Summary Inflation Report Consumer Price Index (1994=100) : June 2003
Release Date: 04 July 2003
JUNE AND MAY 2003
|Inflation Rates, Philippines, All Items|
Year-on-year inflation increased to 3.4 percent in June from 2.7 percent in May mainly brought about by a 0.9 percentage point increment in the inflation rate of food, beverages and tobacco (FBT). Higher inflation rates of clothing, fuel, light and water (FLW) and miscellaneous items also contributed to the upward movement. Inflation a year ago was 2.9 percent.
Similarly, inflation rate in the National Capital Region (NCR) significantly went up by 2.0 percentage points to 4.5 percent in June from 2.5 percent in May as the inflation rates for all the commodity groups except for housing and repairs (H&R) and services items moved up.
Inflation rate in Areas Outside the National Capital Region (AONCR) slightly picked up to 3.0 percent in June from 2.9 percent in May due to the uptick in the inflation rates of FBT and clothing items.
Month-on-month inflation rose to 0.9 percent in June from 0.1 percent in May due to the upward adjustments in the prices of food items particularly fish, fruits, vegetables and meat. Higher prices of clothing items, selected construction materials, medicines and selected school supplies along with tuition fee hikes posted in many regions also contributed to the uptrend. Higher charges for electricity consumptions in NCR were also noted during the month.
CONSUMER PRICE INDEX
> By Region, Year-on-Year
The inflation rate in NCR significantly jumped by 2.0 percentage points to 4.5 percent in June from 2.5 percent in May.
Inflation in AONCR slightly accelerated to 3.0 percent in June from 2.9 percent in May. Only six regions posted higher inflation rates. The biggest increase at 1.2 percentage points were recorded in ARMM followed by Central Luzon at 0.7 percentage point. The highest rate was still observed in Northern Mindanao at 5.4 percent while the lowest rate at 1.9 percent was registered in Cagayan Valley.
> By Commodity Group, Year-on-Year
Inflation rate for FBT picked up to 2.7 percent in June from 1.8 percent in May; clothing, 2.3 percent from 1.9 percent; FLW, 7.8 percent from 3.0 percent; and miscellaneous items, 1.8 percent from 1.7 percent. Meanwhile, inflation for H&R slightly slowed to 2.6 percent from 2.7 percent and services, 5.6 percent from 6.2 percent.
The inflation rate for food alone rose to 2.9 percent in June from 1.8 percent in May. Higher rates were seen in the prices of corn, 1.0 percent from 0.1 percent; cereal preparations, 4.6 percent from 4.5 percent; eggs, 0.8 percent from 0.2 percent, fish, 2.1 percent from 0.8 percent; and fruits and vegetables, 6.6 percent from 0.4 percent. On the other hand, the price of rice decelerated to 3.5 percent from 3.7 percent while prices for dairy products and miscellaneous foods moved at their respective last month's rates of 3.2 percent and 2.2 percent. Inflation for meat was zero from 0.6 percent.
In NCR, inflation rate for FLW significantly moved up to 18.1 percent from 1.6 percent. Moreover, inflation for FBT increased to 3.5 percent in June from 1.3 percent in May; clothing, 3.2 percent from 2.3 percent; and miscellaneous items, 2.2 percent from 1.5 percent. However, inflation for H&R and services correspondingly slid to 1.2 percent and 6.6 percent from their respective May rates of 1.3 percent and 7.5 percent.
The inflation rate for food alone in NCR went up to 3.6 percent in June from 1.3 percent in May. Higher rates were noticed in the prices of rice, 3.5 percent from 3.2 percent; cereal preparations, 6.4 percent from 6.2 percent; fish, 1.0 percent from -1.4 percent; fruits and vegetables, 11.7 percent from -1.3 percent; and miscellaneous foods, 3.0 percent from 2.9 percent. Prices of corn and dairy products still moved at their previous month's rate of 5.2 percent and 4.1 percent, respectively. Prices of eggs and meat still registered a negative rate of 0.1 percent from their corresponding last month's rates of -1.3 percent and -1.6 percent.
In AONCR, inflation rates for FBT and clothing correspondingly grew by 2.5 percent and 2.0 percent in June from their respective May rates of 1.9 percent and 1.8 percent. On the other hand, inflation rate for H&R eased to 3.5 percent from 3.8 percent; FLW, 2.3 percent from 3.9 percent; and services, 5.1 percent from 5.6 percent. Miscellaneous items maintained its last month's rate of 1.8 percent.
Inflation rate for food alone advanced to 2.6 percent in June from 1.9 percent in May.
The price of corn picked up to 0.9 percent in June from 0.1 percent in May; cereal preparations, 3.9 percent from 3.8 percent; dairy products, 2.9 percent from 2.8 percent; eggs, 1.1 percent from 0.7 percent; fish, 2.4 percent from 1.2 percent; fruits and vegetables, 5.0 percent from 0.9 percent; and meat, 0.1 percent from 0.1 percent.
The price of rice increased by 3.5 percent in June from 3.7 percent in May as eight regions registered lower rates. The biggest decline was in ARMM at 1.5 percentage points followed by Cagayan Valley at 1.4 percentage points.
The price of miscellaneous foods also slightly slowed to 1.8 percent from 1.9 percent.
> By Region, Month-on-Month
Prices in NCR climbed by 1.3 percent in June from 0.1 percent in May. Except for H&R items whose prices moved at a slower rate of 0.1 percent from 0.2 percent, all the other commodity groups recorded higher rates. Prices of FBT items went up to 1.6 percent from 0.7 percent; clothing items, 1.0 percent from 0.1 percent; FLW items, 1.2 percent from 2.6 percent; services items, 2.5 percent from 0.1 percent; and miscellaneous items, 0.7 percent from zero growth.
Prices in AONCR grew to 0.7 percent in June from 0.2 percent in May. Prices of FBT and services items correspondingly increased to 0.8 percent and 1.7 percent from 0.2 percent and clothing items, 0.4 percent from 0.1 percent. H&R and miscellaneous items retained their May rate of 0.2 percent while prices of FLW items further dropped to 1.0 percent from 0.8 percent. The highest month-on-month rate was registered in Central Luzon at 1.3 percent while Eastern Visayas posted the lowest rate at 0.1 percent.
> By Commodity Group, Month-on-Month
An increment of 1.0 percent in the prices of FBT items in June from 0.3 percent in May pushed up the month-on-month inflation rate to 0.9 percent in June from 0.1 percent in May. In addition, prices of clothing, services and miscellaneous items correspondingly accelerated to 0.6 percent, 2.0 percent and 0.3 percent from 0.1 percent. A negative rate was still noted in the prices of FLW items at 0.2 percent from 1.5 percent while price increments in H&R items remained at 0.2 percent.
The heavy rains and floods caused by typhoons Chedeng, Dodong, and Egay during the month caused insufficient supply of vegetables in the markets. Higher prices of fruits were also noted during the month. Prices of fruits and vegetables in the Philippines advanced by 5.5 percent from 0.8 percent; NCR, 8.6 percent from 3.4 percent; and AONCR, 4.5 percent from 0.1 percent.
Likewise, lower supply of marine fishes in the market brought about by the three typhoons that hit the country in June raised prices of fish in NCR by 2.7 percent from 0.5 percent and AONCR, 1.0 percent from 0.1 percent. Overall, prices of fish picked up to 1.3 percent from 0.2 percent.
Bigger demand for meat due to the opening of classes in the country further pulled up the group's index in the three areas: Philippines, 0.7 percent from 0.3 percent; NCR, 1.5 percent from 0.9 percent; and AONCR, 0.4 percent from 0.1 percent.
Slower price movements in the price of rice were recorded in the Philippines and AONCR at 0.3 percent from their respective May rates of 0.7 percent and 0.8 percent. However, its price was up in NCR by 0.1 percent from 0.1 percent as supply of rice in the markets became low.
Tuition fee hikes in many regions including the NCR were noticed during the month. Price add-ons in selected school supplies, medicines and some medical and health goods along with the higher charges for personal services in some regions were also observed. All these contributed to the mark-ups in the services index in the Philippines at 2.0 percent; NCR, 2.5 percent; and AONCR, 1.7 percent.
The H&R index inched up by 0.2 percent in the Philippines and AONCR and 0.1 percent in NCR. This was attributed to higher prices of some construction materials like cement, lumber, plywood and G.I. sheets and higher rental rates in NCR.
The opening of classes in June resulted to higher demand of footwear and clothing items. Thus, the index for clothing gained 0.6 percent in the Philippines, 1.0 percent in NCR and 0.4 percent in AONCR.
Revisions on charges for electricity rates in NCR from January 1994 to May 2003 based on the revised MERALCO rates (implementation of refunds) were reflected in the computation of the FLW indices in NCR and Philippines.
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