Summary Inflation Report Consumer Price Index (1994=100) : August 2002
Release Date: 05 September 2002
AUGUST AND JULY 2002
|Inflation Rates, Philippines, All Items|
Year-on-year inflation slightly moved upward at 2.9 percent in August from 2.6 percent in July mainly brought about by a 0.6 percentage point increment in the inflation rate of food, beverages and tobacco (FBT). Inflation a year ago was 6.3 percent.
Similarly, inflation in the National Capital Region (NCR) went up to 3.1 percent in August from 2.9 percent in July as the inflation rate of fuel, light and water (FLW) increased.
Inflation rate in Areas Outside the National Capital Region (AONCR) picked up by 0.4 percentage point at 2.9 percent in August from 2.5 percent in July primarily due to a 2.7 percent uptick in the inflation rate of FBT.
Month-on-month inflation rose to 0.5 percent in August from 0.2 percent in July due to the upward adjustments in the prices of food particularly rice, fruits and vegetables in most of the regions. Higher purchased power adjustment (PPA) for electricity in NCR and price add-ons in LPG and kerosene in many areas were observed during the month. In addition, prices of gasoline and diesel also went up.
CONSUMER PRICE INDEX
>By Region, Year-on-Year
*The inflation rate for the National Capital Region (NCR) increased by 0.2 percentage point to 3.1 percent in August from 2.9 percent in July.
*Inflation in Areas Outside the National Capital Region (AONCR) advanced to 2.9 percent in August from 2.5 percent in July. Ten regions posted higher inflation rates. The biggest increase was recorded in Southern Mindanao at 1.0 percentage point. The highest inflation rate was registered in Southern Mindanao at 4.7 percent while the lowest was still observed in Cagayan Valley at 1.1 percent.
>By Commodity Group, Year-on-Year
The inflation rates for FBT and FLW correspondingly increased to 2.2 percent and 1.3 percent in August from their respective July rates of 1.6 percent and 1.0 percent. However, inflation rate for clothing slightly slowed down to 2.5 percent in August from 2.6 percent in July; housing and repairs (H&R), 4.7 percent from 4.8 percent; and miscellaneous items, 1.7 percent from 1.8 percent. Inflation for services remained at 4.5 percent.
The inflation rate for food alone at 2.2 percent in August was higher than the 1.5 percent posted in July. Higher rates were noted in the prices of rice, 2.4 percent from 1.1 percent; corn, 2.8 percent from 1.0 percent; eggs, 0.4 percent from 0.1 percent; and fruits and vegetables, 5.8 percent from zero growth. Prices of cereal preparations moved at its July rate of 2.8 percent. Meanwhile, slower rates were recorded in the prices of dairy products, 1.9 percent from 2.1 percent; fish, 2.2 percent from 3.0 percent; meat, -0.2 percent from 0.1 percent; and miscellaneous foods, 1.7 percent from 2.2 percent.
In NCR, inflation rate for clothing slightly rose to 3.2 percent in August from 3.1 percent in July; FLW, 3.3 percent from 1.7 percent; services, 4.7 percent from 4.6 percent; and miscellaneous items, 1.1 percent from 0.8 percent. On the other hand, inflation rate of FBT slightly eased to 0.9 percent in August from 1.0 percent in July while H&R stayed at its July rate of 5.9 percent.
The inflation rate for food alone in NCR slightly decelerated to 0.8 percent in August from 0.9 percent in July. Prices of corn, eggs and meat still posted negative rates of 12.7 percent, 4.0 percent and 2.1 percent from their corresponding last month's rates of 18.7 percent, 7.4 percent and 1.7 percent. Inflation rate for fish moved at -3.6 percent from 1.9 percent in July. In addition, prices of miscellaneous foods slowed to 1.1 percent from 1.6 percent. Higher rates were however, noticed in the price of rice, 2.3 percent in August from 0.3 percent in July; cereal preparations, 3.6 percent from 3.2 percent; dairy products, 3.2 percent from 3.1 percent; and fruits and vegetables, 5.6 percent from 2.6 percent.
In AONCR, the rate of FBT grew by 0.9 percentage point to 2.7 percent in August from 1.8 percent in July. Inflation rate of clothing was lower at 2.3 percent in August from 2.4 percent in July; H&R, 3.9 percent from 4.2 percent; FLW, 0.2 percent from 0.7 percent; services, 4.3 percent from 4.4 percent; and miscellaneous items, 1.9 percent from 2.1 percent.
Inflation rate for food alone climbed by 1.0 percentage point to 2.6 percent in August from 1.6 percent in July.
The price increase of rice jumped to 2.4 percent in August from 1.3 percent in July as eleven regions registered higher rates. The biggest increment at 5.1 percentage points was still noticed in Central Mindanao followed by Caraga at 3.1 percentage points.
Inflation rate for corn rose to 3.2 percent in August from 1.3 percent in July; fish, 3.5 percent from 3.2 percent; and fruits and vegetables, 5.8 percent from 0.8 percent. Meanwhile, slowdowns were observed in the prices of cereal preparations, 2.5 percent in August from 2.6 percent in July; dairy products, 1.4 percent from 1.7 percent; eggs, 1.9 percent from 2.7 percent; and miscellaneous foods, 1.9 percent from 2.5 percent. The price of meat moved at its July rate of 0.7 percent.
>By Region, Month-on-Month
Prices in NCR moved up by 0.2 percent in August from zero growth in July primarily effected by the 6.3 percentage points increment in the price of FLW at 2.7 percent from 3.6 percent. In addition, the price of clothing grew by 0.2 percent in August from zero growth in July; services, 0.3 percent from 0.1 percent; and miscellaneous items, 0.5 percent from zero growth. H&R index stayed at its previous month's rate of 0.1 percent.
Price increase in AONCR at 0.7 percent in August was higher than its July rate of 0.3 percent as prices of FBT items increased by 0.7 percentage point at 1.2 percent from 0.5 percent. Moreover, the upward adjustment in the price of services at 0.2 percent from 0.1 percent also contributed to the uptrend. On the other hand, prices of clothing and H&R moved at a slower rate of 0.1 percent this month from their respective July rates of 0.2 percent and 0.7 percent while those miscellaneous items remained at 0.2 percent. A negative rate was still noticed in the price of FLW at 0.4 percent from 0.8 percent. The highest month-on-month rate at 1.2 percent was noted in Southern Mindanao while ARMM recorded the lowest rate at 0.2 percent.
>By Commodity Group, Month-on-Month
The month-on-month inflation rates for all the commodity groups were higher in August except for clothing and H&R whose rates were slower at 0.1 percent from their respective July rates of 0.2 percent and 0.4 percent. The index of FBT rose by 0.8 percent in August from 0.5 percent in July; FLW, 0.7 percent from 1.8 percent; services, 0.3 percent from 0.1 percent; and miscellaneous items, 0.2 percent from 0.1 percent.
The lean month of August saw higher prices of rice. In the NCR, it was up by 2.6 percent from 0.1 percent in July. Likewise, the price of rice in AONCR moved up by 1.8 percent from 1.1 percent as ten regions still posted higher rates. These resulted to the 1.9 percent increment in the price of rice for the Philippines.
The two typhoons (Lagalag and Milenyo) that hit some part of the country affected supply of vegetables raising prices particularly in AONCR. Prices of some fruits also went up during the month. Thus, the fruits and vegetables index in AONCR went up to 6.4 percent in August from 1.3 percent in July. On the other hand, the drop in the prices of some fruits and vegetables in NCR pulled down its index by 0.5 percent from 4.5 percent last month. The national index grew by 4.7 percent from 2.1 percent.
The continuing low prices of chilled and frozen chickens at the supermarkets and the low demand of meat as consumers shifted to the much cheaper bangus and tilapia further pushed down the meat indices in the Philippines, -0.4 percent from 0.3 percent and NCR, -0.8 percent from 0.5 percent. In AONCR, prices were still on the downtrend at its July rate of -0.1 percent.
Abundant supply of calamansi in NCR markets pushed down its prices. In addition, price discounts on selected spices and seasonings were also noted during the month. All these contributed to the decline in the miscellaneous foods indices in the three areas: Philippines, -0.2 percent from 0.1 percent; NCR, -0.5 percent from 0.4 percent; and AONCR, -0.1 percent from 0.3 percent.
Good production of brackish water fish species lowered prices of fish in NCR by 2.6 percent in August from 1.7 percent in July. Meanwhile, the stormy weather in some regions raised prices of marine fishes. Thus, the fish index in AONCR went up by 0.3 percent this month, slightly slower than the 0.4 percent increment last month. Overall, the national index went down by 0.2 percent from 0.6 percent.
Increments in the prices of gasoline, diesel, medicines and some medical and health goods along with the higher charge for personal services caused a 0.3 percent uptick in the services indices in the Philippines and NCR and 0.2 percent in AONCR.
Higher purchased power adjustment (PPA) for electricity in NCR and increases in the prices of LPG, kerosene and candles correspondingly raised the FLW indices in NCR and in the Philippines by 2.7 percent and 0.7 percent. However, a 0.4 percent reduction in FLW index for AONCR was brought about by the decline of electricity charge in selected provinces.
Upward adjustments in the prices of some items for personal care and effects and household operation pushed up the miscellaneous items indices in the three areas: Philippines and AONCR, 0.2 percent; and NCR, 0.5 percent.
The survey reports from the following provinces were not received as of September 4, 2002:
- Misamis Oriental - 2nd survey
- North Cotabato - 2nd survey
- Lanao del Sur -2nd survey
- Sulu - 1st and 2nd surveys
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