Summary Inflation Report Consumer Price Index (1994=100) : March 2002
Release Date: 05 April 2002
MARCH AND FEBRUARY 2002
|Inflation Rates, Philippines, All Items|
Year-on-year inflation went up to 3.6 percent in March from 3.4 percent in February. This was mainly due to the increase in the rate of food, beverages and tobacco (FBT) at 2.5 percent from its previous month's rate of 1.7 percent. Inflation a year ago was 6.7 percent.
Similarly, inflation in the National Capital Region (NCR) picked up to 5.1 percent in March from 4.6 percent in February brought about by 1.9 percentage points increment in the inflation rate of FBT.
Inflation rate in Areas Outside the National Capital Region (AONCR) slightly moved up by 0.2 percentage point at 3.0 percent in March from 2.8 percent in February as FBT, clothing and housing and repairs (H&R) recorded higher rates.
Month-on-month inflation rose by 0.5 percentage point at 0.3 percent in March from 0.2 percent in February primarily due to the significant increases in the prices of fruits and vegetables in NCR. This was also effected by the increments in the prices of corn in AONCR along with higher rental rates in many regions.
CONSUMER PRICE INDEX
>By Region, Year-on-Year
*The inflation rate for the National Capital Region (NCR) at 5.1 percent in March was higher than the 4.6 percent posted in February.
*Inflation in Areas Outside the National Capital Region (AONCR) climbed to 3.0 percent in March from 2.8 percent in February. Ten regions registered higher inflation rates. The biggest increase at 0.7 percentage point was noted in Ilocos followed by Cagayan Valley, Southern Tagalog, Bicol, Central Visayas and Central Mindanao at 0.5 percentage point. The highest rate was still observed in Eastern Visayas at 4.4 percent while the lowest rate at 1.3 percent was still recorded in Cagayan Valley.
>By Commodity Group, Year-on-Year
The inflation rate for FBT at 2.5 percent in March was higher by 0.8 percentage point from 1.7 percent in February. Meanwhile, the inflation rate for H&R slowed down to 5.3 percent in March from 5.5 percent in February; fuel, light and water (FLW), 8.3 percent from 9.0 percent; services, 5.0 percent from 5.1 percent; and miscellaneous items, 2.2 percent from 2.3 percent. Inflation for clothing remained at 2.8 percent.
The inflation rate for food alone moved up to 2.3 percent in March from 1.5 percent in February. Faster rates were registered in the prices of rice, 0.5 percent in March from 0.3 percent in February; corn, 0.3 percent from -0.3 percent; eggs, 5.9 percent from 5.1 percent; and fish, 4.9 percent from 3.9 percent. Slower rates were however, seen in the prices of cereal preparations, 3.1 percent from 3.2 percent; dairy products, 6.8 percent from 7.7 percent; meat, 1.2 percent from 1.8 percent. The price of miscellaneous foods moved at its February rate of 3.2 percent. Prices of fruits and vegetables were still on the decline at -0.2 percent.
In NCR, the inflation rates for FBT and clothing correspondingly rose by 1.9 percentage points and 0.2 percentage point. On the other hand, the rate for H&R decreased by 1.1 percentage points; FLW, 0.8 percentage point; and miscellaneous items, 0.2 percentage point. Services retained its February rate of 4.6 percent.
The inflation rate for food alone was up by 2.1 percentage points at 2.0 percent in March from 0.1 percent in February. Faster rates were recorded in the prices of cereal preparations, 3.8 percent in March from 3.7 percent in February; eggs, 9.7 percent from 5.6 percent; and fruits and vegetables, 2.6 percent from -9.3 percent. On the other hand, price reductions were observed in corn, -3.7 percent from 7.0 percent; fish, -0.7 percent from 5.6 percent; and meat, -1.4 percent from 0.4 percent while a slower rate was seen in dairy products, 7.9 percent from 8.8 percent. Prices of rice and miscellaneous foods maintained their respective February rates of 0.3 percent and 3.9 percent.
In AONCR, inflation rate for FBT advanced to 2.5 percent in March from 2.1 percent in February; clothing, 2.4 percent from 2.3 percent; and H&R, 4.1 percent from 3.8 percent. The rates for FLW and services correspondingly slid to 1.5 percent and 5.1 percent in March from their respective February rates of 2.2 percent and 5.3 percent. The index of miscellaneous items moved at its February rate of 2.5 percent.
Inflation rate for food alone picked up to 2.4 percent in March from 1.9 percent in February.
The price of rice gained by 0.5 percent in March from 0.3 percent in February as eleven regions posted higher rates. The biggest increase was observed in Central Visayas at 2.5 percentage points followed by Ilocos at 1.8 percentage points.
The price of corn increased by 0.4 percent from -0.5 percent in February. However, slowdowns were noticed in the prices of cereal preparations and miscellaneous foods, 2.8 percent in March from 2.9 percent in February; dairy products, 6.4 percent from 7.3 percent; eggs, 4.7 percent from 4.9 percent; fish, 6.1 percent from 6.2 percent; and meat, 2.3 percent from 2.8 percent. Fruits and vegetables prices continued to post a negative rate.
>By Region, Month-on-Month
An increase of 1.2 percent in the prices of FBT raised the month-on-month inflation rate in NCR to 0.6 percent in March from 0.2 percent in February. Higher rates of FLW and miscellaneous items also contributed to the upward movement of the inflation rate. The rate of FLW went up to 0.6 percent in March from 0.3 percent in February and miscellaneous items, 0.1 percent from zero growth. Meanwhile, prices of clothing items and H&R eased to 0.2 percent in March from 0.5 percent in February and services, 0.1 percent from 0.2 percent.
Prices in AONCR rose by 0.2 percent in March from 0.2 percent in February. This was due to the increments in the prices of H&R by 0.9 percent in March from 0.2 percent in February; FLW, 0.4 percent from 0.1 percent; and clothing, 0.3 percent from 0.2 percent. A lower rate was however, registered in the services items, 0.1 percent from 0.2 percent while miscellaneous items retained its February rate of 0.2 percent. The price of FBT remained stable as it posted zero growth this month from -0.5 percent last month. The highest month-on-month rate was posted in Southern Tagalog at 0.7 percent while the lowest was in Central Luzon at -0.2 percent.
>By Commodity Group, Month-on-Month
The rate of FBT picked up to 0.3 percent in March from -0.6 percent in February; H&R, 0.6 percent from 0.3 percent; and FLW, 0.5 percent from -0.1 percent. All these contributed to a 0.3 percent month-on-month inflation in March from 0.2 percent in February. Slowdowns were however, noted in the prices of clothing, 0.2 percent from 0.3 percent and services, 0.1 percent from 0.2 percent. The price of miscellaneous items moved at its February rate of 0.2 percent.
The observance of the Holy Week brought high demand for fruits and vegetables in the NCR, thus the index significantly increased to 11.2 percent in March from 6.2 percent in February. Meanwhile, in AONCR, many vegetables were still sold cheaper. Discounts were also observed in the prices of mangoes, pineapple and papayas in the markets due to continued abundant supply. Thus, the group's index in AONCR declined to -0.4 percent. Overall, the index of fruits and vegetables advanced by 2.3 percent from -4.3 percent in February.
Price add-ons in coffee, tea, cooking oil and other miscellaneous foods raised the group's index by 0.2 percent in NCR. Prices of meals eaten outside in AONCR also went up by 0.7 percent. These factors slightly pushed up the national index by 0.2 percent in March from 0.1 percent in February.
Prices of corn in the Philippines and AONCR were correspondingly up by 1.1 percent and 1.2 in March from 0.5 percent in February. However, prices of corn in NCR further declined to -5.3 percent from -1.4 percent as supply in the area was abundant due to good production brought about by favorable weather condition.
The price of rice decreased in the three areas by 0.1 percent. The lowest month-on-month rate at -1.2 percent was observed in Central Luzon while the highest rate was in Central Visayas at 2.4 percent.
*The H&R index rose to 0.6 percent this month due to the increases in the prices of some construction materials along with higher rental rates in many regions. Higher wages for electrician and carpenter also contributed to the upward movement.
*The FLW indices in NCR and AONCR went up correspondingly to 0.6 percent and 0.4 percent in March from their respective February rates of 0.3 percent and 0.1 percent. This resulted to a 0.5 percent increase in the national index from 0.1 percent last month brought about by higher rates for electricity consumption in many regions along with higher purchased power adjustment (PPA) and currency exchange rate adjustment (CERA) for electricity in NCR.
*The services index for the whole country, NCR and AONCR grew by 0.1 percent in March as prices of medicines were up during the month along with higher charges for personal services.
The second phase survey result from Lanao del Sur was not received as of April 4, 2002.
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