year-on-Year
- H&R and fuel, light and water (FLW) registered higher rates in August at 9.7 percent (vs. 9.4 percent in July) and 8.9 percent (vs. 7.5 percent) respectively. The rates for services increased by 14.0 percent from 14.1 percent; FBT, 0.8 percent from 1.5 percent; clothing, still at 3.7 percent; and miscellaneous items, 1.9 percent from 2.0 percent.
- The inflation rate for food alone slowed down to 0.6 percent in August from 1.3 percent last month.
- In Metro Manila, the FBT rate declined in August by -0.1 percent. Those for clothing and miscellaneous items were lower by 0.2 percentage point and 0.3 percentage point. However the rates for H&R and FLW picked up in August, 8.3 percent (vs. 7.6 percent in July) and 11.9 percent (vs. 7.9 percent) respectively. The inflation in services was the same at 17.5 percent.
- The inflation for food alone was zero in August. Prices of fruits and vegetables fell by -17.7 percent in August from 8.2 percent in July, and eggs, by -0.5 percent from 6.3 percent.
- For areas outside Metro Manila (AOMM), only the rate for FLW and miscellaneous items were higher in August by 0.4 percentage point and 0.1 percentage point, respectively. That for FBT and clothing remained at 1.0 percent and 4.0 percent, respectively. The services index slowed down to 12.4 percent from 12.6 percent last month; and H&R, 11.1 percent from 11.2 percent.
- The inflation for food alone remained at its June and July rate of 0.7 percent.
- The inflation rate for rice inched up to -1.5 percent from -3.3 percent in July. Southern Mindanao, Central Luzon, the Autonomous Region of Muslim Mindanao (ARMM), Western Visayas, and Central Mindanao posted positive rates ranging from 0.8 to 3.5 percent. Bicol registered the lowest rate of -8.2 percent.
- Corn prices continued to decline as ten regions posted negative rates. Eastern Visayas registered the lowest rate at -13.9 percent, followed by Southern Mindanao at -8.3 percent and Central Visayas at -5.9 percent. The highest rate was registered in Central Luzon at 13.7 percent.
- Prices of fruits & vegetables declined by -5.1 percent from 5.7 percent last month. Other food groups registered lower growth compared to their levels the previous month. The rate for dairy products was slower by 0.4 percentage point; eggs, 2.1 percentage points; fish, 0.3 percentage point; miscellaneous food, 0.3 percentage point, and meals eaten outside, 0.5 percentage point. The rates for cereal preparations and meat were up by 0.4 percentage point.
By Region, Year-on-Year
- The inflation rate for Metro Manila in August slowed to 5.8 percent in August from June and July level of 6.9 percent
- That for AOMM remained at 4.0 percent. Most of the Luzon regions, except for Bicol, and Central Visayas registered lower rates with the biggest drop of 1.4 percentage points noted in the 6.0 percent inflation rate of Central Luzon. ARMM registered the highest rate at 9.4 percent while the Cordillera Administrative Region (CAR) registered zero growth.
By Commodity Group, Month-on-Month
- FBT and FLW registered higher month-on-month inflation rates. FBT increased by 0.8 percent after it decreased by -0.2 percent last month; and FLW, by 2.5 percent from -0.3 percent. Prices of clothing also picked up from 0.2 percent to 0.3 percent. However, H&R rates slowed down to 0.5 percent from 0.9 percent last month and services, to 0.4 percent from 0.8 percent. The rate for miscellaneous items remained at its June and July level of 0.2 percent.
- Rice prices increased by 2.6 percent from the decrease of -0.4 percent last month. Fourteen regions including Metro Manila registered price increases with the highest rates in Central Mindanao at 9.7 percent and Southern Mindanao at 7.3 percent.
- Corn prices picked up by 0.1 percent after it declined by -0.7 percent in July as Metro Manila registered a decrease of -0.1 percent in corn prices while there was an increase by 0.1 percent in AOMM.
- Cereal preparations posted higher rates of 0.6 percent in the national level, 0.4 percent in Metro Manila and 0.7 percent in AOMM from their corresponding levels of 0.2 percent, 0.1 percent and 0.2 percent in June.
- The price of dairy products declined by -1.0 percent in Metro Manila and increased by 0.2 percent in AOMM contributing to the -0.2 percent drop in the overall index.
- Egg prices rose at the same rates as last month's. These were generally sold at prices 0.2 percent higher in Metro Manila and 0.5 percent in AOMM resulting in a 0.5 percent increment in the national index.
- Fish prices declined in Metro Manila (-1.3%) and picked up in AOMM (0.9%). Fish supply was ample in Metro Manila, due to landings from Southern Tagalog and Western Visayas, while this was inadequate in the provinces due to unfavorable weather conditions. These resulted in a 0.5 percent increase for the Philippines.
- The fruits and vegetables index decreased by -0.3 percent in the Philippines with a -0.5 percent decrease in AOMM and 0.3 percent increase in Metro Manila. In AOMM some fruits and vegetables such as banana, tomato, okra, eggplant, stringbeans, camote, sweet pepper, and ginger were sold cheaper. In Metro Manila, higher prices of carrots, baguio pechay, red onion and other temperate vegetables raised the inflation rate.
- The meat index declined by -1.3 percent in Metro Manila due to price cuts in chicken, pork and beef while it increased by 0.3 percent in AOMM due to higher pork and beef prices. These resulted in a drop of -0.1 percent in the national index.
- The miscellaneous foods index rose by 0.3 percent. AOMM prices registered an increase of 0.4 percent while those in Metro Manila increased by 0.1 percent from zero growth.
- Meals eaten outside increased by 0.2 percent in the Philippines and 0.3 percent in AOMM.
- The FLW index registered the highest month-on-month rate of 2.5 percent in the national level, 6.8 percent in Metro Manila and 0.9 percent in AOMM. Prices of charcoal, electricity and water rates were higher in August.
- The H&R index slowed down to 0.5 percent in August 1997 from 0.9 percent last month as rental rates and prices of some construction materials increased in many regions.
- Services registered an increase of 0.4 percent in the overall index, 0.2 percent in Metro Manila and 0.5 percent in AOMM. Charges in medical, dental, recreational and personal services were up in August.
- Miscellaneous items registered a 0.2 percent price increase in the Philippines and 0.3 percent in AOMM, retaining their previous month rates due to price increases in household operations items and personal care and effects. However, in Metro Manila the index registered a decline of -0.1 percent from -0.2 percent last month.
- The clothing index increased by 0.3 percent in the Philippines resulting from the -0.1 percent and 0.4 percent movements in Metro Manila and AOMM, respectively.
By Region, Month-on-Month
- Prices in Metro increased by 0.5 percent in August from zero growth last month. While negative rates were noted in FBT (-0.3%), miscellaneous items (-0.1%) and clothing (-0.1%), FLW increased by 6.8 percent from -0.5 percent in July 1997. Also, increases were observed in the H&R index by 0.6 percent and the services index by 0.2 percent .
- In AOMM, prices were up by 0.8 percent from 0.2 percent in June. Except for the inflation rate in services which slowed to 0.5 percent in August 1997 from 1.0 percent in July 1997; H&R, to 0.5 percent from 0.8 percent; and miscellaneous items which remained at its June and July rate of 0.3 percent, the other groups registered higher rates. The FBT increased by 1.0 percent from zero growth in July and FLW, by 0.9 percent from -0.2 percent. Thirteen regions registered higher month-on-month rates with the lowest rate noted in Central Visayas at 0.1 percent and the highest in Central Mindanao at 2.6 percent.
- The biggest influence on month-on-month inflation for August 1997 can be attributed to food, beverages and tobacco (FBT) and fuel, light and water (FLW). This was similar to the case last year, except that this year the contribution to inflation of FBT was smaller and FLW, larger. The August 1997 rate of 0.8 percent is the second highest (so far) month-on-month rate which was also that posted in March. The August month-on-month inflation of 1.0 percent was also the highest last year.
- Year-on-year inflation in FBT was slower in August 1997, coming off from high levels last year. The biggest contributor to year-on-year inflation in August 1996 was FBT while services and housing & repairs (H&R) led the way in August 1997. August 1996 year-on-year inflation was 7.9 percent and preceded the 4-5 percent (year-on-year) inflation regime which began in the following month, September 1996.
Source: National Statistics Office
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