CONSUMER PRICE INDEX (1988=100) : OCTOBER 1997 REPORT
Release Date: 05 November 1997
- Measured from a year ago, the national inflation rate increased to 5.7 percent in October from 5.3 percent in September. The index was estimated at 243.2 in October from 242.5 in September.
- On a month-on-month basis, prices increased by 0.3 percent in October from 0.6 percent in September.
- By Commodity Group, Year-on-Year
- Except for fuel, light and water (FLW) and housing and repairs (H&R), the major groups registered higher inflation rates in October. The rates for food, beverages and tobacco (FBT) increased to 2.4 percent from 2.0 percent; clothing, 4.2 percent from 3.7 percent; services, 14.6 percent from 14.1 percent; and miscellaneous items, 2.4 percent from 2.0 percent. Inflation rate for H&R remained at its September level of 10.3 percent. FLW registered a lower rate of 8.7 percent from its October rate of 8.9 percent.
- The inflation rate for food alone moved up to 3.4 percent in October from 1.9 percent in September. Generally, prices of selected food items increased. Year-on-year rates of rice rose to 0.8 percent from -0.7 percent; corn, 2.9 percent from -1.2 percent; cereal preparations, 5.3 percent from 5.0 percent; dairy products, 4.3 percent from 2.3 percent; fish, 8.4 percent from 7.9 percent; and miscellaneous foods, 1.1 percent from 0.7 percent. Decreases were noted in the rates for eggs, 1.9 percent from 2.0 percent; fruits and vegetables, -1.5 percent from 0.3 percent; and meat, 2.9 percent from 3.3 percent.
- In Metro Manila, except for H&R which remained at its previous month's level of 8.9 percent, all the commodity groups registered higher rates during the month. The rate for FBT increased by 0.2 percentage point; clothing, 0.1 percentage point; FLW and services, 0.5 percentage point each; and miscellaneous items, 0.3 percentage point.
- The inflation for food alone increased to 3.0 percent in October from 2.3 percent in September. Except for eggs and fruits and vegetables which posted rates of -3.0 percent and -7.3 percent, respectively, all other food groups had positive rates. The price of rice moved up to 2.5 percent from 2.4 percent last month; cereal preparations, 9.3 percent from 9.1 percent; dairy products, 3.4 percent from 1.8 percent; fish, 14.8 percent from 9.2 percent. Lower rates were noted in meat, 2.5 percent from 3.4 percent, corn, 1.5 percent from 2.2 percent and miscellaneous food items, 1.3 percent from 1.6 percent.
- For areas outside Metro Manila (AOMM), four commodity groups recorded higher inflation rates compared to September. The FBT index rose by 2.5 percent from 1.9 percent last month; clothing, 4.7 percent from 4.0 percent; services, 13.0 percent from 12.4 percent; and miscellaneous items, 2.9 percent from 2.4 percent. The rate for FLW was lower in October by 0.5 percentage point while the H&R index remained at its previous month's level of 11.8 percent.
- The inflation rate for food alone increased to 3.5 percent from 1.8 percent in September.
- The inflation rate for rice moved up to 0.6 percent from -1.1 percent in September. Seven regions posted positive rates ranging from 0.9 percent to 5.4 percent, the highest, recorded in Central Mindanao. Central Visayas registered the lowest rate of -5.6 percent.
- Corn prices were up during the month as nine regions posted non-negative rates resulting to an inflation rate of 2.9 percent from -1.2 percent last month. This brought the inflation rate for cereals to 0.8 percent from -1.1 percent in September.
- By Region, Year-on-Year
- The inflation rate for Metro Manila rose to 7.0 percent from 6.8 percent in September.
- AOMM recorded an inflation rate of 5.2 percent in October which was higher than 4.7 percent in September. Nine regions registered higher rates with the biggest increase noted in the Bicol region at 2.7 percentage points. Central Luzon posted the highest rate at 7.9 percent while CAR recorded the lowest rate at 2.1 percent.
- By Commodity Group, Month-on-Month
- Two commodity groups posted lower month-on-month inflation rates. FBT had a zero monthly rate after it increased by 0.5 percent last month and H&R, 0.7 percent from 1.0 percent. However, clothing increased by 0.7 percent from 0.4 percent; FLW, 0.8 percent from -0.2 percent; and miscellaneous items, 0.5 percent from 0.2 percent. The rate for services remained at its September level of 0.7 percent.
- With the on-going harvest season, the price of rice decreased by -0.7 percent from an increase of 0.5 percent in September. Ten regions recorded negative rates with the lowest rate in Central Mindanao at -3.3 percent followed by Western Visayas and ARMM at -3.1 percent.
- Corn prices were up by 0.3 percent after a decline by -1.0 percent in September as Metro Manila posted zero growth while it increased by 0.3 percent in AOMM.
- Cereal preparations remained at its September rate of 0.4 percent.
- Prices of dairy products increased by 1.7 percent in Metro Manila and 2.0 percent in AOMM contributing to the 1.9 percent increase in the overall index as prices of milk increased in most regions.
- Eggs were sold at prices -0.2 percent lower in Metro Manila and 0.7 percent higher in AOMM resulting to a 0.5 percent increment in the national index.
- Fish prices were up in Metro Manila by 5.1 percent while in AOMM, prices were down by -0.1 percent resulting in 0.6 percent increase for the Philippines.
- Fruits and vegetables index decreased by -1.0 percent in the Philippines with -1.9 percent in Metro Manila and -0.7 percent in AOMM due to sufficient supply in Metro Manila and other provincial trading centers while demand was observed to be low.
- Price cuts of pork and chicken in Metro Manila and in most regions caused the meat index to decline by -0.3 percent in Metro Manila and an aggregate zero movement in AOMM resulting to a zero growth in the national index.
- The miscellaneous foods index rose by 0.3 percent. In AOMM, an increase of 0.7 percent was noted as prices of sugar, coffee, and seasonings increased while that in Metro Manila had -0.6 percent due to a decrease in the price of ginger.
- Meals eaten outside also went up by 0.4 percent and 0.7 percent in the Philippines and AOMM, respectively.
- The FLW registered the highest month-on-month rate of 0.8 percent due to higher currency exchange rate adjustment and purchased power adjustment for electricity in Metro Manila and increase in the prices of LPG, kerosene and firewood in AOMM.
- The clothing index posted a 0.7 percent increase in the Philippines and 0.9 percent in AOMM. This was due to price increases in footwear and ready-made apparel.
- The H&R index posted an increment of 0.7 percent in the Philippines and Metro Manila and 0.8 percent in AOMM. Rental rates and some construction materials such as plywood, common wire nails and cement were priced higher in October.
- Services index recorded an increase of 0.7 percent. This was mainly due to increases in jeepney fare, wages of domestic helper, charges in medical services and in prices of gasoline, diesel, engine oil, drugs and medicines.
- The index for m iscellaneous items rose by 0.5 percent in the Philippines resulting from the 0.4 percent and 0.5 percent increase in Metro Manila and AOMM, respectively. Prices of toothpaste and laundry and bath soap were up during the month.
- By Region, Month-on-Month
- Prices in Metro Manila moved up by 0.6 percent from 0.5 percent last month. FLW, services and miscellaneous posted higher corresponding month-on-month rates of 2.1 percent, 0.7 percent and 0.4 percent. The clothing index moved at its previous month's rate of -0.1 percent.
- In AOMM, prices were up by 0.2 percent from 0.6 percent in September. Except for FBT which posted negative rate of -0.1 percent compared to 0.5 percent last month, all the other groups registered positive rates. The inflation rate for clothing rose to 0.9 percent from 0.5 percent; H&R, 0.8 percent from 1.2 percent; FLW, 0.4 percent from 0.6 percent; services, 0.8 percent from 0.7 percent; and miscellaneous, 0.5 percent from 0.3 percent. Eleven regions posted lower month-on-month rates with the lowest rate noted in Western Visayas at -0.5 percent while the highest was in Central Luzon at 0.9 percent.
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