Summary Inflation Report Consumer Price Index (1994=100) : March 2000
Release Date: 05 April 2000
|Inflation Rates, Philippines, All Items|
- Year-on-year inflation rate picked up to 3.3 percent in March from 3.0 percent in February. Inflation rate a year ago was 8.7 percent.
- Compared to March last year, higher prices of items in all commodity groups especially services and housing and repairs contributed to the increase in the inflation rate.
- Month-on-month inflation in services and fuel, light and water was tempered by the general decline in food resulting to a minimal 0.1 percent increase in March.
CONSUMER PRICE INDEX
> By Commodity Group, Year-on-Year
* The rates for food, beverages and tobacco (FBT) increased to 0.7 percent in March from 0.2 percent in February; and fuel, light and water (FLW), to 9.2 percent from 9.0 percent. On the other hand, the rates for clothing slowed down to 2.3 percent from 2.4 percent; housing and repairs (H&R), 5.9 percent from 6.8 percent; and miscellaneous items, -1.0 percent from 0.4 percent. Meanwhile, inflation in services proceeded at the February rate of 11.4 percent.
- The inflation rate for food alone moved up to 0.3 percent in March from 0.6 percent in February. Less slow rates were posted in the indexes of rice, -0.5 percent from 1.3 percent; fruits and vegetables, -3.9 percent from 10.6 percent; and miscellaneous foods, -0.1 percent from 0.5 percent. However, slower rates were seen in the indexes of corn, 10.2 percent from 12.0 percent; cereal preparations, 2.0 percent from 2.2 percent; eggs, -2.6 percent from 2.0 percent; fish, 5.1 percent from 5.8 percent; and meat, -1.1 percent from 0.7 percent. Prices of dairy products continued at its February rate of 1.4 percent.
* Similarly, in Metro Manila (MM), the rates for FBT and FLW were higher by 1.6 percentage points and 0.8 percentage point, respectively. On the other hand, the rates for clothing were slower by 0.6 percentage points; H&R, 0.7 percentage point; services, 0.1 percentage point; and miscellaneous items, 2.0 percentage points
- The inflation rate for food alone in MM ticked up at a rate of 0.4 percent in March from 2.2 percent in February. Higher rates were posted in the prices of rice, 0.7 percent from -0.1 percent; fish, 6.7 percent from 4.6 percent; fruits and vegetables, -5.4 percent from 14.1 percent; and meat, -5.6 percent from 5.7 percent. However, slower rates were noted in the prices of corn, 25.7 percent from 30.4 percent; cereal preparations, 0.4 percent from 0.6 percent; eggs, -10.9 percent from 9.6 percent; and miscellaneous foods, 1.3 percent from 1.4 percent. Prices of dairy products continued at its rate of 2.3 percent in February.
* For areas outside Metro Manila (AOMM), the rates for FBT and services correspondingly increased by 0.7 percentage point and 0.1 percentage point. On the other hand, the rates for H&R were slower by 0.9 percentage point; FLW and miscellaneous items, by 0.1 percentage point. The rate for clothing continued at 2.7 percent.
- The inflation rate for food alone went up to 0.6 percent in March from 0.1 percent in February.
- The inflation rate for rice was 0.7 percent in March, less slow from 1.4 percent in February. Twelve regions posted higher rates, the biggest increase was still in Central Visayas at 3.5 percentage points.
- The inflation rates for dairy products rose to 1.1 percent in March from 1.0 percent last month; fruits and vegetables, -3.4 percent from 9.4 percent; and miscellaneous foods, -0.6 percent from 1.2 percent. Lower rates were recorded in the prices of corn, 10.0 percent from 11.7 percent; cereal preparations, 2.6 percent from 2.9 percent; eggs, 0.2 percent from 0.5 percent; fish, 4.6 percent from 6.1 percent; and meat, 1.0 percent from 1.5 percent.
> By Region, Year-on-Year
* The inflation rate for Metro Manila increased to 3.2 percent in March from 2.8 percent in February. This was the highest in the area since October last year.
* Inflation in AOMM went up to 3.4 percent in March from 3.1 percent a month earlier. Nine regions posted higher inflation rates. The biggest increment was registered in ARMM at 1.1 percentage points followed by Ilocos at 0.9 percentage point. ARMM still recorded the highest rate at 9.4 percent while the lowest was in Ilocos at 1.0 percent.
> By Commodity Group, Month-on-Month
* Growth rates in all other commodity groups decelerated in March except for the FLW index which continued at its February rate of 0.6 percent and the clothing index whose rate picked up to 0.2 percent from 0.1 percent. FBT slowed to 0.1 percent from 0.3 percent; H&R, 0.2 percent from 0.5 percent; services, 0.4 percent from 0.5 percent; and miscellaneous items, 0.1 percent from 0.3 percent.
- The price of rice moved up to 0.8 percent in March from 0.7 percent the previous month. Higher month-on month rates were registered in seven regions. The highest rate was in Caraga at 3.0 percent while Central Luzon recorded the lowest rate at 0.1 percent.
- Prices of corn in AOMM went up at a slower rate of 0.7 percent in March from 2.0 percent in February. However, in MM its price declined to 4.1 percent from 4.9 percent last month.
- Prices of cereal preparations in AOMM slowed down to 0.1 percent from 0.3 percent. In MM, prices increased to 0.2 percent from zero growth as flour, bread, biscuits and oats were priced higher during the month.
- Prices of dairy products in AOMM rose to 0.1 percent from zero growth as prices of powdered milk and ice cream increased during the month. In MM, the rate slowed to 0.2 percent from 0.3 percent in February.
- Prices of eggs posted negative rates during the month: -0.9 percent from -1.6 percent in MM; 0.1 percent from zero growth in AOMM; and -0.3 percent from 0.4 percent in the Philippines .
- Fish prices in MM rose to 2.7 percent in March from 5.6 percent last month. In AOMM, it declined to 1.1 percent from 1.2 percent as supply was abundant brought about by favorable weather. This resulted to a 0.4 percent drop in the overall index.
- Sufficient supplies of vegetables, particularly those coming from the highlands, coupled with weak demand caused the fruits and vegetables index to decrease to -2.2 percent in AOMM and to 2.5 percent in MM from their corresponding February rates of -1.0 percent and 4.6 percent. Lower prices of banana, pineapple and mango also contributed to the slowdown in the index.
- The proliferation of imported chicken in the markets pulled down the index of meat to -0.5 percent in MM; 0.2 percent in AOMM and -0.3 percent in the Philippines.
- Prices of miscellaneous foods remained stable as zero growths were posted this month.
- In AOMM, prices of meals eaten outside slowed down to 0.2 percent from 0.4 percent last month while MM posted a zero growth.
* The FLW index in MM went up to 1.2 percent from 0.8 percent last month. In AOMM, the index registered a 0.4 percent increase, slower than 0.6 percent in February. This resulted to a 0.6 percent increase in the national index, which was the same rate posted last month. Increases in the prices of LPG, kerosene, charcoal, and firewood along with the higher rates for electricity and water consumption in many regions and higher purchased power adjustment (PPA) rates for electricity in MM effected the increase.
* The services index for the whole country went up to 0.4 percent in March. Increases were brought about by higher prices of gasoline, diesel oil, engine oil, and medicines along with higher medical charges, wages of domestic helper and other services.
* The H&R index rose to 0.2 percent this month. The increase was due to higher prices of some construction materials like cement, plywood, common wire nails and brass faucet along with higher rental rates in some regions.
* The clothing index in the AOMM increased to 0.2 percent in March from 0.1 percent last month while in MM, the index moved at the February rate of 0.1 percent. This was caused by the increases in the prices of footwear, ready-made apparel (T-shirt, duster, blouse, socks and underwear) and textile fabrics.
* Prices of miscellaneous items went down to 0.3 percent from 0.2 percent in MM while it moved at the February rate of 0.3 percent in AOMM. Overall, prices moved up by 0.1 percent.
> By Region, Month-on-Month
* Prices in MM moved at 0.2 percent in March, slower than 0.3 percent posted in February. The rate for H&R was slower by 0.6 percentage point along with services, 0.1 percentage point and miscellaneous items, 0.5 percentage point. On the other hand, FBT and FLW rates were higher by 0.2 percentage point and 0.4 percentage point, respectively. The clothing index remained at its February rate of 0.1 percent.
* Prices in AOMM remained stable posting zero growth this month from 0.3 percent last month. Slower rates were seen in the prices of FBT, -0.2 percent in March from 0.3 percent in February; H&R, 0.2 percent from 0.3 percent; FLW, 0.4 percent from 0.6 percent; and services, 0.4 percent from 0.5 percent. Meanwhile, inflation for clothing was higher at 0.2 percent from 0.1 percent while miscellaneous items remained at its February rate of 0.3 percent. Compared to last month, twelve regions recorded lower rates. The lowest rate was registered in Western Mindanao at 0.3 percent while the highest was in Caraga at 0.7 percent.
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