Summary Inflation Report Consumer Price Index (1994=100) : April 2004
Release Date: 05 May 2004
APRIL AND MARCH 2004
|Year-on-Year Headline Inflation Rates, All Items|
|Year-on-Year Core Inflation Rates, Philippines|
On an annual basis, headline inflation rate went up by 0.3 percentage point to 4.1 percent in April from 3.8 percent in March. This was mainly effected by the 0.5 percentage point increase in the inflation rate of food, beverages and tobacco (FBT). Acceleration in the inflation rates of housing and repairs (H&R) and services also contributed to the uptrend. Inflation a year ago was 2.8 percent.
Similarly, inflation rate in the National Capital Region (NCR) picked up by 0.5 percentage point to 4.4 percent in April from 3.9 percent in March.
Inflation rate in Areas Outside the National Capital Region (AONCR) increased to 3.9 percent in April from 3.7 percent in March primarily brought about by the 0.6 percentage point increment in the inflation rate of FBT. Moreover, clothing posted higher inflation rate during the month.
Excluding selected food and energy items, core inflation was recorded at 4.3 percent in April, higher by 0.3 percentage point from 4.0 percent in March.
|Month-on-Month Inflation Rates, All Items|
Month-on-month inflation advanced to 0.5 percent in April compared to 0.4 percent in March. This can be attributed to the uptick in the prices of selected food items such as rice, milk and milk products, meat and cooking oil. In addition, upward movements in the prices of selected construction materials, gasoline, diesel, engine oil, LPG and kerosene and higher water rate and jeepney fare in NCR were noted during the month.
CONSUMER PRICE INDEX
l By Region, Year-on-Year
The inflation rate in NCR rose by 0.5 percentage point to 4.4 percent in April from 3.9 percent in March
Inflation rate in Areas Outside the National Capital Region (AONCR) picked up to 3.9 percent in April from 3.7 percent in March. Nine regions registered higher inflation rates compared to their March figures with Southern Mindanao still recording the biggest increment at 1.2 percentage points (5.9 percent from 4.7 percent). The highest rate was still seen in CAR at 7.7 percent while the lowest rate was still observed in Cagayan Valley at 1.5 percent.
l By Commodity Group, Year-on-Year
Inflation rate for FBT increased to 4.7 percent in April from 4.2 percent in March; H&R, 3.4 percent from 3.2 percent; and services, 5.0 percent from 4.8 percent. However, inflation rates for fuel, light and water (FLW) and miscellaneous items correspondingly slowed to 1.4 percent and 1.9 percent from their respective March rates of 1.6 percent and 2.0 percent. Inflation for clothing remained at 2.2 percent.
Inflation rate for food alone jumped by 0.6 percentage point to 5.0 percent in April from 4.4 percent in March.
Higher rates were posted in the prices of rice, 1.7 percent in April from 0.9 percent in March; corn, 8.9 percent from 8.4 percent; dairy products, 6.0 percent from 4.7 percent; fish, 7.4 percent from 6.0 percent; meat, 13.5 percent from 12.3 percent; and miscellaneous foods, 2.4 percent from 2.0 percent. Meanwhile, upward price adjustments were also recorded in eggs at 3.5 percent from 4.8 percent and fruits and vegetables at 2.6 percent from 3.1 percent. Inflation rate for cereal preparations was still at 3.9 percent.
In NCR, inflation rate for FBT advanced to 5.8 percent in April from 5.2 percent in March; H&R, 3.3 percent from 2.9 percent; and services, 6.2 percent from 5.3 percent. On the other hand, inflation rates for clothing and miscellaneous items correspondingly decelerated to 2.9 percent and 2.2 percent from 3.3 percent and 2.4 percent. The annual rate for FLW was still negative at -1.1 percent from -1.6 percent last month.
The inflation rate for food alone in NCR went up to 6.1 percent in April from 5.4 percent in March.
Price increments were noticed in dairy products, 5.1 percent in April from 4.7 percent in March; fish, 15.7 percent from 10.8 percent; meat, 14.3 percent from 12.2 percent; and miscellaneous foods, 1.5 percent from 1.2 percent. On the other hand, movements in the price of corn improved to 5.0 percent from 8.7 percent; cereal preparations, 4.4 percent from 4.5 percent; eggs, 6.5 percent from 12.3 percent; and fruits and vegetables, 3.4 percent from 5.0 percent. A slight decrease of 0.1 percent was noticed in the price of rice from 0.6 percent.
In AONCR, inflation rates for FBT and clothing correspondingly rose to 4.5 percent and 2.0 percent in April from 3.9 percent and 1.9 percent in March. However, increments in the prices of FLW and services items at 2.8 percent and 4.4 percent were slower than their respective last month’s rates of 3.3 percent and 4.6 percent. Prices of H&R and miscellaneous items still moved at their respective March rates of 3.4 percent and 1.7 percent.
Inflation rate for food alone in AONCR climbed to 4.6 percent in April from 4.1 percent in March.
The price of rice went up to 2.0 percent in April from 0.9 percent in March as eight regions posted higher inflation rates. The biggest increment at 7.4 percentage points was still recorded in Southern Mindanao (11.8 percent from 4.4 percent).
Inflation rate for corn moved upward to 9.0 percent in April from 8.4 percent in March; dairy products, 6.4 percent from 4.6 percent; eggs, 2.7 percent from 2.5 percent; fish, 5.7 percent from 5.1 percent; meat, 13.2 percent from 12.3 percent; and miscellaneous foods, 2.7 percent from 2.3 percent. However, inflation rate for fruits and vegetables slowed to 2.4 percent from 2.6 percent while inflation for cereal preparations remained at 3.6 percent.
l By Region, Month-on-Month
The month-on-month inflation in NCR picked up by 0.6 percent in April from 0.1 percent in March. Prices of FBT items accelerated by 0.6 percent from 0.4 percent; H&R items, 0.5 percent from 0.2 percent; FLW items, 0.3 percent from -1.6 percent; and services, 0.9 percent from 0.1 percent. Prices of miscellaneous items also increased but at a slower rate of 0.1 percent from 0.2 percent while prices of clothing items still moved at its previous month’s rate of 0.1 percent.
Prices in AONCR moved at a slower rate of 0.3 percent in April from 0.6 percent in March. Slower upward adjustments in the prices of all the commodity groups except for H&R were posted during the month. Prices of FBT items were up to 0.5 percent from 0.8 percent; clothing and miscellaneous items, 0.1 percent from 0.3 percent; and FLW and services items, 0.2 percent from their respective March rates of 0.6 percent and 0.3 percent. H&R stayed at its last month’s rate of 0.3 percent. The lowest month-on-month inflation rate was in Eastern Visayas at -0.1 percent while Central Mindanao registered the highest rate at 1.3 percent.
l By Commodity Group, Month-on-Month
Prices of FBT items increased by 0.6 percent in April compared to 0.7 percent in March while slower gains were recorded in clothing and miscellaneous items at 0.1 percent. Movements in the prices of H&R items accelerated by 0.3 percent; FLW items by 0.2 percent; and services items by 0.5 percent.
The price of chicken that generally started to pick up again this month in NCR primarily raised the meat index in the area by 2.9 percent from a negative rate of 0.1 percent last month. Likewise, increments in the price of chicken in some regions along with the upward adjustments in the prices of beef, pork, selected processed and canned meat caused the 1.2 percent increase in meat index in AONCR. This was however slower than its last month’s rate of 2.5 percent. On a national level, the meat index still went up at its March rate of 1.7 percent.
Sufficient supply of rice in NCR brought price reductions by 0.3 percent during the month. However, in AONCR prices further moved upward to 1.0 percent from 0.5 percent as six regions registered higher rates. Thus, the national index rose to 0.8 percent from 0.5 percent.
With higher prices of canned and processed fish and selected fresh seafoods, the price of fish in NCR increased by 2.8 percent from -0.2 percent. This can be attributed to the bigger demand of fish as consumers shifted from meat to fish brought about by the observance of Lenten season. On the contrary, add-ons in the price of fish were slower in AONCR as its index slowed down to 0.3 percent from 1.2 percent. Moreover, Central Luzon and Southern Tagalog registered negative rates during the month. The index for fish in the Philippines slightly eased to 0.8 percent from 0.9 percent.
The continued upward adjustments in the price of locally produced cooking oil brought about by the low supply of vegetable oil in the international market and higher price of copra was still noticed in many regions including NCR. In addition, prices of coffee, margarine and selected spices and seasonings were up during the month. Thus, the miscellaneous foods index in the Philippines and AONCR picked up by 0.6 percent from their corresponding previous month’s rates of 0.3 percent and 0.4 percent. In the NCR, the index went up by 0.5 percent from 0.1 percent.
Higher costs of shipment of imported raw materials for milk and milk products raised the dairy products index in the three areas: Philippines and AONCR, 1.6 percent and 1.9 percent from 0.7 percent and NCR, 0.8 percent from 0.5 percent.
The abundant supply of tropical fruits and vegetables in the wet markets further brought down the corresponding fruits and vegetables index in the Philippines and AONCR to -1.4 percent and -1.1 percent from -0.4 percent and -1.0 percent, respectively. Likewise, prices of fruits and vegetables in NCR dropped to -2.3 percent from 1.2 percent.
Increased prices of selected construction materials along with higher wages of carpenter, plumber and electrician in selected regions including NCR pushed up the H&R indices in the Philippines and AONCR by 0.3 percent and in NCR, 0.5 percent.
The services index in the Philippines advanced by 0.5 percent; NCR, 0.9 percent; and AONCR, 0.2 percent due to the acceleration in the prices of medicines, selected medical and health goods, gasoline, diesel and engine oil during the month. Higher jeepney fares in NCR also contributed to the uptrend.
Upward adjustment in water rate and the continued add-ons in the prices of LPG and kerosene caused the FLW index in NCR to grow by 0.3 percent from -1.6 percent. Likewise, increases in the prices of LPG and kerosene in some regions resulted to a 0.2 percent increment in the FLW index in AONCR, slower than its previous month’s rate of 0.6 percent. Thus, the national FLW index went up to 0.2 percent from -0.2 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.) CARMELITA N. ERICTA
Source: National Statistics Office
Page last updated: May 5, 2004
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