Summary Inflation Report Consumer Price Index (1994=100) : December 2003
Release Date: 06 January 2004
DECEMBER AND NOVEMBER 2003
|Inflation Rates, Philippines, All Items|
Year-on-year inflation decelerated to 3.1 percent in December from 3.3 percent in November. Except for housing and repairs (H&R), the slowdown in the inflation rates of all the commodity groups brought about the downtrend. Inflation a year ago was 2.6 percent. The average inflation rate for the year 2003 was 3.1 percent, the same rate registered in 2002.
Likewise, inflation rate in the National Capital Region (NCR) slid to 4.2 percent in December from 5.1 percent in November mainly due to the 1.5 percentage points slowdown (3.5 percent from 5.0 percent) in the rate of food, beverages and tobacco (FBT). The slower movements in the rates of the other commodity groups except for H&R also contributed to the decline. The average inflation in the area was 3.8 percent compared to 3.7 percent posted a year ago.
Inflation rate in Areas Outside the National Capital Region (AONCR) slightly picked up to 2.7 percent in December from 2.6 percent in November due to the continuous increase in the inflation rate of FBT. Increments in the inflation rates of fuel, light and water (FLW) and miscellaneous items also added to the uptrend. Average inflation for the year at 2.7 percent was slower than the 2.9 percent in 2002.
Month-on-month inflation slightly went up to 0.3 percent in December from 0.2 percent in November. This was mainly due to the upward adjustments in the prices of selected food items such as rice, meat, fresh fish, shrimps, fruits, vegetables, calamansi and cooking oil. Uptick in the prices of selected construction materials, kerosene, LPG, charcoal, gasoline, diesel, engine oil and medicines were also noted during the month.
CONSUMER PRICE INDEX
> By Region, Year-on-Year
The inflation rate in NCR slowed by 0.9 percentage point to 4.2 percent in December from 5.1 percent in November.
Inflation in AONCR slightly accelerated to 2.7 percent in December from 2.6 percent in November. Higher inflation rates were still noticed in nine regions. The biggest increase at 0.8 percentage point was observed in CAR followed by Ilocos at 0.7 percentage point. The highest rate was still posted in CAR at 6.2 percent while the lowest rate was still recorded in Cagayan Valley at 1.5 percent.
> By Commodity Group, Year-on-Year
All the commodity groups registered lower inflation rates in December except for H&R whose rate still remained at 3.1 percent. Inflation rate for FBT slightly slid to 2.4 percent in December from 2.5 percent in November; clothing, 2.3 percent from 2.4 percent; FLW, 6.2 percent from 6.9 percent; services, 5.5 percent from 5.6 percent; and miscellaneous items, 1.9 percent from 2.0 percent.
The inflation rate for food alone slowed down to 2.4 percent in December from 2.6 percent in November.
Slower rates were seen in the prices of corn, 1.9 percent in December from 2.8 percent in November; cereal preparations, 3.8 percent from 4.2 percent; dairy products, 5.2 percent from 5.3 percent; fish, 2.1 percent from 2.8 percent; fruits and vegetables, 4.1 percent from 5.5 percent; and miscellaneous foods, 1.7 percent from 2.7 percent. On the other hand, inflation rate for rice slightly grew to 0.1 percent from -0.3 percent; eggs, 1.4 percent from 1.2 percent; and meat, 4.5 percent from 2.9 percent.
The annual average inflation for food alone was 2.0 percent, higher than the 1.8 percent in 2002.
In NCR, except for H&R whose inflation rate moved up to 2.3 percent from 2.1 percent, inflation rates of all the commodity groups decelerated. Inflation for FBT and clothing eased to 3.5 percent in December from their respective November rates of 5.0 percent and 3.6 percent; FLW, 9.9 percent from 13.4 percent; services, 6.7 percent from 6.9 percent; and miscellaneous items, 2.3 percent from 2.4 percent.
The inflation rate for food alone in NCR at 3.6 percent in December was slower than the 5.3 percent posted in November.
Lower rates were noted in the prices of corn, 4.9 percent in December from 11.9 percent in November; cereal preparations, 4.3 percent from 5.0 percent; dairy products, 5.4 percent from 5.8 percent; fish, 4.0 percent from 7.8 percent; fruits and vegetables, 3.8 percent from 10.5 percent; and miscellaneous foods, 0.9 percent from 4.3 percent. Higher rates were however observed in the prices of rice, 1.2 percent from 0.6 percent; eggs, 1.5 percent from 0.2 percent; and meat, 8.8 percent from 5.2 percent.
The annual average inflation for food alone picked up to 2.7 percent from 0.7 percent last year.
In AONCR, inflation rate for FBT jumped to 2.0 percent in December from 1.8 percent in November; FLW, 4.0 percent from 3.3 percent; and miscellaneous items, 1.8 percent from 1.7 percent. Meanwhile, inflation rate for clothing slightly slipped to 1.9 percent from 2.0 percent; and H&R, 3.7 percent from 3.8 percent; services, 4.8 percent from 5.0 percent.
Inflation rate for food alone in AONCR went up to 2.0 percent in December from 1.8 percent in November.
Inflation rate for dairy products rose to 5.2 percent in December from 5.1 percent in November; fruits and vegetables, 4.3 percent from 3.9 percent; meat, 2.7 percent from 2.0 percent; and miscellaneous foods, 2.1 percent from 1.9 percent. On the other hand, inflation for corn decelerated to 1.9 percent from 2.6 percent; cereal preparations, 3.6 percent from 3.8 percent; eggs, 1.4 percent from 1.5 percent; and fish, 1.6 percent from 1.8 percent
The inflation for rice was zero in December from -0.5 percent in November. The negatives rates posted in eight regions offset higher rates registered in the other regions. The biggest decrease at 1.5 percentage points was observed in Eastern Visayas and Western Mindanao followed by ARMM at 0.9 percentage point.
The annual average inflation of the group was 1.7 percent, slower than the 2.2 percent posted in 2002.
> By Region, Month-on-Month
For three consecutive months, prices in NCR grew by 0.5 percent. Prices of clothing and miscellaneous items increased at their November rate of 0.1 percent while prices of services items remained stable as it showed zero growth this month from 0.3 percent. However, prices of FBT picked up by 1.0 percent from 0.8 percent; H&R, 0.2 percent from 0.1 percent; and FLW, 0.7 percent from 0.4 percent.
Prices in AONCR moved at 0.2 percent in December, the same rate reported in November. Clothing and miscellaneous items retained their previous month' s rate of 0.1 percent and services, 0.2 percent. Prices of FBT and FLW items correspondingly advanced to 0.2 percent and 1.1 percent from 0.1 percent and 0.8 percent, respectively. Meanwhile, prices of H&R items slightly eased to 0.1 percent from 0.2 percent. The highest month-on-month rate at 0.4 percent was noted in CAR, Ilocos, Cagayan Valley and Bicol while Eastern Visayas and Central Mindanao recorded the lowest rate at -0.1 percent.
> By Commodity Group, Month-on-Month
A 0.4 percent growth in the inflation of FBT raised the month-on-month inflation to 0.3 percent in December from 0.2 percent in November. The acceleration in the prices of FLW items to 0.9 percent from 0.7 percent also pushed up the month-on-month inflation rate. Slower upward adjustments were however seen in the prices of H&R and services items, 0.1 percent from 0.2 percent. Clothing and miscellaneous items remained at their November rate of 0.1 percent
The limited supply of chicken in the markets triggered its upward price movement. The holiday season saw bigger demand for pork as a substitute commodity for chicken that it was also retailed at higher prices. Prices of beef also went up during the month. Thus, the meat index in the Philippines and NCR correspondingly advanced by 1.5 percent and 3.5 percent from 1.0 percent and 1.9 percent, respectively. Prices of meat in AONCR also moved up at its November rate of 0.6 percent.
Higher prices of fresh fish and shrimps were observed during the month. This can be attributed to the fast market absorption during the month because of the holiday season. Thus, the fish index in the Philippines went up by 0.8 percent; NCR, 3.0 percent; and AONCR, 0.3 percent.
Selected fruits and vegetables were generally sold at cheaper prices. This was brought about by the abundant supply of vegetables in the wet markets and the increased volume of imported fruits as well as those that came from the Visayas and Mindanao provinces. All these factors improved the market prices of fruits and vegetables in the three areas as the index increased by only 0.3 percent from 2.0 percent in the Philippines, 3.2 percent in NCR and 1.6 percent in AONCR.
Add-ons in the prices of cooking oil, calamansi and other miscellaneous foods slightly pulled up the index of miscellaneous foods in the Philippines and AONCR by 0.1 percent from zero growth. On the contrary, the miscellaneous foods index still remained stable in NCR as it posted a zero month-on-month growth.
The price of rice in the three areas went up by 0.1 percent during the month.
Uptick in the prices of kerosene, LPG, charcoal and firewood raised the FLW index in the Philippines by 0.9 percent; NCR, 0.7 percent; and AONCR, 1.1 percent.
The H&R index in the Philippines and AONCR advanced by 0.1 percent and in NCR, 0.2 percent. This was mainly due to the upward adjustments in the prices of selected construction materials particularly common wire nails, cement and plywood.
Increments in the prices of medicines, gasoline, diesel and engine oil were posted in many regions including NCR. The services index was thus up by 0.2 percent in AONCR. However, price increases posted in these items in NCR along with the higher charge for photo developing did not influence the area’s services index as its month-on-month inflation was zero. Overall, the national index was up by 0.2 percent.
Revisions in the inflation rates were due to the updated figures given by the provinces.
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 Number: 716-39-35).
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