Summary Inflation Report Consumer Price Index (1994=100) : January 2004
Release Date: 05 February 2004
JANUARY 2004 AND DECEMBER 2003
|Year-on-Year Headline Inflation Rates, All Items|
|Year-on-Year Core Inflation Rates, Philippines|
Year-on-year headline inflation went up to 3.4 percent in January from 3.1 percent in December mainly due to the 0.9 percentage point increase in the rate of food, beverages and tobacco (FBT). Inflation a year ago was 2.7 percent.
Meanwhile, inflation rate in the National Capital Region (NCR) decelerated to 3.8 percent in January from 4.2 percent in December. This was primarily effected by the 5.4 percentage points slowdown (4.5 percent from 9.9 percent) in the inflation of fuel, light and water (FLW). Slower movements in the rates of clothing and services also contributed to the decline.
Inflation rate in Areas Outside the National Capital Region (AONCR) accelerated to 3.3 percent in January from 2.7 percent in December as inflation for FBT moved up.
Excluding food and energy items, core inflation rose to 3.6 percent in January from 3.4 percent in December.
|Month-on-Month Inflation Rates, All Items|
Month-on-month inflation picked up to 0.8 percent in January from 0.3 percent in December. This was brought about by the upward adjustments in the prices of selected food items such as rice, fish, meat, calamansi and cooking oil. Prices of selected construction materials, kerosene, LPG, charcoal, gasoline, diesel and medicines were still up during the month. Higher charges for selected personal and recreational services and higher rental rates in many regions including NCR also contributed to the uptrend.
CONSUMER PRICE INDEX
l By Region, Year-on-Year
The inflation rate in NCR slowed down by 0.4 percentage point to 3.8 percent in January from 4.2 percent in December.
Inflation in AONCR picked up to 3.3 percent in January to 2.7 percent in December as higher inflation rates were posted in all the regions except for Ilocos and Central Visayas. The biggest increase at 1.3 percentage points was noticed in Central Mindanao followed by Caraga at 1.2 percentage points. The highest rate was still registered in CAR at 7.1 percent while the lowest rate at 1.6 percent was still posted in Cagayan Valley.
l By Commodity Group, Year-on-Year
Inflation rate for FBT went up to 3.3 percent in January from 2.4 percent in December. However, inflation for H&R slid to 2.9 percent from 3.1 percent; FLW, 4.1 percent from 6.2 percent; and services, 5.1 percent from 5.5 percent. Inflation for clothing and miscellaneous items remained at 2.3 percent and 1.9 percent, respectively.
The inflation rate for food alone accelerated to 3.4 percent in January to 2.4 percent in December.
Higher rates were noted in the prices of rice, 0.6 percent in January from 0.1 percent in December; corn, 3.6 percent from 1.9 percent; dairy products, 5.3 percent from 5.2 percent; eggs, 2.9 percent from 1.4 percent; fish, 3.5 percent from 2.1 percent; meat, 10.2 percent from 4.5 percent; and miscellaneous foods, 1.8 percent from 1.7 percent. Meanwhile, inflation for cereal preparations and fruits and vegetables correspondingly decelerated to 3.7 percent and 3.5 percent from their respective last month’s rates of 3.8 percent and 4.1 percent.
In NCR, inflation for clothing eased to 3.3 percent in January from 3.5 percent in December; FLW, 4.5 percent from 9.9 percent; and services, 5.9 percent from 6.7 percent. On the other hand, inflation for FBT increased to 3.8 percent from 3.5 percent; H&R, 2.5 percent from 2.3 percent; and miscellaneous items, 2.4 percent from 2.3 percent.
The inflation rate for food alone in NCR picked up to 3.9 percent from 3.6 percent in December.
Higher rates were observed in the prices of corn, 5.8 percent in January from 4.9 percent in December; eggs, 4.9 percent from 1.5 percent; fish, 4.8 percent from 4.0 percent; meat, 16.2 percent from 8.8 percent; and miscellaneous foods, 1.2 percent from 0.9 percent. However, prices of cereal preparations and dairy products correspondingly slowed to 4.1 percent and 5.3 percent from their respective last month’s rates of 4.3 percent and 5.4 percent. Moreover, the price of rice dropped to -0.8 percent from 1.2 percent and fruits and vegetables, -3.0 percent from 3.8 percent.
In AONCR, inflation rate for FBT grew by 3.2 percent in January from 2.0 percent in December. Meanwhile, inflation for H&R slipped to 3.2 percent from 3.7 percent; FLW, 3.8 percent from 4.0 percent; services, 4.7 percent from 4.8 percent; and miscellaneous items, 1.7 percent from 1.8 percent. Inflation for clothing was still at 1.9 percent.
Inflation rate for food alone in AONCR advanced to 3.2 percent in January from 2.0 percent in December.
Inflation for rice increased to 0.8 percent in January from zero growth in December as eleven regions posted higher rates. The biggest jump was noted in Bicol at 4.0 percentage points followed by Southern Mindanao at 3.6 percentage points.
Inflation rate for corn went up to 3.5 percent in January from 1.9 percent in December; eggs, 2.2 percent from 1.4 percent; fish, 3.2 percent from 1.6 percent; and fruits and vegetables, 5.8 percent from 4.3 percent; meat, 7.7 percent from 2.7 percent. Inflation for cereal preparations, dairy products and miscellaneous foods remained at 3.6 percent, 5.2 percent and 2.1 percent, respectively.
l By Region, Month-on-Month
Prices in NCR climbed up to 0.7 percent in January from 0.5 percent in December. Prices of FBT items inched up by 1.1 percent from 1.0 percent; H&R items, 0.3 percent from 0.2 percent; and services items, 0.7 percent from zero growth. On the other hand, prices of FLW items improved to 0.3 percent from 0.7 percent while prices of clothing and miscellaneous items still moved at 0.1 percent.
Prices in AONCR rose to 0.9 percent in January from 0.2 percent in December mainly due to the 1.4 percent increment in the prices of FBT items from 0.2 percent. Prices of H&R items also went up to 0.2 percent from 0.1 percent. On the other hand, prices of FLW items slowed to 0.5 percent from 1.1 percent while prices of clothing and miscellaneous items still registered a 0.1 percent growth and services items, 0.2 percent. The highest month-on-month rate was observed in Central Luzon at 1.9 percent while Ilocos recorded zero growth, the lowest rate.
l By Commodity Group, Month-on-Month
The 1.3 percent uptick in the prices of FBT items in January from 0.4 percent in December pushed up the overall month-on-month inflation to 0.8 percent from 0.3 percent. In addition, prices of H&R and services items correspondingly picked up to 0.2 percent and 0.4 percent from 0.1 percent. Slower upward movement was however seen in the prices of FLW items, 0.4 percent from 0.9 percent while clothing and miscellaneous items still remained at 0.1 percent.
The continued tightness in the supply of chicken in the markets brought about by the decrease in production, increase in inputs of production and extremely high demand during the previous Christmas holidays significantly raised its price in January. These along with the bird flu scare subsequently resulted to high demand for pork as chicken substitute. Thus, its supply became insufficient. Increase in the price of liveweight pork brought about by prohibitive cost of feeds (soya bean, wheat and corn) were also noted during the month. All these factors contributed to the upward price movement of pork during the month. The price of beef was also retailed at higher prices. Thus, the meat index in the three areas moved up: Philippines, 5.6 percent from 1.5 percent; NCR, 6.7 percent from 3.5 percent; and AONCR, 5.1 percent from 0.6 percent.
The price of fish in the Philippines jumped by 3.0 percent from 0.8 percent; NCR, 3.6 percent from 3.0 percent; and AONCR, 2.9 percent from 0.3 percent. This was triggered by difficulty in catching fish that usually settle deep in the waters during the cold months.
The index of fruits and vegetables in NCR dropped by 5.4 percent from 0.3 percent as supply was sufficient in the wet markets. Negative rates were also noted in CAR, Ilocos and Cagayan Valley. On the other hand, prices of fruits and vegetables in the other regions were still up causing the index in AONCR to grow by 1.8 percent from 0.3 percent. These mixed price trends resulted to a zero growth in the national index from 0.3 percent.
Add-ons in the prices of cooking oil, calamansi and other miscellaneous foods pulled up the index of miscellaneous foods by 0.2 percent in the Philippines, 0.4 percent in NCR and 0.1 percent in AONCR. Higher prices of meals eaten outside the home in many regions including NCR also contributed to the uptrend.
The services index in the Philippines grew by 0.4 percent; NCR, 0.7 percent; and AONCR, 0.2 percent. This can be attributed to the uptick in the prices of medicines, gasoline and diesel. Higher charges for medical, dental, selected recreational and personal services were also noted during the month.
The continued upward adjustments in the prices of LPG, kerosene and charcoal pushed up the FLW index in the Philippines by 0.4 percent; NCR, 0.3 percent; and AONCR, 0.5 percent.
Add-ons in the prices of selected construction materials particularly common wire nails, cement, plywood and G.I sheets along with the higher rental rates posted in many regions raised the H&R index in the Philippines and AONCR by 0.2 percent and in NCR, 0.3 percent.
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: February 5, 2004
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