Summary Inflation Report Consumer Price Index (1994=100) : January 2003
Release Date: 05 February 2003
JANUARY 2003 AND DECEMBER 2002
|Inflation Rates, Philippines, All Items|
Year-on-year inflation slightly went up to 2.7 percent in January from 2.6 percent in December mainly due to the higher inflation posted in the services index. Inflation a year ago was 3.8 percent.
Likewise, inflation rate in the National Capital Region (NCR) accelerated by 0.3 percentage point to 3.2 percent in January from 2.9 percent in December. Uptrends in the inflation of food, beverages and tobacco (FBT) and services brought about the increase.
Inflation rate in Areas Outside the National Capital Region (AONCR) improved to 2.4 percent in January from 2.6 percent in December as the inflation in FBT, clothing, housing and repairs (H&R) and miscellaneous items slowed down.
Month-on-month inflation slightly picked up to 0.5 percent in January from 0.4 percent in December. This was effected by the increments in the prices of LPG and kerosene along with higher purchased power adjustment (PPA) and currency exchange rate adjustment (CERA) for electricity in NCR. Higher basic water rates in NCR and some provinces also contributed to the upward movements.
CONSUMER PRICE INDEX
> By Region, Year-on-Year
The inflation rate in the National Capital Region (NCR) rose by 0.3 percentage point to 3.2 percent in January from 2.9 percent in December.
Meanwhile, inflation in Areas Outside the National Capital Region (AONCR) decelerated to 2.4 percent in January from 2.6 percent in December. Eleven regions registered lower rates. The biggest decrease was noted in ARMM at 0.8 percentage point. The lowest rate was still recorded in Cagayan Valley at 1.1 percent while the highest rate was still in Northern Mindanao at 4.3 percent.
> By Commodity Group, Year-on-Year
The inflation rate for services increased to 6.3 percent in January from 5.5 percent in December. However, inflation for clothing and H&R correspondingly slowed down to 2.2 percent and 2.9 percent from their respective December rates of 2.4 percent and 3.6 percent. The rates for FBT and miscellaneous items were still at 1.6 percent and fuel, light and water (FLW), 2.6 percent.
The inflation rate for food alone remained at 1.6 percent in January. Higher rates were seen in the prices of cereal preparations, 3.9 percent in January from 3.8 percent in December and fish, 1.5 percent from 1.4 percent. Moreover, a faster rate was posted in the price of fruits and vegetables, -0.2 percent from -1.1 percent. However, these were tempered by lower rates noticed in the prices of corn, 3.7 percent in January from 4.3 percent in December; eggs, -0.9 percent from 0.9 percent; and meat, -1.5 percent from -1.4 percent. Inflation for rice and dairy products moved at their respective December rates of 3.2 percent and 1.7 percent.
In NCR, inflation rates for FBT and services correspondingly advanced to 2.8 percent and 7.5 percent in January from their respective December rates of 1.8 percent and 5.9 percent. Meanwhile, inflation for clothing slightly eased to 2.3 percent in January from 2.4 percent in December; H&R, 1.7 percent from 2.9 percent; and FLW, 2.1 percent from 3.6 percent while miscellaneous group maintained its December rate of 0.9 percent.
The inflation rate for food alone in NCR grew to 2.8 percent in January from 1.7 percent in December. Higher rates were observed in the prices of rice, 3.9 percent in January from 2.1 percent in December; fish, 1.6 percent from -1.5 percent; and fruits and vegetables, 11.1 percent from 6.4 percent. In addition, a faster rate was also noted in the price of meat, -3.5 percent in January from -3.6 percent. On the other hand, the inflation rates for cereal preparations slid to 5.7 percent in January from 5.8 percent in December and dairy products, 2.8 percent from 3.1 percent. While inflation for miscellaneous foods was still at 3.1 percent, inflation for corn further declined to -7.9 percent from -4.8 percent and eggs, -4.0 percent from 1.4 percent.
In AONCR, the inflation rate for FBT slowed to 1.3 percent in January from 1.6 percent in December; clothing, 2.1 percent from 2.3 percent; H&R, 3.6 percent from 4.0 percent; and miscellaneous items, 1.8 percent from 1.9 percent. Meanwhile, inflation for FLW and services correspondingly increased to 3.0 percent and 5.6 percent in January from their respective December rates of 2.1 percent and 5.4 percent.
Inflation rate for food alone slipped to 1.2 percent in January from 1.6 percent in December.
Prices of fruits and vegetables further decreased to -3.7 percent in January from -3.5 percent in December and meat, -0.6 percent from -0.4 percent. In addition, slowdowns were posted in the prices of corn, 4.0 percent in January from 4.4 percent in December; eggs, 0.2 percent from 0.7 percent; fish, 1.5 percent from 2.1 percent; and miscellaneous foods, 2.1 percent from 2.2 percent.
While positive rates were still noted in the inflation of rice, its price continued to slowdown to 3.1 percent in January from 3.4 percent in December as eleven regions registered lower rates. The biggest slowdown at 4.1 percentage points was recorded in Western Mindanao followed by CAR at 3.1 percentage points.
However, the price of dairy products slightly picked up to 1.2 percent in January from 1.1 percent in December.
> By Region, Month-on-Month
The month-on-month inflation in NCR decelerated to 1.1 percent in January from 1.3 percent in December as the general movements in the prices of FBT items went down to 0.8 percent this month from 2.5 percent last month. In addition, prices of clothing items moved by 0.2 percent from 0.3 percent in December and prices of miscellaneous items remained stable during the month. Meanwhile, the price of H&R items slightly accelerated to 0.1 percent in January from zero growth in December; FLW items, 5.3 percent from 3.7 percent; and services items, 1.5 percent from 0.2 percent.
Prices in AONCR generally went up by 0.3 percent in January from 0.1 percent in December. Higher rates were noted in the prices of FBT items, 0.3 percent in January from -0.1 percent in December; H&R items, 0.6 percent from 0.2 percent; FLW items, 0.7 percent from 0.4 percent; and miscellaneous items, 0.2 percent from 0.1 percent. On the contrary, prices of clothing items and services items correspondingly eased to 0.1 percent and 0.3 percent from their respective December rates of 0.3 percent and 0.4 percent. The highest month-on-month rate was observed in Central Luzon at 1.0 percent while the lowest rate at -0.1 percent was seen in Cagayan Valley, Bicol and Central Mindanao.>
> By Commodity Group, Month-on-Month
Higher rates posted in the prices of H&R items, FLW items and services items slightly raised the overall month-on-month inflation rate to 0.5 percent in January from 0.4 percent in December. Prices of H&R items advanced to 0.4 percent in January from 0.2 percent in December; FLW items, 2.3 percent from 1.6 percent; and services items, 0.7 percent from 0.3 percent. Slower rates were however noted in the prices of FBT items, 0.4 percent from 0.5 percent; clothing items, 0.1 percent from 0.3 percent; and miscellaneous items, 0.1 percent from 0.2 percent.
Movements in the prices of fish in NCR at 2.8 percent in January were slower than the 6.8 percent recorded in December brought about by the abundant supply of brackish fish species. However, prices of fish in AONCR gained 1.3 percent in January from 0.5 percent last month triggered by difficulty in catching fish species that usually settle deep in the water during the cold months.
Prices of fruits and vegetables in NCR improved after the holiday's usual upsurge. The indices for the area and in the Philippines thus, slowed down to 1.2 percent and 0.6 percent, respectively in January from their corresponding last month's rates of 6.7 percent and 1.6 percent. However, the index for AONCR rose by 0.4 percent from -0.1 percent last month.
The continued increases in the prices of bread, flour, biscuits and noodles caused the indices for cereal preparations to grow by 0.5 percent in the Philippines, 0.3 percent in NCR and 0.6 percent in AONCR.
Prices of cooking oil, spices and seasonings were still on the uptrend. These pulled up the miscellaneous indices in the three areas by 0.1 percent.
The uptick in the prices of milk and milk products continued to raise the indices of dairy products in the Philippines and NCR by 0.2 percent and in AONCR by 0.3 percent.
Higher prices of chicken and pork raised the meat index in AONCR by 0.2 percent in January from -0.1 percent in December. On the other hand, the meat index in NCR went down by 0.1 percent as lower prices of chicken, pork and beef were observed during the month. The national index posted a 0.1 percent increase in January from -0.1 percent last month.
The rice index continued to register a negative rate in AONCR with sufficient supply of rice in many regions. Meanwhile, the price of rice in NCR grew by 2.0 percent from -0.5 percent last month. The offsetting trends in these areas effected a stable movement in the national index for rice as it recorded a zero growth in January from -0.4 percent in December.
Increments in the prices of diesel, gasoline, lubricating oil, medicines and some medical and health goods pushed up the services index in the Philippines by 0.7 percent; NCR, 1.5 percent and in AONCR, by 0.3 percent. Higher charges for hospital, medical, dental and some personal services also contributed to the uptrend.
Higher basic water rate and increases in the purchased power adjustment (PPA) and currency exchange rate adjustment (CERA) for electricity in NCR along with the upward adjustments in the prices of LPG and kerosene significantly raised the FLW index in the area by 5.3 percent in January from 3.7 percent in December. Likewise, the index in AONCR rose by 0.7 percent as prices of LPG, kerosene and water rates in some provinces were also up during the month. Thus, the national index moved up by 2.3 percent in January from 1.6 percent last month.
Prices of selected construction materials and higher rental rates in NCR and selected regions pushed up the H&R indices in the three areas: Philippines, 0.4 percent in January from 0.2 percent in December; NCR, 0.1 percent from zero growth and in AONCR, 0.6 percent from 0.2 percent.
The following survey results were not received as of February 4, 2003:
1. Aklan - 2nd phase
2. Sulu - 1st and 2nd phases
3. Lanao del Sur - 2nd phase
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