Summary Inflation Report Consumer Price Index (1994=100) : May 2002
Release Date: 05 June 2002
MAY AND APRIL 2002
|Inflation Rates, Philippines, All Items|
Year-on-year, the general level of prices went up by 3.6 percent in May 2002, similar to the inflation in April. Inflation a year ago was 6.5 percent.
Inflation in the National Capital Region (NCR) increased to 5.1 percent in May from 4.9 percent in April mainly brought about by 6.1 percentage points increment in the inflation rate of fuel, light and water (FLW).
Inflation rate in Areas Outside the National Capital Region (AONCR) slightly slowed down to 3.0 percent in May from 3.1 percent in April as inflation rate of food, beverages and tobacco (FBT) decelerated by 0.2 percentage point.
Month-on-month inflation still remained at 0.2 percent in May. Increases in the prices of FBT, clothing, services and miscellaneous items were offset by a 0.3 percentage point decline in the prices of FLW.
CONSUMER PRICE INDEX
>By Region, Year-on-Year
*The inflation rate for the National Capital Region (NCR) went up by 0.2 percentage point at 5.1 percent in May from 4.9 percent in April.
*Inflation in Areas Outside the National Capital Region (AONCR) at 3.0 percent in May was slightly slower than the 3.1 percent in April. Seven regions registered lower inflation rates. The biggest decline at 0.7 percentage point was seen in Eastern Visayas followed by Central Visayas and Northern Mindanao at 0.5 percentage point. The lowest rate was observed in CAR at 1.8 percent while the highest rate was posted in Bicol at 3.9 percent.
>By Commodity Group, Year-on-Year
The inflation rates for H&R and miscellaneous items moved at their corresponding April rates of 5.1 percent and 1.9 percent. Meanwhile, inflation rates for FBT and clothing correspondingly slid to 2.3 percent and 2.7 percent in May from their respective April rates of 2.5 percent and 2.8 percent. Inflation rate for FLW went up to 10.1 percent from 8.1 percent and services, 5.0 percent from 4.9 percent.
The inflation rate for food alone slightly slipped to 2.2 percent in May from 2.3 percent in April. Slower rates were seen in the prices of dairy products, 5.8 percent from 6.5 percent; eggs, 4.9 percent from 5.4 percent; fish, 3.7 percent from 4.2 percent; fruits and vegetables, 0.2 percent from 0.7 percent; and miscellaneous foods, 3.5 percent from 3.6 percent. Higher rate was however noted in the price of cereal preparations, 3.2 percent from 3.0 percent. The indices of rice, corn and meat retained their corresponding April rates of 0.4 percent, 1.8 percent and 0.9 percent.
In NCR, the inflation rate of FLW significantly advanced to 26.8 percent in May from 20.7 percent in April primarily due to the 58.7 percent annual increment in the purchased power adjustment (PPA) for electricity (from P 2.08 per kwh in May 2001 to P 3.30 per kwh in May 2002). Inflation for miscellaneous items remained at 1.1 percent. On the other hand, the inflation rate for FBT eased to 1.4 percent from 1.6 percent; clothing, 3.4 percent from 4.0 percent; H&R, 7.0 percent from 7.2 percent; and services, 4.4 percent from 4.5 percent.
The inflation rate for food alone at 1.3 percent in May was slower than the 1.5 percent recorded in April. Lower rates were posted in the prices of dairy of products, 6.7 percent from 7.6 percent; eggs, 5.7 percent from 7.3 percent; and miscellaneous foods, 4.5 percent from 4.7 percent. On the other hand, price reductions were noticed in rice, -0.5 percent from -0.4 percent; corn, -12.4 percent from -14.2 percent; fish, -2.9 percent from -3.1 percent; fruits and vegetables, -1.0 percent from 0.6 percent; and meat, -0.4 percent from -1.2 percent. Prices of cereal preparations rose to 4.0 percent from 3.7 percent.
In AONCR, inflation rate for FBT slowed to 2.5 percent in May from 2.7 percent in April. The indices of clothing and miscellaneous items retained their respective April rates of 2.4 percent and 2.3 percent. Meanwhile, the inflation rate for H&R went up to 3.9 percent from 3.8 percent; FLW, 1.9 percent from 1.5 percent; and services, 5.3 percent from 5.0 percent.
Inflation rate for food alone decelerated to 2.4 percent in May from 2.6 percent in April.
Slower rates were noticed in the prices of dairy products, 5.5 percent in May from 6.0 percent in April; eggs, 4.6 percent from 4.8 percent; fish, 5.2 percent from 5.9 percent; fruits and vegetables, 0.5 percent from 0.8 percent; meat, 1.5 percent from 1.8 percent; and miscellaneous foods, 3.0 percent from 3.1 percent. However, the price of corn slightly grew to 2.2 percent from 2.1 percent while the price of cereal preparations remained at 2.9 percent.
The price of rice slightly went up by 0.6 percent in May from 0.5 percent in April despite the negative rates noted in some regions. Eight regions posted higher rates compared to April. The biggest increase at 2.6 percentage points was observed in Caraga followed by Western Mindanao at 1.5 percentage points.
>By Region, Month-on-Month
Prices in NCR accelerated to 0.5 percent in May from 0.2 percent in April primarily due to the higher rate in FBT at 0.9 percent from zero growth last month. In addition, prices of clothing climbed to 0.3 percent from 0.1 percent and miscellaneous items, 0.1 percent from zero growth. On the other hand, the price of H&R moved at slower rate of 0.1 percent from 0.2 percent; FLW, 0.3 percent from 1.0 percent; and services, 0.2 percent from 0.4 percent.
Prices in AONCR slowed down to 0.1 percent in May from 0.2 percent in April as the price of FBT remained stable. Moreover, a lower rate for FLW at 0.3 percent from 0.4 percent last month also contributed to the downward movement. On the other hand, prices of clothing and H&R grew by 0.2 percent from 0.1 percent; and services, 0.5 percent from 0.3 percent while movement in the prices of miscellaneous items still remained at 0.2 percent. The lowest month-on-month rate was noticed in Eastern Visayas at -0.4 percent while ARMM recorded the highest rate at 0.8 percent.
>By Commodity Group, Month-on-Month
For three consecutive months, the month-on-month inflation was at 0.2 percent. Prices of FBT and miscellaneous items were up by 0.2 percent from 0.1 percent; clothing, 0.3 percent from 0.1 percent; and services, 0.4 percent from 0.3 percent. These were however, offset by the deceleration in the price of FLW at 0.3 percent in May from 0.6 percent in April. Moreover, prices of H&R items still moved at 0.2 percent.
The continued bigger demand of fresh meat brought about by the observance of fiestas in many areas further raised the index in the country by 0.9 percent in May from 0.3 percent in April; NCR, 1.8 percent from 0.8 percent; and AONCR, 0.4 percent from 0.1 percent.
The miscellaneous foods index rose by 0.3 percent in the Philippines and AONCR and 0.2 percent in NCR as price add-ons in sugar, coffee, cooking oil, calamansi and other miscellaneous foods were registered.
Upward adjustments in the prices of temperate vegetables and some tropical vegetables were noted during the month. These significantly pushed up the fruits and vegetables index in NCR by 4.5 percent in May from 0.1 percent in April. However, in AONCR, many vegetables were still sold cheaper. Discounts were also noted in the prices of mango, papaya, banana and pineapple in the markets due to continued abundant supply. Thus, the group's index in AONCR still posted a negative rate of 1.1 percent this month. Overall, the index of fruits and vegetables advanced to 0.3 percent from -0.9 percent.
Prices of corn in the Philippines and AONCR increased respectively by 1.0 and 1.1 percent in May. On the contrary, prices of corn in NCR continued to decline as it posted -0.9 percent this month.
The price of rice in NCR went up to 0.3 percent in May from 0.5 percent in April. However, in AONCR, its price slowed down to 0.1 percent in May from 0.2 percent in April as price decreases noted in Ilocos, Cagayan Valley, Central Luzon, Central Visayas and Eastern Visayas were tempered by the price mark-ups in the other regions.
*Higher rental rates recorded in some regions including NCR along with price hikes in selected construction materials brought gains in the H&R indices in the Philippines and AONCR by 0.2 percent and in NCR, 0.1 percent.
*The FLW indices in the three areas advanced by 0.3 percent as prices of firewood, LPG, kerosene and candle were up during the month along with higher electricity charge registered in many regions. Higher currency exchange rate adjustment (CERA) for electricity in NCR also contributed to the increase.
*Increments in the prices of gasoline, diesel and medicines along with higher charges for some personal services caused the services indices in NCR and AONCR to climb correspondingly by 0.2 percent and 0.5 percent. These resulted to a 0.4 percent uptick in the national index.
The 2nd phase survey result from Lanao del Sur was not received as of June 4, 2002.
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