Summary Inflation Report Consumer Price Index (1994=100) : February 2004
Release Date: 05 March 2004
FEBRUARY AND JANUARY 2004
|Year-on-Year Headline Inflation Rates, All Items|
|Year-on-Year Core Inflation Rates, Philippines|
Year-on-year headline inflation was 3.4 percent in February, the same rate posted in January. Food, beverages and tobacco (FBT), clothing and miscellaneous items retained their January inflation rates. Inflation a year ago was 3.1 percent.
On the other hand, inflation rate in the National Capital Region (NCR) increased to 4.0 percent in February from 3.8 percent in January brought about by a 0.5 percentage point increment in the inflation rate of FBT. Higher rates in clothing, housing and repairs (H&R) and miscellaneous items also contributed to the uptrend.
Inflation rate in Areas Outside the National Capital Region (AONCR) decelerated to 3.1 percent in February from 3.3 percent in January primarily due to a 0.2 percentage point slowdown in the movement of prices of FBT items. Slower rates in clothing, fuel, light and water (FLW) and miscellaneous items also contributed to the downtrend.
Excluding selected food and energy items, core inflation slightly accelerated to 3.7 percent in February from 3.6 percent in January.
|Month-on-Month Inflation Rates, All Items|
On a monthly basis, prices of commodities and services slowly moved upward at 0.2 percent in February from 0.8 percent in January as increments in the prices of services items slowed down. Moreover, prices of FBT items generally remained stable during the month.
CONSUMER PRICE INDEX
l By Region, Year-on-Year
The inflation rate in NCR slightly picked up by 0.2 percentage point to 4.0 percent in February from 3.8 percent in January.
Inflation in Areas Outside the National Capital Region (AONCR) at 3.1 percent in February was slower than the 3.3 percent in January. Nine regions posted lower inflation rates. The biggest slowdown at 0.4 percentage point was recorded in Caraga and ARMM. The lowest rate was still observed in Cagayan Valley at 1.5 percent while the highest rate at 7.3 percent was still in CAR.
l By Commodity Group, Year-on-Year
Inflation rates for FBT, clothing and miscellaneous items correspondingly remained at 3.3 percent, 2.3 percent and 1.9 percent. However, inflation for H&R accelerated to 3.1 percent in February from 2.9 percent in January while inflation for FLW and services correspondingly slid to 3.4 percent and 5.0 percent from 4.1 percent and 5.1 percent, respectively.
The inflation rate for food alone was 3.4 percent in February, similar to the rate registered in January.
Higher rates were seen in the prices of rice, 0.5 percent in February from 0.3 percent in January; corn, 4.7 percent from 3.6 percent; eggs, 3.6 percent from 2.9 percent; fish, 4.2 percent from 3.5 percent; and meat, 10.6 percent from 10.2 percent. On the other hand, inflation rate for cereal preparations decelerated to 3.6 percent from 3.7 percent; dairy products, 4.4 percent from 5.3 percent; and fruits and vegetables, 1.8 percent from 3.5 percent. Inflation rate for miscellaneous foods was recorded at its previous month’s rate of 1.8 percent.
In NCR, inflation rate for FBT increased to 4.3 percent in February from 3.8 percent in January; clothing, 3.5 percent from 3.3 percent; H&R, 2.8 percent from 2.5 percent; and miscellaneous items, 2.6 percent from 2.4 percent. Meanwhile, inflation rate for FLW slowed to 2.9 percent from 4.5 percent while services remained at 5.9 percent.
The inflation rate for food alone in NCR advanced to 4.5 percent in February from 3.9 percent in January.
Higher rates were noted in the prices of rice, 0.5 percent in February from -0.8 percent in January; corn, 8.3 percent from 5.8 percent; eggs, 9.3 percent from 4.9 percent; fish, 9.6 percent from 4.8 percent; and miscellaneous foods, 1.3 percent from 1.2 percent. However, slower positive rates were registered in the prices of cereal preparations at 4.0 percent from 4.1 percent; dairy products, 4.5 percent from 5.3 percent; and meat, 12.5 percent from 16.2 percent. Prices of fruits and vegetables continued to post a negative rate of 0.7 percent from -3.0 percent.
In AONCR, inflation rate for FBT eased to 3.0 percent in February from 3.2 percent in January; clothing, 1.8 percent from 1.9 percent; FLW, 3.7 percent from 3.8 percent; and miscellaneous items, 1.6 percent from 1.7 percent. Meanwhile, H&R and services retained their respective previous month’s rates of 3.2 percent and 4.7 percent.
Inflation rate for food alone in AONCR decelerated to 3.0 percent in February from 3.2 percent in January.
Inflation for cereal preparations slowed to 3.5 percent in February from 3.6 percent in January; dairy products, 4.3 percent from 5.2 percent; eggs, 1.9 percent from 2.2 percent; fish, 3.1 percent from 3.2 percent; and fruits and vegetables, 2.6 percent from 5.8 percent.
Inflation for rice slightly climbed up by 0.5 percent in February from 0.4 percent in January. Five regions registered faster rates. The biggest increase was posted in Central Visayas at 0.9 percentage point.
Inflation for meat picked up to 9.8 percent from 7.7 percent while that of miscellaneous foods remained at 2.1 percent.
l By Region, Month-on-Month
Prices in NCR picked up to 0.2 percent in February, slower than the 0.7 percent registered in January as prices of FBT items dropped by 0.1 percent from 1.1 percent. Prices of services items also slowed to 0.4 percent from 0.7 percent. However, prices of clothing items went up to 0.3 percent from 0.1 percent; H&R and FLW items, 0.5 percent from 0.3 percent; and miscellaneous items, 0.2 percent from 0.1 percent.
Likewise, prices in AONCR also moved at a slower rate of 0.1 percent in February from 0.9 percent in January. This was primarily effected by the zero growth in the prices of FBT items from 1.4 percent in January. On the other hand, prices of H&R and services items advanced to 0.3 percent from 0.2 percent and FLW items, 0.9 percent from 0.6 percent. Prices of clothing and miscellaneous items still recorded a 0.1 percent growth. The lowest month-on-month inflation at -0.3 percent was noted in Central Luzon while the highest rate was in Eastern Visayas at 0.9 percent.
l By Commodity Group, Month-on-Month
Prices of FBT items generally remained stable as it posted a zero growth in February from 1.3 percent in January. It brought down the overall month-on-month inflation to 0.2 percent from 0.8 percent. Moreover, slowdowns in the prices of services items at 0.3 percent from 0.4 percent also contributed to the downtrend. On the other hand, prices of clothing items advanced to 0.2 percent from 0.1 percent; H&R items, 0.3 percent from 0.2 percent; and FLW items, 0.8 percent from 0.4 percent. Prices of miscellaneous items still moved at 0.1 percent.
Prices of corn were up 1.2 percent in the Philippines and AONCR and 1.6 percent in NCR.
Insufficient supply of eggs brought about by low production raised its prices in NCR by 3.8 percent in February from 3.6 percent last month. Prices of eggs in the Philippines and AONCR also grew by 1.2 percent and 0.4 percent, respectively. These were however, slower than their corresponding January rates of 1.5 percent and 0.8 percent.
A 0.3 percent increment in the index for cereal preparations in the three areas can be attributed to the upward adjustments in the prices of flour, bread and noodles during the month.
The start of the observance of the Lenten season and the shift of the consumer’s preference from meat to fish resulted to higher demand for fish. These factors contributed to the 2.2 percent uptick in the prices of fish in NCR. This was however slower than the 3.6 percent increase last month. On the contrary, prices of fish in AONCR slightly decreased by 0.1 percent from 2.9 percent. Thus, the national index slipped to 0.3 percent from 3.0 percent.
Due to the bird flu scare, demand for chicken has slackened resulting to the piling up of its inventory. This mainly caused the 3.2 percent reduction in the prices of meat in NCR from 6.7 percent in the previous month. In AONCR, higher prices of pork and beef were offset by the downward adjustment in the price of chicken. Thus, the index in the area increased by 1.8 percent compared to the 5.1 percent in January. The national index also eased to 0.3 percent from 5.6 percent.
Decreases in the prices of mango, papaya and pineapple and selected vegetables pulled down the group’s index in the Philippines and AONCR by 2.0 percent and 2.8 percent from zero growth and 1.8 percent. On the contrary, add-ons in the prices of selected fruits and vegetables in NCR caused the group’s index to move up by 0.7 percent from -5.4 percent as higher prices of selected fruits and vegetables also went up in CAR, the vegetable producing region.
Increments in the prices of selected construction materials pushed up the H&R index in the Philippines and AONCR to 0.3 percent from 0.2 percent and in NCR, 0.5 percent from 0.3 percent.
The continued price hikes of LPG and kerosene along with higher electricity rates registered in many regions raised the FLW index in the Philippines and AONCR by 0.8 percent and 0.9 percent from 0.4 percent and 0.6 percent. Higher prices of LPG and kerosene in NCR also caused its index to increase by 0.5 percent from 0.3 percent.
Upward adjustments in the prices of gasoline, diesel, engine oil and medicines were still observed in February. Higher charges for selected personal, medical and dental services were also recorded during the month. All these factors contributed to a 0.3 percent increment in the services index in the Philippines and AONCR and 0.4 percent in NCR.
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: March 5, 2004
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