Summary Inflation Report Consumer Price Index (1994=100) : December 2002
Release Date: 06 January 2003
DECEMBER AND NOVEMBER 2002
|Inflation Rates, Philippines, All Items|
Year-on-year inflation slightly accelerated to 2.6 percent in December from 2.5 percent in November as the inflation rates of food, beverages and tobacco (FBT), clothing, fuel, light and water (FLW) and services went up. Inflation a year ago was 4.1 percent. Average inflation for the year 2002 was 3.1 percent, lower than the 6.1 percent recorded in 2001.
Similarly, inflation rate in the National Capital Region (NCR) picked up by 0.8 percentage point to 2.9 percent in December from 2.1 percent in November. Inflation in FBT, clothing, FLW and services contributed to the increase. Average inflation in the area was 3.8 percent compared to 7.2 percent posted a year ago.
Inflation rate in Areas Outside the National Capital Region (AONCR) remained at its November level of 2.6 percent. Average inflation rate for the year at 2.9 percent was lower than the 5.7 percent registered in 2001.
Month-on-month inflation went up to 0.4 percent in December from 0.1 percent in November mainly brought about by the upward adjustments in the prices of food items like sea foods, vegetables, selected fruits, cooking oil, spices and seasonings, flour, bread and biscuits. In addition, increases in the prices of LPG, kerosene, medicines, selected construction materials and higher purchased power adjustment (PPA) and currency exchange rate adjustment (CERA) for electricity in NCR along with the higher electricity rate in some regions also contributed to the upward movement.
CONSUMER PRICE INDEX
> By Region, Year-on-Year
The inflation rate in the National Capital Region (NCR) advanced by 0.8 percentage point to 2.9 percent in December from 2.1 percent in November.
Inflation in Areas Outside the National Capital Region (AONCR) remained at its November rate of 2.6 percent. Only two regions posted higher inflation rates. The biggest increase was registered in Central Luzon at 0.3 percentage point. The highest rate was still observed in Northern Mindanao at 4.4 percent while the lowest was still in Cagayan Valley at 1.3 percent.
> By Commodity Group, Year-on-Year
The inflation rate for FBT picked up to 1.6 percent in December from 1.4 percent in November; clothing, 2.4 percent from 2.2 percent; FLW, 2.6 percent from 1.5 percent; and services, 5.5 percent from 5.1 percent. On the other hand, inflation for H&R slowed to 3.6 percent in December from 4.0 percent in November while the rate for miscellaneous items was still at 1.6 percent.
The inflation rate for food alone rose to 1.6 percent in December from 1.2 percent in November. Higher rates were registered in the prices of corn, 4.3 percent in December from 3.2 percent in November; cereal preparations, 3.8 percent from 3.7 percent; eggs, 0.9 percent from 0.7 percent; and miscellaneous foods, 2.5 percent from 1.6 percent. In addition, faster rates were observed in the prices of fruits and vegetables, -1.1 percent from -2.2 percent and meat, -1.4 percent from -1.5 percent. However, inflation rate for rice decelerated to 3.2 percent in December from 3.4 percent in November and fish, 1.4 percent from 1.6 percent. Inflation for dairy products was at its November rate of 1.7 percent.
The 2002 annual average inflation for food alone was 1.8 percent, slower than the 3.9 percent in 2001.
In NCR, inflation rate for FBT significantly accelerated to 1.8 percent in December from -0.3 percent in November. The indices for clothing grew by 2.4 percent from 2.3 percent; FLW, 3.6 percent from 1.3 percent; and services, 5.9 percent from 5.5 percent. However, inflation rate for H&R slipped to 2.9 percent in December from 4.0 percent in November while miscellaneous group retained its November rate of 0.9 percent.
The inflation rate for food alone in NCR moved up to 1.7 percent in December from -0.5 percent in November. Higher rates were noticed in the prices of cereal preparations, 5.8 percent in December from 5.0 percent in November; eggs, 1.4 percent from 0.1 percent; fruits and vegetables, 6.4 percent from -1.7 percent; and miscellaneous foods, 3.1 percent from 0.1 percent. Moreover, faster rates were also noted in the prices of corn, -4.8 percent in December from -20.0 percent in November; fish, -1.5 percent from -3.2 percent; and meat, -3.6 percent from -4.3 percent. On the other hand, the inflation rates for rice eased to 2.1 percent in December from 2.5 percent in November and dairy products, 3.1 percent from 3.5 percent.
The annual average inflation of the group was 0.7 percent, lower than the 4.2 percent posted in 2001.
In AONCR, the inflation rate for clothing slightly increased to 2.3 percent in December from 2.2 percent in November; H&R, 4.0 percent from 3.9 percent; FLW, 2.1 percent from 1.6 percent; and services, 5.3 percent from 4.9 percent. While inflation in the miscellaneous group remained at 1.9 percent, inflation for FBT slipped to 1.6 percent in December from 1.9 percent in November.
Inflation rate for food alone slightly slowed to 1.6 percent in December from 1.7 percent in November.
Prices of fruits and vegetables further dropped to -3.5 percent in December from -2.3 percent in November while meat still posted a negative rate of 0.4 percent. In addition, slower rates were observed in the prices of cereal preparations, 3.1 percent in December from 3.2 percent in November; eggs, 0.7 percent from 0.9 percent; and fish, 2.1 percent from 2.6 percent.
Slowdown was also recorded in the price of rice at 3.4 percent from 3.5 percent as eight regions posted lower rates. The biggest decline at 2.2 percentage points was recorded in Northern Mindanao followed by Central Luzon at 1.5 percentage points.
However, the price of corn went up to 4.4 percent in December from 3.7 percent in November and dairy products, 1.1 percent from 1.0 percent while movements in the prices of miscellaneous foods remained at 2.2 percent.
The annual average inflation for food alone was down to 2.2 percent from 3.9 percent last year.
> By Region, Month-on-Month
Prices in NCR rose by 1.3 percent in December from 0.3 percent in November mainly due to the 2.5 percent increment in the prices of FBT during the month. In addition, prices of clothing items grew to 0.3 percent in December from 0.1 percent in November; FLW, 3.7 percent from 3.4 percent; and miscellaneous items, 0.1 percent from -0.1 percent. However, prices of services items decelerated to 0.2 percent from 0.3 percent while prices of H&R items still posted a zero growth during the month.
In AONCR, prices generally increased to 0.1 percent in December from -0.1 percent in November as prices of clothing items went up to 0.3 percent from 0.1 percent. Moreover, prices of FBT items moved at a faster rate of -0.1 percent from -0.4 percent. Slowdowns were however noted in the rates of H&R, 0.2 percent in December from 0.3 percent; FLW, 0.4 percent from 0.9 percent; services, 0.3 percent from 0.4 percent; and miscellaneous items, 0.1 percent from 0.2 percent. The highest month-on-month rate at 0.3 percent was seen in Caraga and ARMM while the lowest rate at -0.4 percent was recorded in CAR.
> By Commodity Group, Month-on-Month
The holiday season saw an acceleration in the inflation rate of FBT to 0.5 percent from -0.3 percent. It pushed up the overall month-on-month inflation rate to 0.4 percent in December from 0.1 percent in November. Upward movements in the prices of clothing and miscellaneous items also contributed to the uptrend. Slower rates were however observed in the prices of FLW items, 1.6 percent from 1.8 percent and services items, 0.3 percent from 0.4 percent while the rate for H&R items remained at 0.2 percent.
The cold months and the bigger demand for fish products resulted to higher prices of fish species particularly shrimps, shells and mollusks. The index increased by 1.5 percent in December from 0.2 percent in November in the Philippines; 6.8 percent from 0.5 percent in NCR and 0.5 percent from 0.2 percent in AONCR.
Increments in the prices of cooking oil, calamansi, powdered tonic drink, spices and seasonings significantly pushed up the miscellaneous food index in NCR to 3.4 percent in December from –0.1 percent last month. The 5.0 percent add-ons in the prices of meals eaten outside the home also contributed to the uptick of the group's index in the area. On the contrary, the group’s index in AONCR posted a zero growth. Overall, the miscellaneous foods index went up to 1.0 percent from 0.1 percent.
Bigger demand brought about by the holiday season raised prices of selected fruits particularly avocado, lanzones and mandarin in NCR. Prices of vegetables were also up during the month. Thus, the fruits and vegetables index in the area notably rose by 6.7 percent in December from 0.5 percent in November. Meanwhile, prices of fruits and vegetables in AONCR posted a 0.1 percent drop during the month. The national index was up by 1.6 percent in December from –0.6 percent in November.
Increases in the prices of flour, bread, noodles and biscuits pulled up the indices of cereal preparations by 0.4 percent in the Philippines, 0.9 percent in NCR and 0.3 percent in AONCR.
The continued sufficient supply of rice in the markets brought about by the past harvest seasons sustained the negative movement in the rice index in NCR at -0.5 percent in December and –0.4 percent in the Philippines and AONCR.
Higher purchased power adjustment (PPA) and currency exchange rate adjustment (CERA) for electricity in NCR along with the increment in the price of LPG further raised the FLW index in the area by 3.7 percent in December from 3.4 percent in November. In AONCR, the index gained 0.4 percent with higher prices of LPG, kerosene, charcoal and electricity rate in some regions. The national index thus advanced by 1.6 percent.
The services indices in the Philippines and AONCR accelerated by 0.3 percent and in NCR, by 0.2 percent as prices of medicines and some medical and health goods were up during the month. Higher charges for selected personal services also contributed to the increase.
Add-ons in the prices of selected construction materials and higher rental rates in many regions pulled up the H&R index by 0.2 percent in the Philippines and AONCR. However, for three consecutive months, prices of H&R items in NCR remained stable as the index posted a zero growth during these periods.
The following survey results were not received as of January 3, 2003:
Sulu – 1st and 2nd phases
Lanao del Sur – 2nd phase
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