Summary Inflation Report Consumer Price Index (1994=100) : August 2004
Release Date: 06 September 2004
AUGUST AND JULY 2004
|Year-on-Year Headline Inflation Rates, All Items|
|Year-on-Year Core Inflation Rates, Philippines|
On an annual basis, headline inflation rate in the Philippines slightly moved upward to 6.3 percent in August from 6.0 percent in July as inflation for all the commodity groups except for housing and repairs (H&R) posted higher rates. Inflation a year ago was 3.0 percent.
Inflation rate in the National Capital Region (NCR) was 6.1 percent in August, similar to the inflation in July.
Inflation rate in Areas Outside the National Capital Region (AONCR) picked up by 0.4 percentage point to 6.4 percent in August from 6.0 percent in July due to the acceleration in the inflation rates of all the commodity groups except for H&R.
Excluding selected food and energy items, core inflation increased by only 0.2 percentage point to 6.2 percent in August from 6.0 percent in July.
|Month-on-Month Inflation Rates, All Items|
Compared with July 2004, upward price adjustments generally eased by 0.6 percentage point to 0.5 percent in August from 1.1 percent last month. Except for clothing items, price increases recorded in all the commodity groups slowed down during the month.
CONSUMER PRICE INDEX
l By Region, Year-on-Year
The inflation rate in NCR was registered at 6.1 percent in August, the same rate posted in July.
Inflation rate in Areas Outside the National Capital Region (AONCR) advanced by 0.4 percentage point to 6.4 percent in August from 6.0 percent in July. Except for Ilocos and ARMM, all the regions recorded higher annual rates with the biggest increment of 1.5 percentage points (7.7 percent from 6.2 percent) observed in Northern Mindanao. The highest rate was still seen in CAR at 9.4 percent while the lowest was noted in Cagayan Valley at 4.4 percent.
l By Commodity Group, Year-on-Year
Except for H&R, inflation rates for all the commodity groups accelerated during the month. Inflation for food, beverages and tobacco (FBT) further went up to 6.5 percent in August from 6.1 percent in July; clothing, 2.2 percent from 2.0 percent; fuel, light and water (FLW), 7.2 percent from 6.9 percent; services, 11.3 percent from 10.8 percent; and miscellaneous items, 2.3 percent from 2.2 percent. Inflation rate for H&R slowed to 3.0 percent from 3.2 percent.
The inflation rate for food alone at 6.8 percent in August was higher than the 6.4 percent posted in July as all the food groups posted higher annual price increments.
The price of rice moved up to 3.0 percent in August from 2.4 percent in July; corn, 11.6 percent from 11.2 percent; cereal preparations, 5.5 percent from 5.0 percent; dairy products, 8.3 percent from 7.0 percent; eggs, 6.1 percent from 5.1 percent; fish, 9.2 percent from 9.0 percent; fruits and vegetables, 5.4 percent from 5.0 percent; meat, 15.5 percent from 15.3 percent; and miscellaneous foods, 4.2 percent from 3.7 percent.
In NCR, inflation rate for clothing slightly increased to 2.2 percent in August from 2.1 percent in July; FLW, 4.5 percent from 4.1 percent; and services, 12.5 percent from 12.3 percent. On the other hand, inflation rates for FBT and H&R correspondingly slowed down to 6.1 percent and 2.7 percent from their respective July rates of 6.2 percent and 3.1 percent. Inflation for miscellaneous items still remained at 2.7 percent.
The inflation rate for food alone in NCR slightly decelerated to 6.4 percent in August from 6.5 percent in July. Lower rates were noticed in the price of rice, 0.1 percent in August from 0.3 percent in July; fish, 11.4 percent from 12.3 percent; fruits and vegetables, 7.3 percent from 9.5 percent; and meat, 12.3 percent from 12.5 percent. Meanwhile, the price of corn rose to 5.5 percent from 1.8 percent; cereal preparations, 6.0 percent from 5.7 percent; dairy products, 6.2 percent from 4.7 percent; eggs, 8.3 percent from 6.4 percent; and miscellaneous foods, 2.7 percent from 2.2 percent.
In AONCR, all the commodity groups posted higher inflation rates except for H&R whose inflation slightly eased to 3.1 percent from 3.2 percent. The rate of FBT grew to 6.6 percent in August from 6.1 percent in July; clothing, 2.1 percent from 2.0 percent; FLW, 8.7 percent from 8.5 percent; services, 10.7 percent from 10.0 percent; and miscellaneous items, 2.1 percent from 2.0 percent.
Inflation rate for food alone climbed by 0.6 percentage point to 7.0 percent in August from 6.4 percent in July as all the food groups recorded higher annual price increases.
The price of rice jumped by 3.5 percent in August from 2.7 percent in July as ten regions registered higher rates. The biggest increment at 5.0 percentage points was noticed in Western Mindanao (8.9 percent from 3.9 percent).
Inflation rate for corn went up to 11.6 percent in August from 11.3 percent in July; cereal preparations, 5.2 percent from 4.7 percent; dairy products, 9.2 percent from 7.9 percent; eggs, 5.3 percent from 4.6 percent; fish, 8.7 percent from 8.3 percent; fruits and vegetables, 4.8 percent from 3.7 percent; meat, 16.8 percent from 16.5 percent; and miscellaneous foods, 4.8 percent from 4.3 percent.
l By Region, Month-on-Month
The month-on-month inflation in NCR at 0.2 percent in August was slower than 0.4 percent in July. Add-ons in the prices of FLW and services items slowed down to 0.2 percent and 0.4 percent from their respective July rates of 0.3 percent and 1.8 percent. On the other hand, prices of H&R items slightly increased to 0.1 percent from zero growth and miscellaneous items, 0.5 percent from 0.4 percent. Price hikes of FBT and clothing items were still at 0.1 percent and 0.2 percent, respectively.
Prices in AONCR moved at slower rate of 0.6 percent in August from 1.3 percent in July. Except for clothing, slower upward adjustments in the prices of all the commodity groups were observed during the month. Increases in the prices of FBT items improved to 0.7 percent from 1.2 percent; H&R items, 0.2 percent from 0.4 percent; FLW items, 0.7 percent from 1.2 percent; services items, 0.8 percent from 3.3 percent; and miscellaneous items, 0.2 percent from 0.3 percent. Movements in the prices of clothing items were registered at 0.2 percent.
l By Commodity Group, Month-on-Month
The month-on-month inflation rates for all the commodity groups were lower in August except for clothing whose rate was slightly higher at 0.3 percent from 0.2 percent. Gains in the prices of FBT items were lower at 0.6 percent in August from 1.0 percent in July; H&R items, 0.1 percent from 0.2 percent; miscellaneous items 0.3 percent from 0.4 percent; FLW and services items, 0.6 percent from 0.9 percent and 2.8 percent, respectively.
The lean month of August caused the price of rice in AONCR to move up by 1.2 percent. This was slower than the 1.5 percent increase in July. Eight regions posted lower price increments. On the contrary, the price of rice in NCR slightly dropped by 0.1 percent from 0.3 percent. Thus, the growth in the index at the national level also improved to 1.0 percent from 1.4 percent.
Upward price adjustments of cooking oil, coffee, powdered tonic drink, sugar, selected spices and seasonings were observed during the month. Thus, the miscellaneous foods index rose in the three areas: Philippines, 0.6 percent from 0.5 percent; NCR, 0.3 percent from zero growth; and AONCR, 0.8 percent from 0.7 percent.
The continued price hikes in milk and milk products further raised the dairy products index in the Philippines to 1.7 percent from 1.2 percent; NCR, 1.6 percent from 0.7 percent; and AONCR, 1.8 percent from 1.5 percent.
The heavy rains brought about by typhoons Karen, Lawin and Marce limited fishermen’s fishing trips during the month. Hence, prices of fish went up by 0.4 percent in the Philippines and AONCR and 0.6 percent in NCR.
The index for cereal preparations in the Philippines and NCR grew by 0.9 percent and in AONCR, 0.8 percent due to the upward movements in the prices of flour, bread, biscuits, noodles and cereal based junk foods during the month.
Floods caused by typhoon Marce in main routes in Central Luzon prevented the entry of Benguet-produced vegetables to the NCR wet markets. However, as transportation from the production areas improved after the typhoons, the supply of vegetables in the wet markets became sufficient to fill-in the consumers’ demand. Reductions in the prices of selected fruits in NCR were also noted during the month. All these factors contributed to decline in the index of fruits and vegetables in the Philippines and NCR at -0.4 percent and -1.8 percent, respectively from their corresponding last month’s rates of 2.9 percent and -0.1 percent. Similarly, increases in the prices of fruits and vegetables eased to 0.1 percent from 3.9 percent in AONCR.
Increments in the prices of chicken, beef, pork and selected uncanned preserved meat correspondingly raised the meat index in the Philippines and AONCR by 0.2 percent and 0.3 percent. On the other hand, the group’s index in NCR slightly declined by 0.1 percent as the price of pork went down during the month.
The services index in the Philippines advanced by 0.6 percent; NCR, 0.4 percent; and AONCR, 0.8 percent as prices of selected medicines, gasoline, diesel and engine oil were still up during the month. Higher charges for dental, medical and some personal services also contributed to the uptick.
The FLW index in the Philippines gained by 0.6 percent; NCR, 0.2 percent; and 0.7 percent in AONCR due primarily to the continued add-ons in the prices of LPG and kerosene. Price hikes were also noted in firewood and charcoal in selected regions.
Higher prices of selected construction materials along with the increased wages of carpenter, electrician and plumber in selected regions pushed the H&R index up by 0.1 percent in the Philippines and NCR and 0.2 percent in AONCR.
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: September 6, 2004
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