Summary Inflation Report Consumer Price Index (1994=100) : August 2003
Release Date: 05 September 2003
AUGUST AND JULY 2003
|Inflation Rates, Philippines, All Items|
Year-on-year inflation further slowed down to 3.0 percent in August from 3.4 percent in July. This was mainly brought about by the deceleration in the inflation rate of food, beverages and tobacco (FBT). Slower rates posted in the indices of fuel, light and water (FLW) and services also contributed to the downtrend. Inflation a year ago was 2.9 percent.
The National Capital Region (NCR) retained its previous month's inflation rate of 4.0 percent in August.
Inflation rate in Areas Outside the National Capital Region (AONCR) improved to 2.6 percent in August from 3.1 percent in July as the inflation in FBT, services and miscellaneous items moved down.
On a monthly basis, the general level of prices went up by 0.2 percent in August, the same rate registered in July. The upward adjustments in the prices of FBT, FLW and miscellaneous items offset the slower movements in the prices of clothing, H&R and services items.
CONSUMER PRICE INDEX
> By Region, Year-on-Year
The inflation rate in NCR remained at 4.0 percent.
Inflation in AONCR slowed by 0.5 percentage point to 2.6 percent in August from 3.1 percent in July. Except for ARMM, all the regions recorded lower inflation rates. The biggest decrease was observed in Southern Mindanao at 1.4 percentage points. The lowest rate was registered in Ilocos at 1.9 percent while CAR had still the highest rate at 4.9 percent
> By Commodity Group, Year-on-Year
Inflation rate for FBT slowed down to 1.5 percent in August from 2.2 percent in July; FLW, 9.5 percent from 9.9 percent; and services, 5.8 percent from 5.9 percent. Meanwhile, inflation for clothing and H&R correspondingly increased to 2.4 percent and 3.2 percent from their respective July rates of 2.3 percent and 3.0 percent. Inflation for miscellaneous items remained at its July rate of 1.9 percent.
The inflation rate for food alone was slower at 1.5 percent in August from 2.1 percent in July brought about by the general decrease in the prices of fruits and vegetables compared to last year's prices. The inflation rate for fruits and vegetables dropped to -2.5 percent in August from 2.7 percent in July. In addition, slower positive rates were correspondingly seen in the prices of rice and eggs at 1.7 percent and 1.0 percent in August from their respective last month's rates of 3.2 percent and 1.2 percent. On the other hand, inflation rate for cereal preparations went up to 5.0 percent from 4.9 percent; dairy products, 5.1 percent from 4.9 percent; fish, 0.7 percent from 0.3 percent; meat, 1.0 percent from 0.5 percent; and miscellaneous foods, 2.5 percent from 2.1 percent. Price movements for corn remained at 1.4 percent.
In NCR, inflation rate for FBT moved upward by 1.7 percent in August from 1.3 percent in July; H&R, 1.8 percent from 1.4 percent; and services, 6.9 percent from 6.8 percent. However, inflation for clothing and FLW correspondingly eased to 3.5 percent and 19.5 percent from their respective July rates of 3.6 percent and 22.8 percent. Inflation for miscellaneous items was at its previous month's rate of 2.3 percent.
The inflation rate for food alone in NCR grew to 1.7 percent in August from 1.2 percent in July. Prices of fish advanced to 1.8 percent from -2.3 percent; meat, 1.2 percent from 0.4 percent; and miscellaneous foods, 3.7 percent from 3.2 percent. On the other hand, price increases in rice slowed to 0.8 percent from 3.3 percent; cereal preparations, 6.5 percent from 6.6 percent; dairy products, 6.1 percent from 6.5 percent; and eggs, 0.4 percent from 1.4 percent. The price of corn still moved at 9.9 percent while movements in the prices of fruits and vegetables was still negative at -5.1 percent.
In AONCR, inflation rate for FBT slowed to 1.5 percent in August from 2.4 percent in July; services, 5.3 percent from 5.4 percent; and miscellaneous items, 1.7 percent from 1.8 percent. Meanwhile, inflation rate for clothing picked up to 2.0 percent from 1.9 percent; H&R, 4.2 percent from 4.0 percent; and FLW, 4.2 percent from 3.2 percent.
Inflation rate for food alone in AONCR slid to 1.3 percent in August from 2.4 percent in July.
The price of fruits and vegetables fell to -1.7 percent from 5.5 percent. The price of fish also decelerated to 0.6 percent from 0.9 percent.
The price of rice eased to 1.8 percent from 3.2 percent as twelve regions registered lower rates. The biggest drop was in Southern Mindanao at 6.8 percentage points followed by Central Mindanao at 5.8 percentage points.
Prices of cereal preparations rose to 4.4 percent in August from 4.3 percent in July; meat, 0.8 percent from 0.6 percent; and miscellaneous foods, 2.0 percent from 1.6 percent. Price movements in corn and eggs still remained at 1.3 percent and 1.2 percent, respectively.
> By Region, Month-on-Month
Prices in NCR gained by 0.3 percent in August from -0.5 percent in July as prices of FBT items picked up by 1.3 percentage points to 0.3 percent from -1.6 percent. In addition, prices of H&R items rose to 0.4 percent from 0.2 percent; FLW items, 0.1 percent from zero growth; and miscellaneous items, 0.5 percent from 0.1 percent. On the other hand, prices of clothing items further eased to 0.1 percent from 0.4 percent while prices of services items moved at its July rate of 0.3 percent.
Prices in AONCR further moved down to 0.2 percent in August from 0.5 percent in July. Slowdowns were noticed in the rates of FBT, 0.2 percent in August from 0.4 percent in July; clothing, 0.1 percent from 0.2 percent; H&R, 0.3 percent from 1.1 percent; and services, 0.1 percent from 0.3 percent. On the contrary, FLW advanced to 0.5 percent from 0.1 percent while miscellaneous items maintained its previous month's rate of 0.1 percent. The lowest month-on-month rate was noted in Northern Mindanao at 0.2 percent while ARMM registered the highest rate at 0.6 percent.
> By Commodity Group, Month-on-Month
The general movement of prices at 0.2 percent in August was similar with the month-on-month inflation rate in July. Prices of FBT and miscellaneous items increased to 0.2 percent from their respective previous month's rates of -0.1 percent and 0.1 percent. A 0.3 percent growth from 0.1 percent was observed in the prices of FLW items. Slower rates were however noticed in the prices of clothing and services items, 0.1 percent from 0.3 percent; and H&R items, 0.3 percent from 0.7 percent.
Higher prices of sugar, cooking oil, margarine, coffee, powdered tonic drink and selected spices and seasonings observed in many regions along with the uptick in the prices of meals eaten outside the home raised the miscellaneous foods index in AONCR by 0.3 percent from 0.1 percent. However, lower prices of sugar, selected spices and seasonings and calamansi caused the index in NCR to continue to post a negative rate of 0.1 percent. These mixed price trends caused the national index to move up by 0.2 percent from zero growth.
The bad weather conditions that were experienced during the month pushed up prices of fresh fish in NCR by 1.4 percent in August from -1.6 percent in July. Meanwhile, prices of fish in AONCR generally remained stable as the index registered a zero growth from -1.1 percent. Overall, the index grew by 0.2 percent from -1.1 percent.
Add-ons in the prices of flour, bread, noodles and biscuits were noted during the month as production of flour was low. This was due to the heat wave experienced in wheat producing countries thereby affecting the volume of importation of wheat. Thus, the index for cereal preparations in NCR accelerated to 0.5 percent from 0.2 percent. However, the group's index for AONCR improved to 0.3 percent from 0.5 percent. Overall, the movement in the index for cereal preparations remained at 0.4 percent.
Another round of increase in the cost of production of milk and milk products which took effect in July 2003 pulled up prices of dairy products in the Philippines by 0.4 percent; NCR, 0.1 percent; and AONCR, 0.6 percent. These were however slower than their corresponding last month's rates of 1.6 percent, 2.2 percent and 1.3 percent.
The unfavorable weather conditions that prevailed during the month slightly brought up prices of fruits and vegetables in NCR by 0.2 percent. On the contrary, prices of fruits and vegetables in the Philippines and AONCR declined by 0.7 percent and 1.0 percent, respectively.
Sufficient supply of rice in AONCR and Philippines generally slowed down its price by 0.4 percent from 0.8 percent and 0.6 percent, respectively. However, the price of rice in NCR went up by 0.2 percent from -0.1 percent.
Increases in the prices of selected construction materials and higher rental rates in some regions including the NCR raised the H&R index in the Philippines and AONCR by 0.3 percent and 0.4 percent in NCR.
Price add-ons in medicines, gasoline, diesel and engine oil effected a 0.1 percent uptick in the services index for the Philippines and AONCR and 0.3 percent for NCR .
The FLW index in NCR slightly grew by 0.1 percent as the price of kerosene was up during the month. Likewise, the group's index in AONCR accelerated by 0.5 percent as prices of LPG, kerosene, charcoal and firewood were up in many regions. Higher electricity rate in some regions also contributed to the upward movement. Thus, the national index for FLW picked up by 0.3 percent.
NOTE: Revision in July 2003 inflation figure in the Philippines was due to the updates in tuition fees reported by the province (after confirmation was made in the sample outlets) that were not reflected in June and July.
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