Summary Inflation Report Consumer Price Index (1994=100) : May 2004
Release Date: 04 June 2004
MAY AND APRIL 2004
|Year-on-Year Headline Inflation Rates, All Items|
|Year-on-Year Core Inflation Rates, Philippines|
Year-on-year headline inflation rate increased by 0.4 percentage point to 4.5 percent in May from 4.1 percent in April mainly due to the 0.5 percentage point increment in the inflation rate of food, beverages and tobacco (FBT). In addition, clothing, fuel, light and water (FLW) and services also posted higher inflation rates during the month. Inflation a year ago was 2.7 percent.
Likewise, inflation rate in the National Capital Region (NCR) grew by 0.4 percentage point to 4.8 percent in May from 4.4 percent in April.
Inflation rate in Areas Outside the National Capital Region (AONCR) picked up to 4.3 percent in May from 3.9 percent in April. This was primarily effected by the 0.5 percentage point growth in the inflation of FBT. Higher inflation rates recorded for clothing, FLW and services also contributed to the uptrend.
Excluding selected food and energy items, core inflation rose by 0.4 percentage point to 4.7 percent in May from 4.3 percent in April.
|Month-on-Month Inflation Rates, All Items|
The month-on-month inflation rate went up by 0.5 percent in May, same rate registered in April. This can be attributed to the uptick in the prices of selected food items such as milk and milk products, fruits, vegetables, meat and cooking oil. In addition, upward movements in the prices of selected construction materials, gasoline, diesel, engine oil, LPG and kerosene were noted during the month.
CONSUMER PRICE INDEX
l By Region, Year-on-Year
The inflation rate in NCR picked up by 0.4 percentage point to 4.8 percent in May from 4.4 percent in April.
Inflation rate in Areas Outside the National Capital Region (AONCR) moved up to 4.3 percent in May from 3.9 percent in April. Compared with their previous month’s inflation, twelve regions posted higher inflation rates with the biggest increase of 1.2 percentage points registered in Caraga (5.8 percent from 4.6 percent). The highest rate was still recorded in CAR at 8.0 percent while the lowest rate was still seen in Cagayan Valley at 2.0 percent.
l By Commodity Group, Year-on-Year
Except for H&R and miscellaneous items whose inflation rates correspondingly moved at their April rates of 3.4 percent and 1.9 percent, inflation for all the other commodity groups accelerated. Inflation rate for FBT advanced to 5.2 percent in May from 4.7 percent in April; clothing, 2.3 percent from 2.2 percent; FLW, 3.5 percent from 1.4 percent; and services, 5.3 percent from 5.0 percent.
Inflation rate for food alone grew by 0.2 percentage point to 5.2 percent in May from 5.0 percent in April.
Higher rates were noted in the prices of corn, 9.4 percent in May from 8.9 percent in April; dairy products, 6.4 percent from 6.0 percent; fish, 7.6 percent from 7.4 percent; meat, 16.2 percent from 13.5 percent; and miscellaneous foods, 2.6 percent from 2.4 percent. Increases in the prices of cereal preparations remained at 3.9 percent. The price of rice went up by 1.2 percent from an increase of 1.7 percent in April; eggs, 3.3 percent from 3.5 percent; and fruits and vegetables, 2.5 percent from 2.6 percent.
In NCR, inflation rate for clothing rose to 3.1 percent in May from 2.9 percent in April; FLW, 2.3 percent from -1.1 percent; services, 6.5 percent from 6.2 percent; and miscellaneous items, 2.5 percent from 2.2 percent. Meanwhile, inflation rates for FBT and H&R correspondingly remained at 5.8 percent and 3.3 percent.
The inflation rate for food alone in NCR slightly decelerated by 0.1 percentage point to 6.0 percent in May from 6.1 percent in April.
Lower growths were posted in the prices of corn, 2.6 percent in May from 5.0 percent in April; eggs, 3.4 percent from 6.5 percent; fish, 14.8 percent from 15.7 percent; fruits and vegetables, 0.4 percent from 3.4 percent; and miscellaneous foods, 1.3 percent from 1.5 percent. On the other hand, movements in the prices of cereal preparations went up to 4.6 percent from 4.4 percent; dairy products, 5.5 percent from 5.1 percent; and meat, 17.4 percent from 14.3 percent. A zero growth was noticed in the movements in the price of rice from a negative rate of 0.1 percent.
In AONCR, FBT prices increased by 5.0 percent in May from 4.5 percent in April; clothing, 2.0 percent from 1.9 percent; FLW, 4.3 percent from 2.8 percent; and services, 4.6 percent from 4.4 percent. Meanwhile, inflation for H&R and miscellaneous items still remained at their corresponding April rates of 3.4 percent and 1.7 percent.
Inflation rate for food alone in AONCR jumped by 5.1 percent in May from 4.6 percent in April.
The price of corn advanced to 9.5 percent in May from 9.0 percent in April; dairy products, 6.8 percent from 6.4 percent; eggs, 3.3 percent from 2.7 percent; fish, 6.1 percent from 5.7 percent; fruits and vegetables, 3.2 percent from 2.4 percent; meat, 15.6 percent from 13.2 percent; and miscellaneous foods, 3.2 percent from 2.7 percent. The increase in the price of cereal preparations stayed at its April rate of 3.6 percent.
Increment in the price of rice eased by 0.6 percentage point to 1.4 percent in May from 2.0 percent in April as six regions posted negative rates. In addition, slower positive rates were also noted in four regions. The biggest slowdown of 4.9 percentage points was recorded in Southern Mindanao (6.9 percent from 11.8 percent).
l By Region, Month-on-Month
Prices in NCR increased at a slower rate of 0.4 percent in May from 0.6 percent in April. Slower upward adjustments were posted in the prices of H&R and services items at 0.2 percent from 0.5 percent and 0.9 percent, respectively. Prices of FBT items however picked up to 0.7 percent from 0.6 percent; clothing items, 0.2 percent from 0.1 percent; FLW items, 0.5 percent from 0.3 percent; and miscellaneous items, 0.3 percent from 0.1 percent.
Prices in AONCR went up at 0.5 percent in May, faster than its April rate of 0.3 percent as prices of FBT items increased by 0.7 percent from 0.5 percent. In addition, prices of clothing items slightly moved up by 0.2 percent from 0.1 percent; FLW and services items, 0.6 percent and 0.4 percent from 0.2 percent. Meanwhile, price increments of H&R items still remained at 0.3 percent. The highest month-on-month inflation rate at 1.1 percent was observed in CAR while Southern Tagalog and Eastern Visayas registered the lowest rate of 0.2 percent.
l By Commodity Group, Month-on-Month
The month-on-month inflation rate in May was still posted at 0.5 percent. The rates of FBT accelerated to 0.7 percent from 0.6 percent; clothing, 0.3 percent from 0.1 percent; FLW, 0.6 percent from 0.2 percent; and miscellaneous items, 0.2 percent from 0.1 percent. These were however, offset by the slower rates in H&R, 0.2 percent from 0.3 percent and services, 0.3 percent from 0.5 percent.
The election and celebration of fiestas in many areas during the month caused bigger demand for meat. These factors pushed up prices of meat in the Philippines by 2.7 percent in May from 1.7 percent in April; NCR, 3.7 percent from 2.9 percent; and AONCR, 2.2 percent from 1.2 percent.
Add-ons in the prices of coffee, sugar, margarine and tea along with the continued upward adjustment in the price of cooking oil brought about by the increasing prices of vegetable oil and copra raised the miscellaneous foods index in the Philippines by 0.6 percent; NCR, 0.4 percent; AONCR, 0.7 percent.
The heavy rains brought about by typhoons Dindo and Enteng which hit the country during the month resulted to supply imbalance of vegetables in the wet markets triggering higher prices. Upward adjustments in the prices of selected fruits such as banana, papaya, avocado and pineapple in some regions were also noticed. Thus, the fruits and vegetables index in the Philippines was up by 0.6 percent from -1.4 percent; NCR, 0.4 percent from -2.3 percent; and AONCR, 0.7 percent from -1.1 percent. Price increments were also seen in twelve regions with the highest rate of 2.5 percent noticed in CAR.
Fish supply was notably ample in NCR despite of the stormy weather during the month. Higher production of bangus and the bigger volume of unloading of selected fish species in the wet markets were also noted. These brought down prices of fish in the area by 1.2 percent. However, the fish index in AONCR went up by 0.3 percent as prices of shrimps and selected fish species were up in some regions due to unfavorable weather conditions experienced in these areas during the period. This offsetting trend caused the national index to post a zero growth from 0.8 percent in April.
The price of rice in NCR registered a zero growth during the month as supply sufficiently filled-up market needs. On the other hand, as harvest season already started in selected regions, the increase in the price of rice improved in AONCR by 0.8 percentage point to 0.2 percent in May from 1.0 percent in April. Price mark-ups in many regions were tempered by price decreases observed in Central Luzon, Central Visayas, Eastern Visayas and Southern Mindanao. On a national level, the index grew at a slower rate of 0.2 percent from 0.8 percent in April.
The continued higher costs of shipment of imported raw materials for milk and milk products along with the weakening of the peso to a dollar pulled up the dairy products index in the Philippines and AONCR by 0.5 percent and NCR, 0.6 percent. These were however, slower than their respective April rates of 1.6 percent, 1.9 percent and 0.8 percent.
Increments in the prices of medicines, diesel, gasoline, engine oil along with the higher charges for some personal, medical and dental services added up to the uptick in the services index in the Philippines by 0.3 percent; NCR, 0.2 percent; and AONCR, 0.4 percent.
Higher prices of selected construction materials mainly effected the 0.2 percent growth in the H&R index of the Philippines and NCR and 0.3 percent in AONCR.
The continued upward adjustments in the prices of LPG and kerosene further raised the FLW index in NCR by 0.5 percent from 0.3 percent; and in AONCR and Philippines by 0.6 percent from 0.2 percent.
NOTE: 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: June 4, 2004
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