Summary Inflation Report Consumer Price Index (1994=100) : December 2001
Release Date: 04 January 2002
DECEMBER AND NOVEMBER 2001
|Inflation Rates, Philippines, All Items|
Year-on-year inflation further decelerated to 3.9 percent in December from 4.4 percent in November. This was the lowest rate observed in one and a half years (since July 2000). The continued slowdown in the inflation rates of all the commodity groups brought about the downtrend. Inflation a year ago was 6.7 percent. Average inflation for the year was 6.0 percent, higher than the 4.4 percent registered in 2000.
Inflation in the National Capital Region (NCR) picked up to 4.9 percent in December from 4.6 percent in November. Inflation in the housing and repairs (H&R) mainly contributed to the increase in the rate. Average inflation in the area was 7.0 percent compared to 4.6 percent posted a year ago.
Inflation rate in Areas Outside the National Capital Region (AONCR) slid to 3.5 percent in December from 4.3 percent in November as the inflation rates of all the commodity groups moved at slower rates. Average inflation for the year at 5.7 percent was higher than the 4.2 percent recorded in 2000.
Month-on-month inflation slightly went up to 0.3 percent in December from 0.2 percent in November. This was effected by the increases in the prices of food particularly fish and fruits and vegetables.
CONSUMER PRICE INDEX
>By Region, Year-on-Year
*The inflation rate for the National Capital Region (NCR) inched up by 0.3 percentage point to 4.9 percent in December from 4.6 percent in November.
*Inflation in Areas Outside National Capital Region (AONCR) slipped to 3.5 percent in December from 4.3 percent in November. All regions posted lower inflation rates. The biggest decrease was seen in Eastern Visayas at 1.5 percentage points followed by Southern Tagalog at 1.2 percentage points. The lowest rate was still noted in Cagayan Valley at 1.8 percent while the highest rate at 5.6 percent was still in Eastern Visayas.
>By Commodity Group, Year-on-Year
All the commodity groups registered lower inflation rates in December. Food, beverages and tobacco (FBT) declined to 2.3 percent in December from 2.6 percent in November; clothing, 2.9 percent from 3.4 percent; housing and repairs (H&R), 6.5 percent from 6.8 percent; fuel, light and water (FLW), 6.8 percent from 8.4 percent; services, 6.1 percent from 7.3 percent; and miscellaneous items, 3.0 percent from 3.2 percent.
The inflation rate for food alone further dropped to 2.1 percent in December from 2.5 percent in November. Its average inflation for the year was 3.9 percent, significantly slower than the 11.4 percent in 2000. Declines were seen in the prices of rice, -0.1 percent in December from zero growth in November; corn, -2.4 percent from -0.7 percent; and fruits and vegetables, -4.9 percent from -4.3 percent. In addition, slower positive rates were noted in the prices of cereal preparations, 3.2 percent from 3.4 percent; eggs, 5.6 percent from 6.1 percent; and meat, 4.4 percent from 6.0 percent. However, inflation rate for fish rose slightly to 4.4 percent from 4.2 percent and miscellaneous foods, 3.9 percent from 3.8 percent. Inflation for dairy products remained at its November rate of 11.1 percent.
In NCR, inflation rates for FBT and H&R grew by 0.7 percentage point and 1.0 percentage point, respectively. However, inflation rates for clothing and services were lower by 0.7 percentage point; FLW, 1.9 percentage points; and miscellaneous items, 0.1 percentage point.
The inflation rate for food alone in NCR at 1.2 percent in December was higher than the 0.3 percent posted in November. Its annual average dropped to 4.2 percent from 11.5 percent last year. Negative rates were posted in corn, -10.8 percent from 4.0 percent; fish, -3.0 percent from -4.8 percent; and fruits and vegetables, -11.8 percent from -17.7 percent. Lower rates were also noted in the prices of cereal preparations, 3.2 percent from 3.5 percent; eggs, 7.6 percent from 12.2 percent; and meat, 2.5 percent from 6.0 percent. Faster rates were however observed in the prices of rice, 0.3 percent in December from 0.1 percent; dairy products, 12.8 percent from 12.3 percent; and miscellaneous foods, 6.6 percent from 6.0 percent.
In AONCR, all the commodity groups continued to move at slower rates. The rate for FBT slowed down to 2.6 percent in December from 3.2 percent; clothing, 2.4 percent from 2.8 percent; H&R, 5.2 percent from 6.3 percent; FLW, 3.7 percent from 5.3 percent; services, 6.0 percent from 7.3 percent; and miscellaneous items, 3.0 percent from 3.3 percent.
The inflation rate for food alone at 2.4 percent in December was lower than the 3.1 percent recorded in November. The annual average inflation of the group was 3.9 percent, significantly lower than the 11.3 percent posted in 2000.
All the food groups posted lower inflation rates in December except for the index of eggs whose rate increased to 4.9 percent in December from 4.3 percent last month. The rates for corn went down to -2.3 percent from -0.8 percent in November; fruits and vegetables, -2.5 percent from 0.9 percent; cereal preparations, 3.2 percent from 3.4 percent; dairy products, 10.4 percent from 10.8 percent; fish, 6.1 percent from 6.4 percent; meat, 5.2 percent from 6.1 percent; and miscellaneous foods, 2.8 percent from 2.9 percent.
The inflation rate for rice further declined to -0.2 percent in December from -0.1 percent in November. Six regions showed lower rates. The biggest decline was in Eastern Visayas at 1.8 percentage points followed by Western Visayas at 1.2 percentage points.
>By Region, Month-on-Month
Prices in NCR went up by 0.5 percent in December, the same rate posted in November. Prices of FBT and miscellaneous items increased at their November rates of 0.3 percent and 0.2 percent, respectively. Meanwhile, the rate of clothing decelerated to 0.2 percent in December from 1.1 percent in November; H&R, 1.1 percent from 1.3 percent; and FLW, 1.1 percent from 1.4 percent. The rate of services further went down to -0.2 percent from -0.1 percent.
Prices in AONCR moved at 0.1 percent in December, the same rate reported in November. Clothing retained its previous month's rate of 0.1 percent. Services remained stable as it still showed zero growth this month. Prices of H&R and miscellaneous items slid to 0.1 percent in December from 0.2 percent in November while that for FLW declined to -0.1 percent from zero growth last month. The highest month-on-month rate was registered in Western Visayas and Caraga (0.4 percent) while Central Luzon and Central Mindanao recorded the lowest rate (-0.1 percent).
>By Commodity Group, Month-on-Month
The acceleration in the inflation rate of FBT to 0.3 percent from 0.1 percent raised the inflation rate to 0.3 percent in December from 0.2 percent in November. Slower upward adjustments were seen in the prices of clothing, 0.1 percent in December from 0.3 percent in November; H&R, 0.5 percent from 0.6 percent; and FLW, 0.3 percent from 0.5 percent. Miscellaneous items remained at its November rate of 0.2 percent while services decreased to -0.1 percent from zero growth last month.
Prices of fish picked up by 1.6 percent from 0.1 percent in the Philippines; 4.9 percent from -1.4 percent, NCR; and 0.9 percent from 0.3 percent, AONCR. Higher prices were triggered by the difficulty in catching fish that usually settle deep in the waters during the cold months.
The fruits and vegetables index slowed down by 0.4 percent from 2.1 percent in the Philippines and 1.0 percent from 1.5 percent in AONCR. In NCR, prices of fruits and vegetables declined to -1.4 percent from 4.3 percent in November due to abundant supply during the holiday season.
Prices of cereal preparations rose by 0.3 percent and 0.4 percent in the Philippines and AONCR respectively from 0.1 percent last month. In NCR, prices of cereal preparations also increased but at a slightly slower rate of 0.1 percent from 0.2 percent. This was brought about by price increases in bread, biscuits, noodles and flour.
The miscellaneous food index remained stable in AONCR as it posted a zero month-on-month growth. However, higher prices of coffee, tea, powdered tonic drink and salt in NCR along with a 0.7 increment in the price of meals eaten outside the home caused the index in the area to increase by 0.4 percent during the month. This resulted to a 0.1 percent uptick in the national index.
The continued upward adjustments in the prices of milk and cheese along with the price add-ons in ice cream and butter pushed up the dairy products index by 0.8 percent in NCR. In AONCR, prices remained stable as it reported zero growth this month. Overall, the national index for dairy products stayed at its November rate of 0.3 percent.
*The H&R index rose by 0.5 percent in the Philippines, 1.1 percent in NCR and 0.1 percent in AONCR as prices of some construction materials particularly cement went up during the month along with higher rental rates in many regions including NCR. These rates were however, slower than their corresponding November rates of 0.6 percent, 1.3 percent and 0.2 percent.
*Higher purchased power adjustment (PPA) for electricity in NCR raised the FLW index in the area by 1.1 percent. Meanwhile, prices of LPG and kerosene decreased in most of the regions. Thus, the index in AONCR dropped to -0.1 percent this month. These resulted to a 0.3 percent increment in the group's index for the Philippines.
*The miscellaneous items index for the Philippines and NCR remained at their November rates of 0.2 percent while that for AONCR slightly moved by 0.1 percent from 0.2 percent last month. Increases were brought about by the upward adjustments in the prices of some items for personal care and effects and household operations.
Survey results from the following were not received as of January 03, 2002:
1. Zambales -1st survey
2. Olongapo City – 1st survey
3. Occidental Mindoro – 2nd survey
4. Tawi-tawi – 2nd survey
5. Lanao del Sur – 2nd survey
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