Summary Inflation Report Consumer Price Index (1994=100) : March 2004
Release Date: 06 April 2004
MARCH AND FEBRUARY 2004
|Year-on-Year Headline Inflation Rates, All Items|
|Year-on-Year Core Inflation Rates, Philippines|
Year-on-year headline inflation rate increased to 3.8 percent in March from 3.4 percent in February primarily brought about by the 0.9 percentage point increment in the inflation rate of food, beverages and tobacco (FBT). Higher inflation rates in housing and repairs (H&R) and miscellaneous items also contributed to the upward movement. Inflation a year ago was 2.8 percent.
Inflation rate in the National Capital Region (NCR) was 3.9 percent in March, the same rate registered in February.
Inflation rate in Areas Outside the National Capital Region (AONCR) went up to 3.7 percent in March from 3.2 percent in February due to the acceleration in the inflation rates of all the commodity groups except for fuel, light and water (FLW) and services.
Excluding selected food and energy items, core inflation jumped by 0.3 percentage point to 4.0 percent in March from 3.7 percent in February.
|Month-on-Month Inflation Rates, All Items|
Month-on-month inflation picked up to 0.5 percent in March from 0.2 percent in February mainly due to the 0.7 percent increment in the prices of food items particularly rice, corn, milk, cooking oil, pork, beef and selected vegetables. Higher prices of gasoline, diesel, engine oil, medicines, selected construction materials and some items for household operations and personal effects also contributed to the upward movement.
CONSUMER PRICE INDEX
l By Region, Year-on-Year
In general, prices in NCR moved up by 3.9 percent compared to the same month last year. This is the same rate registered last month.
Inflation in Areas Outside the National Capital Region (AONCR) increased to 3.7 percent in March from 3.2 percent in February. All the regions except for Cagayan Valley and Eastern Visayas registered higher inflation rates. The biggest increase at 0.8 percentage point (4.7 percent from 3.9 percent) was noted in Southern Mindanao. The highest rate was still observed in CAR at 8.0 percent while the lowest rate was still recorded in Cagayan Valley at 1.5 percent.
l By Commodity Group, Year-on-Year
Inflation rate for FBT went up to 4.2 percent in March from 3.3 percent in February; H&R, 3.2 percent from 3.1 percent; and miscellaneous items, 2.0 percent from 1.9 percent. While price increases were still noted in the other commodity groups, their rates slowed down to 2.2 percent from 2.3 percent for clothing; 1.9 percent from 3.2 percent for fuel, light and water (FLW); and 4.8 percent from 5.0 percent for services.
Inflation rate for food alone advanced to 4.4 percent in March from 3.4 percent in February.
Higher rates were seen in the prices of all the food groups: rice, 0.9 percent in March from 0.5 percent in February; corn, 8.4 percent from 4.7 percent; cereal preparations, 3.9 percent from 3.6 percent; dairy products, 4.7 percent from 4.4 percent; eggs, 4.8 percent from 3.6 percent; fish, 6.0 percent from 4.2 percent; fruits and vegetables, 3.1 percent from 1.8 percent; meat, 12.3 percent from 10.6 percent; and miscellaneous foods, 2.0 from 1.8 percent.
In NCR, inflation rate for FBT jumped to 5.2 percent in March from 4.3 percent in February. A slight increase was noted in H&R at 2.9 percent 2.8 percent. On the other hand, inflation rate for clothing was slower at 3.3 percent from 3.5 percent; services, 5.3 percent from 5.9 percent; and miscellaneous items, 2.4 percent from 2.6 percent. Inflation rate for FLW dropped to -0.6 percent from 2.3 percent.
The inflation rate for food alone in NCR accelerated to 5.4 percent in March from 4.5 percent in February.
Higher rates were noted in the prices of rice, 0.6 percent in March from 0.5 percent in February; corn, 8.7 percent from 8.3 percent; cereal preparations, 4.5 percent from 4.0 percent; dairy products, 4.7 percent from 4.5 percent; eggs, 12.3 percent from 9.3 percent; fish, 10.8 percent from 9.6 percent; and fruits and vegetables, 5.0 percent from -0.7 percent. In addition, prices of meat and miscellaneous foods continued to increase at a slower rate of 12.2 percent and 1.2 percent from their respective last month’s rates of 12.5 percent and 1.3 percent.
In AONCR, inflation rate for FBT went up to 3.9 percent in March from 3.0 percent in February; clothing, 1.9 percent from 1.8 percent; H&R, 3.4 percent from 3.2 percent; and miscellaneous items, 1.7 percent from 1.6 percent. Price increases were also observed in FLW and services items at 3.4 percent and 4.6 percent, slower than their corresponding February rates of 3.8 percent and 4.7 percent.
Inflation rate for food alone in AONCR picked up to 4.1 percent in March from 3.0 percent in February.
Inflation for rice moved up to 0.9 percent in March from 0.5 percent in February. Faster rates were recorded in all the regions except for Cagayan Valley and Caraga. The biggest increase at 2.4 percentage points was posted in Southern Mindanao (4.4 percent from 2.0 percent).
Inflation rate for corn rose to 8.4 percent in March from 4.6 percent in February; cereal preparations, 3.6 percent from 3.5 percent; dairy products, 4.6 percent from 4.3 percent; eggs, 2.5 percent from 1.9 percent; fish, 5.1 percent from 3.1 percent; meat, 12.3 percent from 9.8 percent; and miscellaneous foods, 2.3 percent from 2.1 percent. Inflation for fruits and vegetables remained at 2.6 percent.
l By Region, Month-on-Month
Prices in NCR increased at its February rate of 0.2 percent. Upward price movement in miscellaneous items remained at 0.2 percent while prices of FBT items gained by 0.4 percent from -0.1 percent. On the other hand, prices of clothing items inched up by 0.1 percent from 0.3 percent; services items, 0.1 percent from 0.4 percent; and H&R items, 0.2 percent from 0.5 percent. Lower price quotations of LPG pushed down the FLW index to -0.5 percent from 0.5 percent.
Prices in AONCR moved up by 0.6 percent in March from 0.2 percent in February as prices of FBT items picked up to 0.8 percent from zero growth. Clothing and miscellaneous items were priced higher by 0.3 percent from 0.1 percent. On the other hand, prices of FLW items increased but at a slower rate of 0.6 percent from 1.1 percent. Increases in the H&R and services items were still recorded at 0.3 percent. The highest month-on-month inflation at 1.0 percent was posted in CAR while the lowest rate was in Cagayan Valley and Eastern Visayas at 0.2 percent.
l By Commodity Group, Month-on-Month
Prices of FBT and miscellaneous items correspondingly went up to 0.7 percent and 0.3 percent in March from zero growth and 0.1 percent in February. Meanwhile, increases in the prices of H&R and services items eased to 0.2 percent from 0.3 percent and FLW items, 0.2 percent from 0.9 percent. Prices of clothing items still moved at 0.2 percent.
The low supply of pork in the wet markets continued to trigger higher prices. In addition, beef was priced higher during the month. Hence, the meat index in the Philippines and AONCR continued to expand by 1.7 percent and 2.5 percent from their corresponding rates of 0.3 percent and 1.8 percent in February. However, the continued reduction in the price of chicken in NCR slightly pushed down the meat index by 0.1 percent in the area compared to the 3.2 percent drop in the index last month.
The price of rice in NCR slightly moved up by 0.1 percent from zero growth. Prices in AONCR also rose by 0.5 percent from 0.1 percent as eleven regions posted higher rates. On the national level, the price of rice went up to 0.5 percent from 0.1 percent.
With the observance of the Lenten season, consumers shifted preference from meat to fish. This resulted to higher demand for fish thereby increasing prices by 1.2 percent in AONCR. On the other hand, the peak fishing season offered consumers in NCR a wide choice of fishery products in the wet markets. The index in the area declined by 0.2 percent despite of the increased demand during the Lenten season. The national index was up by 0.9 percent from 0.3 percent.
The price of corn in the Philippines and AONCR picked up to 3.1 percent from 1.2 percent as supply of corn was low during the month. The price of corn in NCR also went up but at a slower rate of 0.3 percent from 1.6 percent.
The low supply of cooking oil in the international market and higher price of copra pulled up prices of locally produced cooking oil in many regions including NCR. Moreover, upward price adjustments of coffee, margarine and selected spices and seasonings were noted during the month. Thus, the miscellaneous foods index in the Philippines, NCR and AONCR increased by 0.3 percent, 0.1 percent and 0.4 percent.
Add-ons in the prices of milk and milk products caused the dairy products index in the Philippines and AONCR to move up by 0.7 percent and in NCR, 0.5 percent.
The continued abundant supply of tropical fruits in the wet markets primarily effected the 0.4 percent and 1.0 percent drop in the fruits and vegetables index in the Philippines and AONCR. On the other hand, the extreme heat experienced during the month apparently reduced the volume of vegetables entering the various markets in NCR. This factor mainly pushed up its group’s index by 1.2 percent.
Upward adjustments in the prices of gasoline, diesel, engine oil, medicines and selected medical and health goods were observed during the month. Higher charges for medical services were also noted. These factors raised the services index in the Philippines and AONCR by 0.2 percent and 0.3 percent, respectively. Likewise, the index grew by 0.1 percent in NCR due to increments in the prices of gasoline, diesel and engine oil in NCR along with the uptick in the prices of selected school supplies, medicines, higher salary for household help and higher charges for film recopying and developing.
Higher prices of imported raw materials in the manufacture of G.I. sheets and the peso depreciation contributed to increased prices of G.I. sheets in the markets. Add-ons in the prices of cement, hollow blocks, lumber and other selected construction materials and higher salaries for carpenter and electrician in selected provinces were also noticed during the month. All these factors added up to the 0.2 percent uptick in the H&R index for the Philippines and NCR and 0.3 percent for AONCR.
The miscellaneous items index in the Philippines and AONCR rose by 0.3 percent and in NCR, 0.2 percent. This can be attributed to the increments in the prices of detergent soap, insecticides and other selected items for household operations, household furnishings and personal effects raised.
The FLW index in NCR declined by 0.5 percent due to the lower price of LPG during the month. On the contrary, the price of LPG went up in selected provinces. Increments in the price of kerosene and electricity and water rates in some regions were also recorded. Thus, the index in AONCR grew by 0.6 percent. Overall, the national index was up by 0.2 percent.
Revisions in the inflation figures in the Philippines and NCR were due to the updated water rates. Inflation figure in AONCR for February 2004 was revised due to the updated electricity rates given by the provinces.
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: April 14, 2004
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