Summary Inflation Report Consumer Price Index (1994=100) : January 2002
Release Date: 05 February 2002
JANUARY 2002 AND DECEMBER 2001
|Inflation Rates, Philippines, All Items|
Year-on-year inflation further slowed down to 3.8 percent in January from 4.1 percent in December. This was effected by the continued deceleration in the inflation rates of food, beverages and tobacco (FBT), clothing, services and miscellaneous items. Inflation a year ago was 6.9 percent.
Similarly, inflation in the National Capital Region (NCR) slightly eased to 5.3 percent in January from 5.4 percent in December mainly brought about by the decline in the rate of FBT. Slower rates in clothing, services and miscellaneous items also contributed to the downtrend.
Inflation rate in Areas Outside the National Capital Region (AONCR) slipped to 3.2 percent in January from 3.5 percent in December as all the commodity groups except for clothing registered lower rates.
Month-on-month inflation slightly picked up to 0.4 percent in January from 0.3 percent in December. This was mainly due to the significant upward adjustment in the price of electricity and water in NCR and AONCR. Increases in the rates of clothing and housing and repairs (H&R) also contributed to the uptrend.
CONSUMER PRICE INDEX
>By Region, Year-on-Year
*The inflation rate for the National Capital Region (NCR) was registered at 5.3 percent in January from 5.4 percent in December.
*Inflation in Areas Outside the National Capital Region (AONCR) at 3.2 percent in January was slower than the 3.5 percent in December. Twelve regions posted lower inflation rates. The biggest decrease was seen in Ilocos at 1.2 percentage points followed by Cagayan at 0.8 percentage point. The lowest rate was still noted in Cagayan Valley at 1.0 percent while the highest rate at 5.2 percent was still in Eastern Visayas.
>By Commodity Group, Year-on-Year
The inflation rate for FBT decelerated to 1.8 percent in January from 2.3 percent in December; clothing, 2.8 percent from 2.9 percent; services, 5.7 percent from 6.1 percent; and miscellaneous items, 2.7 percent from 3.0 percent. On the other hand, H&R moved at its previous month’s rate of 6.5 percent while the rate of FLW rose to 10.8 percent from 9.0 percent.
The inflation rate for food alone further declined to 1.6 percent in January from 2.1 percent in December mainly brought about by the continued decreases in the prices of rice, corn, fruits and vegetables. The inflation rate of rice remained at –0.1 percent in January; corn, -1.7 percent in December from –2.4 percent in January; and fruits and vegetables, –6.0 percent from –4.9 percent in December. In addition, slower positive rates were observed in the prices of dairy products, 10.4 percent in January from 11.1 percent in December; eggs, 4.7 percent from 5.6 percent; fish, 3.4 percent from 4.4 percent; meat, 2.6 percent from 4.4 percent; and miscellaneous foods, 3.6 percent from 3.9 percent. However, inflation rate for cereal preparations slightly went up to 3.3 percent from 3.2 percent.
In NCR, inflation rate for FBT dropped by 1.8 percentage points; clothing, 0.5 percentage point; services, 0.2 percentage point; and miscellaneous items, 0.7 percentage point. On the other hand, H&R and FLW grew correspondingly by 0.9 percentage point and 7.5 percentage points.
The inflation rate for food alone in NCR at –0.7 percent in January was lower than the 1.2 percent registered in December. Negative rates were recorded in the price of corn, -3.1 percent in January from –10.8 percent in December; fish, -9.0 percent from –3.0 percent; and fruits and vegetables, -12.5 percent from –11.8 percent. Slower rates were also observed in the prices of dairy products, 11.6 percent from 12.8 percent, eggs, 3.9 percent from 7.6 percent; and miscellaneous foods, 5.1 percent from 6.6 percent. Faster rates were however noted in the prices of rice, 0.8 percent in January from 0.3 percent in December and cereal preparations, 3.4 percent from 3.2 percent. Meat prices appeared to be stable compared to their prices a year ago.
In AONCR, except for clothing whose rate remained at 2.4 percent, all the other commodity groups continued to move at slower rates. The rate for FBT slipped to 2.4 percent in January from 2.6 percent in December; H&R, 4.5 percent from 5.2 percent; FLW, 2.8 percent from 3.7 percent; services, 5.6 percent from 6.0 percent; and miscellaneous items, 2.9 percent from 3.0 percent.
Inflation rate of 2.3 percent for food alone slightly grew from its December rate of 2.4 percent.
The price of cereal preparations rose to 3.3 percent in January from 3.2 percent in December; fish, 6.5 percent from 6.1 percent; and miscellaneous foods, 3.1 percent from 2.8 percent. The price of eggs moved at its December rate of 4.9 percent. However, slower rates were observed in the prices of dairy products, 9.9 percent from 10.4 percent and meat, 3.7 percent from 5.2 percent. Declines were even noted in the prices of corn, -1.7 percent from –2.3 percent; and fruits and vegetables; -3.8 percent from –2.5 percent.
The price of rice at –0.1 percent was still down compared to last year’s prices. Seven regions posted lower rates. The biggest decline was in Central Visayas at 2.7 percentage points followed by Cagayan Valley at 0.9 percentage point.
>By Region, Month-on-Month
Prices in NCR went up to 0.8 percent in January from 0.5 percent in December mainly due to the higher rate in FLW at 6.8 percent from 1.4 percent last month. In addition, prices of clothing items also increased to 0.3 percent from 0.2 percent and H&R, 1.3 percent from 1.1 percent. On the other hand, the price of FBT decreased to –0.1 percent in January from 0.3 percent in December while the prices of services and miscellaneous items remained stable as they posted zero growth this month.
Prices in AONCR picked up to 0.4 percent in January from 0.1 percent in December. Prices of FBT went up to 0.5 percent in January from 0.3 percent in December; clothing and H&R, 0.4 percent from 0.1 percent; and miscellaneous items, 0.2 percent from 0.1 percent. The price of FLW further dropped to –0.2 percent in January from –0.1 percent in December while services remained stable as it still registered zero growth this month. The highest month-on-month rate was noted in ARMM at 0.8 percent while Ilocos and Southern Mindanao recorded zero growth, the lowest rate.
>By Commodity Group, Month-on-Month
A significant increase in the inflation rate of FLW to 2.3 percent in January from 0.4 percent in December pushed up the inflation rate to 0.4 percent in January from 0.3 percent in December. The rate of clothing rose to 0.3 percent from 0.1 percent and H&R, 0.7 percent from 0.5 percent. Slower upward movement was however seen in the price of miscellaneous items, 0.1 percent from 0.2 percent while FBT moved at its December rate of 0.3 percent. Services remained stable as it posted zero growth.
Prices of fish in NCR declined by 0.4 percent in January from 4.9 percent in December. Lower quotations were recorded in some fish species particularly shellfishes brought about by low consumer’s demand because of the occurrence of red tide during the month. However, prices of fish in AONCR went up to 2.0 percent from 0.9 percent triggered by difficulty in catching fish that usually settle deep in the waters during the cold months. Overall, the index increased to 1.5 percent in the Philippines.
Higher prices of garlic, coffee, calamansi and some food sauces caused the index of miscellaneous foods to grow by 0.2 percent in the Philippines, 0.1 percent in NCR and 0.3 percent in AONCR. In addition, meals eaten outside the home were priced higher during the month in many regions.
Prices of eggs went up by 1.8 percent in January from –0.4 percent in December in the Philippines; 5.8 percent from –2.2 percent in NCR; and 0.5 percent from 0.1 percent in AONCR.
The slowing down of trading after the traditional New Year’s peak brought down prices of fruits (from unsold stocks) at the fruit stands in NCR. Abundant supply of vegetables in the markets also pushed down the prices of these items. Thus, the fruits and vegetables index in the Philippines and NCR correspondingly declined to –0.3 percent and –3.0 percent in January from their respective December rates of 0.4 percent and –1.4 percent. In AONCR, the increase in the group’s index at 0.6 percent was lower than the 1.0 percent in December.
Price add-ons in flour and biscuits raised the index of cereal preparations in the three areas by 0.4 percent.
Sufficient supply of chicken in NCR markets resulted to a 0.2 percent drop in the meat’s index in the area. A 0.4 percent increase was observed in the index in AONCR as chicken and pork prices were up in many regions. Thus, the national index for eggs inched up by 0.1 percent.
*Higher prices of some construction materials like cement, lumber and paints along with rental rates in many regions including NCR were noted. The H&R index advanced by 0.7 percent in the Philippines, 1.3 percent in NCR and 0.4 percent in AONCR from their corresponding December rates of 0.5 percent, 1.1 percent and 0.1 percent.
*The FLW index in NCR rose by 6.8 percent due to higher purchased power adjustment (PPA) for electricity along with higher water rate. Meanwhile, the index in AONCR further declined to –0.2 percent as prices of LPG and kerosene were still on the downtrend. These resulted to a 2.3 percent increment in the group’s index for the Philippines.
*The miscellaneous items index for NCR remained stable as it recorded zero growth in January from 0.2 percent in December. On the other hand, the group’s index in AONCR slightly moved up to 0.2 percent from 0.1 percent as prices of some items for personal care were higher during the month. Overall, the rate for the national index at 0.1 percent was slower than the 0.2 percent posted in December.
Second phase survey results from the following provinces were not received as of February 4, 2002:
3. Lanao del Sur
NOTE: Revisions in the inflation figures were due to the new water rates in NCR which were not reflected since January 2001.
INFLATION RATES, ALL ITEMS : 2001
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