Summary Inflation Report Consumer Price Index (1994=100) : February 2003
Release Date: 05 March 2003
FEBRUARY AND JANUARY 2003
|Inflation Rates, Philippines, All Items|
Year-on-year inflation moved upward to 3.1 percent in February from 2.7 percent in January as the inflation in food, beverages and tobacco (FBT), fuel, light and water (FLW) and services went up. Inflation a year ago was 3.5 percent.
Similarly, inflation rate in the National Capital Region (NCR) accelerated by 0.3 percentage point to 3.5 percent in February from 3.2 percent in January. Higher inflation rates were noticed in the indices of FBT, FLW and services.
Inflation rate in Areas Outside the National Capital Region (AONCR) picked up to 2.9 percent in February from 2.4 percent in January due to the higher rates posted in FBT, housing and repairs (H&R), FLW and services.
Month-on-month inflation decelerated to 0.2 percent in February from 0.5 percent primarily brought by the reductions in the prices of rice, fish, fruits, vegetables and chicken. Slower movements in the prices of H&R items, FLW items, and services items also contributed to the downward trend.
CONSUMER PRICE INDEX
> By Region, Year-on-Year
The inflation rate in NCR increased by 0.3 percentage point to 3.5 percent in February from 3.2 percent in January.
Likewise, inflation in AONCR rose to 2.9 percent in February from 2.4 percent in January. Except for Western Mindanao whose inflation moved at its January rate of 2.6 percent, all the other regions registered higher rates. The biggest increase at 0.9 percentage point was noticed in CAR. The highest rate was still seen in Northern Mindanao at 4.8 percent while the lowest was in Eastern Visayas at 1.8 percent.
> By Commodity Group, Year-on-Year
Inflation rate for FBT advanced to 2.3 percent in February from 1.6 percent in January; FLW, 4.2 percent from 2.6 percent; and services, 6.4 percent from 6.3 percent. On the other hand, inflation for clothing and H&R correspondingly slid to 2.0 percent and 2.7 in February from their respective January rates of 2.2 percent and 2.9 percent. Inflation for miscellaneous items still remained at 1.6 percent.
The inflation rate for food alone at 2.3 percent in February was higher than the 1.6 percent recorded in January. Higher rates were noticed in the prices of cereal preparations, 4.0 percent in February from 3.9 percent in January; dairy products, 2.6 percent from 1.7 percent; fish, 1.7 percent from 1.5 percent; fruits and vegetables, 4.0 percent from -0.2 percent; and miscellaneous foods, 2.6 percent from 2.4 percent. In addition, faster rates were observed in the prices of eggs, -0.4 percent from -0.9 percent and meat, -0.8 percent from -1.5 percent. Meanwhile, slower rates were noticed in the prices of rice, 3.1 percent in February from 3.2 percent in January and corn, 3.4 percent from 3.7 percent.
In NCR, inflation rates for FBT moved to 3.2 percent in February from 2.8 percent in January; FLW, 4.6 percent from 2.1 percent; and services, 7.7 percent from 7.5 percent. However, inflation for clothing and H&R correspondingly slowed to 2.0 percent and 1.4 percent in February from their respective last month's rates of 2.3 percent and 1.7 percent while inflation for miscellaneous group stayed at its January rate of 0.9 percent.
The inflation rate for food alone in NCR increased to 3.3 percent in February from 2.8 percent in January as prices of dairy products and fruits and vegetables climbed to 3.4 percent and 16.6 percent respectively in February from their corresponding January rates of 2.8 percent and 11.1 percent. Moreover, faster rates were posted in the prices of corn, -7.2 percent in February from -7.9 percent in January; eggs, -3.9 percent from -4.0 percent; and meat, -2.3 percent from -3.5 percent. Slower rates were however recorded in the prices of rice, 2.5 percent in February from 3.9 percent in January; cereal preparations, 5.6 percent from 5.7 percent; and fish, 0.3 percent from 1.6 percent. The index for miscellaneous foods maintained its January rate of 3.1 percent.
In AONCR, the inflation rate for FBT was registered at 2.0 percent in February from 1.3 percent in January; H&R, 3.7 percent from 3.6 percent; FLW, 4.0 percent from 3.0 percent; and services 5.8 percent from 5.6 percent. On the other hand, inflation for clothing and miscellaneous items were at their respective January rates of 2.1 percent and 1.8 percent.
Inflation rate for food alone went up to 2.0 percent in February from 1.2 percent in January.
The price of rice slightly jumped to 3.2 percent in February from 3.1 percent in January as six regions registered higher rates. The biggest increment at 1.4 percentage points was in CAR followed by Southern Mindanao at 1.0 percentage point.
Inflation rate for cereal preparations rose to 3.4 percent in February from 3.3 percent in January; dairy products, 2.3 percent from 1.2 percent; eggs, 0.7 percent from 0.2 percent; fish, 2.0 percent from 1.5 percent; and fruits and vegetables, 0.4 percent from -3.7 percent. The price of meat registered an upward trend at -0.2 percent in February from the -0.6 percent in January.
However, the price of corn slowed down to 3.6 percent in February from 4.0 percent in January.
> By Region, Month-on-Month
Prices in NCR posted a 0.1 percent increase in February, slower than the 1.1 percent in January. The rate of FBT dropped to -0.5 percent in February from 0.8 percent in January while FLW slid to 2.1 percent from 5.3 percent and services, 0.5 percent from 1.5 percent. Miscellaneous items still posted a zero growth during the month. On the contrary, H&R slightly advanced to 0.2 percent in February from 0.1 percent in January while the rate in the previous month was retained for clothing at 0.2 percent.
Prices in AONCR went up by 0.3 percent in February, the same rate posted in January. Upward movements were noticed in the prices of clothing items, 0.2 percent in February from 0.1 percent in January; FLW items, 1.1 percent from 0.7 percent; and services items, 0.4 percent from 0.3 percent. On the other hand, prices of FBT items slowed to 0.2 percent from 0.3 percent and H&R items, 0.3 percent from 0.6 percent while prices of miscellaneous items still moved at its January rate of 0.2 percent. The highest month-on-month rate was noted in Caraga at 0.7 percent while Central Luzon posted a zero growth.
> By Commodity Group, Month-on-Month
Slower rates seen in the prices of FBT items, H&R items, FLW items and services items pulled down the overall month-on-month inflation rate to 0.2 percent in February from 0.5 percent in January. Prices of FBT items decelerated to 0.1 percent in February from 0.4 percent in January; H&R items, 0.2 percent from 0.4 percent in January; FLW items, 1.5 percent from 2.3 percent; and services items, 0.4 percent from 0.7 percent. Higher rates were however observed in the corresponding prices of clothing and miscellaneous items, 0.2 percent from 0.1 percent.
The stable price of wheat caused prices of flour and its products to stabilize in February. Thus, the index for cereal preparations improved to 0.4 percent in the Philippines and AONCR during the month from their respective January rates of 0.5 percent and 0.6 percent. However, prices of flour, bread and biscuits were up in NCR causing the group's index to slightly move upward from 0.4 percent from 0.3 percent.
Higher prices of imported raw materials for milk and milk products raised the dairy products indices in the Philippines by 0.9 percent, 0.8 percent in NCR and 1.0 percent in AONCR.
Increments in the prices of cooking oil, coffee, tea, powdered tonic drink and selected spices and seasonings raised the miscellaneous indices in the three areas by 0.2 percent.
The prevalence of good weather condition brought down prices of eggs in NCR by 0.4 percent in February from 0.2 percent last month. However, prices of eggs generally went up in AONCR by 0.7 percent from zero growth last month. Overall, the index for eggs was up by 0.5 percent in February from zero growth in January.
The peak fishing season of tuna and the good catch of fishermen due to good weather conditions that prevailed during the month pushed down prices of fish by 2.3 percent and 0.4 percent in NCR and Philippines, respectively. Prices of fish in AONCR remained stable during the month as the group's index in the area posted a zero growth.
The favorable weather condition brought sufficient supply of fruits and vegetables in the NCR markets. Prices in the area declined to -1.6 percent in February from 1.2 percent last month. Likewise, the increase in the prices of fruits and vegetables at 0.2 percent in AONCR was slower than the 0.4 percent upward movement last month. Thus, the national index decreased to -0.3 percent in February from 0.6 percent in January.
Sufficient supply of chicken primarily pushed down the indices of meat in the areas by 0.1 percent in February. Lower prices of processed meat such as tocino, longanisa and hotdog also contributed to the downward movement.
Sufficient supply of rice in NCR reduced its price by 1.3 percent during the month. However, the price of rice in AONCR went up as nine regions posted higher rates in February. Overall, the national index for rice slightly decreased by 0.1 percent in February from zero growth in January.
Upward adjustments in the prices of LPG and kerosene in NCR along with higher purchased power adjustment (PPA) and currency exchange rate adjustment (CERA) for electricity pushed up the FLW index in the area by 2.1 percent in February. This was however slower than the 5.3 percent increment recorded in January. Similarly, the index in AONCR moved up by 1.1 percent as higher charges for electricity was noted in many regions along with the continued price increases in LPG and kerosene. Thus, the national index rose by 1.5 percent in February, slower than the 2.3 percent registered last month.
Higher prices of selected construction materials and higher rental rates in many regions raised the H&R index in AONCR by 0.3 percent in February. Likewise, the group's index in NCR also went up by 0.2 percent mainly due to the higher rental rates posted in the area. Overall, the index was up by 0.2 percent in February, slower than the 0.4 percent last month.
Add-ons in the prices of medicines, diesel, gasoline, lubricating oil engine oil and higher movie admission fee in some regions pulled up the services indices in the three areas: 0.4 percent in the Philippines and AONCR and 0.5 percent in NCR. Higher charges for dental services and selected personal services like haircut and hairwave in some regions also contributed to the uptrend.
The 2nd phase survey results from Quirino and Lanao del Sur were not received as of March 4, 2003.
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