Summary Inflation Report Consumer Price Index (1994=100) : May 2003
Release Date: 05 June 2003
MAY AND APRIL 2003
|Inflation Rates, Philippines, All Items|
Year-on-year inflation decelerated to 2.7 percent in May from 2.8 percent in April. This was mainly due to the continued slowdown in the inflation rates of fuel, light and water (FLW) and services. Slower rate posted in clothing also contributed to the downward movement. Inflation a year ago was 3.6 percent.
Likewise, inflation rate in the National Capital Region (NCR) eased by 0.4 percentage point to 2.5 percent in May from 2.9 percent in April brought about by the slowing down in the inflation rates of all the commodity groups except for housing and repairs (H&R) items.
Inflation rate in Areas Outside the National Capital Region (AONCR) slightly increased to 2.9 percent in May from 2.8 percent in April as the inflation rates for food, beverages and tobacco (FBT) and miscellaneous items accelerated.
For three consecutive months, month-on-month inflation remained at 0.1 percent in May. The increase in the prices of FBT items were tempered by the reduction in the prices of the FLW items and the slowdown in the inflation rates of services and miscellaneous items.
CONSUMER PRICE INDEX
> By Region, Year-on-Year
The inflation rate in NCR slipped by 0.4 percentage point to 2.5 percent in May from 2.9 percent in April.
Inflation in AONCR slightly went up to 2.9 percent in May from 2.8 percent in April. Only five regions registered higher inflation rates. The biggest increase at 0.9 percentage point was observed in Eastern Visayas followed by Central Mindanao at 0.8 percentage point. The highest rate was still posted in Northern Mindanao at 5.3 percent while the lowest rate at 2.0 percent was still recorded in Southern Tagalog.
> By Commodity Group, Year-on-Year
Inflation rate for clothing slightly slowed to 1.9 percent in May from 2.0 percent in April; FLW, 3.0 percent from 5.0 percent; and services, 6.2 percent from 6.5 percent. Inflation for FBT, H&R and miscellaneous items remained at their previous month's rate.
The inflation rate for food alone slightly picked up to 1.8 percent in May from 1.7 percent in April. Higher rates were noted in the prices of rice, 3.7 percent from 3.1 percent; cereal preparations, 4.5 percent from 4.4 percent; dairy products, 3.2 percent from 3.1 percent; fish, 0.8 percent from 0.7 percent; fruits and vegetables, 0.4 percent from -0.1 percent; and miscellaneous foods, 2.2 percent from 2.1 percent. However, slower rates were correspondingly seen in the prices of corn and eggs at 0.1 percent and 0.2 percent from 0.9 percent and 0.4 percent, respectively. Inflation for meat dropped to -0.6 percent from zero growth.
In NCR, except for H&R whose inflation rate rose to 1.3 percent in May from 1.1 percent in April, the inflation rates of all the other commodity groups registered slowdowns. The rate of FBT eased to 1.3 percent from 1.6 percent; clothing, 2.3 percent from 2.5 percent; FLW, 1.7 percent from 4.9 percent; services, 7.5 percent from 7.8 percent; and miscellaneous items, 1.5 percent from 1.6 percent.
The inflation rate for food alone in NCR slowed down to 1.3 percent in May from 1.6 percent in April. Lower rates were noticed in the prices of rice, 3.2 percent from 3.6 percent; and cereal preparations, 6.2 percent from 6.3 percent. Meanwhile, price decreases were still posted in eggs, -1.3 percent from -1.9 percent; fish, -1.4 percent from -0.6 percent; fruits and vegetables, -1.3 percent from -0.3 percent; and meat, -1.6 percent from -0.8 percent. Prices of corn advanced to 5.2 percent from 3.1 percent; dairy products, 4.1 percent from 4.0 percent; and miscellaneous foods, 2.9 percent from 2.5 percent.
In AONCR, the inflation rates for FBT and miscellaneous items correspondingly picked up to 1.9 percent and 1.8 percent in May from 1.7 percent in April. On the other hand, inflation rate for clothing decelerated to 1.8 percent from 1.9 percent; FLW, 3.9 percent from 5.1 percent; and services, 5.6 percent from 5.9 percent. Inflation for H&R still remained at 3.8 percent.
Inflation rate for food alone accelerated to 1.9 percent in May from 1.7 percent in April.
The price of rice rose to 3.7 percent in May from 3.0 percent in April as eleven regions posted higher rates. The biggest increments at 3.8 percentage points were noted in Southern Mindanao and Central Mindanao followed by Central Visayas at 2.2 percentage points.
The price of cereal preparations went up to 3.8 percent in May from 3.6 percent in April; fish, 1.2 percent from 1.0 percent; and fruits and vegetables, 0.9 percent from -0.1 percent.
Negative rates were recorded in the prices of corn and meat, -0.1 percent from their respective last month's rates of 0.9 percent and 0.3 percent. In addition, prices of eggs slowed to 0.7 percent from 1.0 percent; and miscellaneous foods, 1.9 percent from 2.0 percent. The price of dairy products moved at its April rate of 2.8 percent.
Prices of cereal preparations and eggs moved at their corresponding March rates of 3.6 percent and 1.0 percent.
> By Region, Month-on-Month
Prices in NCR inched up by 0.1 percent in May, the same rate posted in April. Upward movements were noticed in the prices of FBT items and H&R items at 0.7 percent and 0.2 percent, respectively from their corresponding April rates of 0.1 percent and zero growth. On the other hand, prices of clothing items eased to 0.1 percent from 0.4 percent while prices of FLW items further dropped to -2.7 percent from -0.2 percent and services, -0.1 percent from zero growth. Prices of miscellaneous items remained stable as it recorded a zero growth from 0.4 percent.
Prices in AONCR slightly grew to 0.2 percent in May from 0.1 percent in April as the rates of FBT and miscellaneous items moved up to 0.2 percent. Clothing and H&R items maintained their respective April rates of 0.1 percent and 0.2 percent while services slid to 0.2 percent from 0.3 percent. Meanwhile, FLW items dropped to -0.8 percent from 0.8 percent. The highest month-on-month rate was posted in CAR and Central Mindanao at 0.7 percent while Caraga recorded the lowest rate at -0.5 percent.
> By Commodity Group, Month-on-Month
The month-on-month inflation remained at 0.1 percent in May as the prices of FBT items went up to 0.3 percent from 0.1 percent. These were however, offset by the reductions in the prices of FLW items by -1.6 percent from 0.4 percent and the slowdowns in the prices of services and miscellaneous items at 0.1 percent in May from 0.2 percent in April. Moreover, prices of clothing and H&R items moved at their respective April rates of 0.1 percent and 0.2 percent.
Lower prices of selected vegetables and in-season fruits resulted to a 0.1 percent drop in the fruits and vegetables index in AONCR. This was however, faster than its previous month's rate of -0.9 percent. Meanwhile, the extreme heat that was generally experienced in NCR started to push up prices of vegetables during the month. Thus, the fruits and vegetables indices in the Philippines and NCR increased to 0.8 percent and 3.4 percent from their corresponding last month's rates of -0.9 percent and -0.8 percent.
Negative rates were still recorded in the index of fish in the three areas: Philippines, -0.2 percent; NCR, -0.5 percent; and AONCR, -0.1 percent. This was due to abundant supply of marine fish in the market.
Increments in the prices of selected spices and seasonings, margarine, calamansi and powdered tonic drink and other miscellaneous foods raised the miscellaneous foods index by 0.3 percent in the Philippines, 0.6 percent in NCR and 0.2 percent in AONCR.
Higher prices of chicken and pork were still observed during the month. Thus, the meat index in the Philippines inched up to 0.3 percent; NCR, 0.9 percent and AONCR, 0.1 percent.
The sufficient supply of rice in NCR brought down its price to -0.1 percent during the month. However, the price of rice in AONCR was up by 0.8 percent.
Downward adjustments in the prices of LPG and kerosene in NCR along with the lower purchased power adjustment (PPA) and currency exchange rate adjustment (CERA) for electricity resulted to the 2.7 percent drop of the FLW index in the area. Reductions in the prices of LPG and kerosene and lower electricity charges in many regions also pulled down the group's index in AONCR to -0.8 percent. Thus, the national index moved down to -1.6 percent from 0.4 percent.
Higher prices of selected construction materials along with the higher rental rates in some provinces including NCR caused a 0.2 percent increment of the H&R indices in the three areas.
Declines noted in the prices of gasoline and diesel in NCR primarily effected a 0.1 percent decrease in its services index. Meanwhile, add-ons in the prices of medicines and school supplies along with higher passenger boat fare resulted to a 0.2 percent and 0.1 percent increase in AONCR and Philippines, respectively. Higher charges for some personal services in selected provinces were also noted.
Selected household furnishings and equipment and some items for personal care and effects in selected regions were priced higher during the month. These raised the indices for miscellaneous items by 0.2 percent in AONCR and 0.1 percent in the Philippines. However, the group's index in NCR posted a zero growth during the month.
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