Summary Inflation Report Consumer Price Index (1994=100) : November 2002
Release Date: 05 December 2002
NOVEMBER AND OCTOBER 2002
|Inflation Rates, Philippines, All Items|
Year-on-year inflation further decelerated to 2.5 percent in November from 2.7 percent in October, the lowest inflation rate recorded since June 1987. This was brought about by the slower movements in the inflation rates of food, beverages and tobacco (FBT), clothing, housing and repairs (H&R) and miscellaneous items. Inflation a year ago was 4.5 percent.
Likewise, inflation rate in the National Capital Region (NCR) improved by 0.5 percentage point to 2.1 percent in November from 2.6 percent in October primarily due to a 0.3 percent decline in the inflation rate of FBT. Slowdowns in the inflation rates of clothing, H&R, fuel, light and water (FLW), and miscellaneous items also contributed to the downtrend.
Inflation rate in Areas Outside the National Capital Region (AONCR) eased to 2.6 percent in November from 2.8 percent in October.
Month-on-month inflation picked up by 0.1 percent in November from 0.1 percent in October mainly due to the increments in the prices of LPG and kerosene. Higher purchased power adjustment (PPA) and currency exchange rate adjustment (CERA) for electricity in NCR along with the higher electricity rate in some regions also contributed to the upward movement.
CONSUMER PRICE INDEX
>By Region, Year-on-Year
The inflation rate for the National Capital Region (NCR) moved down by 0.5 percentage point to 2.1 percent in November from 2.6 percent in October.
Inflation in Areas Outside the National Capital Region (AONCR) slowed to 2.6 percent in November from 2.8 percent in October. Nine regions registered lower rates. The biggest decrease was noted in Central Mindanao at 0.7 percentage point. The lowest inflation rate was still posted in Cagayan Valley at 1.3 percent while the highest rate was still in Northern Mindanao at 4.6 percent.
>By Commodity Group, Year-on-Year
The inflation rate for FBT slid to 1.4 percent in November from 1.8 percent in October; clothing, 2.2 percent from 2.5 percent; H&R, 4.0 percent from 4.3 percent; and miscellaneous items, 1.6 percent from 1.8 percent. Meanwhile, the inflation rates for FLW and services correspondingly increased to 1.5 percent and 5.1 percent in November from their respective October rates of 1.2 percent and 4.7 percent.
The inflation rate for food alone further decelerated to 1.2 percent in November from 1.8 percent in October. This was mainly due to the negative rates posted in the prices of fruits and vegetables, -2.2 percent from 0.5 percent and meat, -1.5 percent from -1.3 percent. In addition, slower rates were registered in the prices of rice, 3.4 percent in November from 4.2 percent in October; corn, 3.2 percent from 3.3 percent; dairy products, 1.7 percent from 1.9 percent; and miscellaneous foods, 1.6 percent from 1.7 percent. On the other hand, prices of cereal preparations and eggs correspondingly went up by 3.7 percent and 0.7 percent in November from their respective October rates of 3.4 percent and 0.2 percent.
In NCR, except for services, whose inflation rate picked up to 5.5 percent in November from 5.1 percent in October, inflation rates for all the other commodity groups slowed down. The inflation rate for FBT decreased to -0.3 percent in November from 0.1 percent; clothing, 2.3 percent from 3.4 percent; H&R, 4.0 percent from 5.3 percent; FLW, 1.3 percent from 2.3 percent; and miscellaneous items, 0.9 percent from 1.2 percent.
The inflation rate for food alone in NCR further dropped to -0.5 percent in November from -0.1 percent in October. Negative rates were still recorded in the prices of corn, -20.0 percent in November from -18.9 percent; fish, -3.2 percent from -5.1 percent; and meat, -4.3 percent from -3.6 percent. Moreover, slower rates were noticed in the prices of rice, 2.5 percent from 3.1 percent; dairy products, 3.5 percent from 3.9 percent; fruits and vegetables, -1.7 percent from 2.1 percent; and miscellaneous foods, 0.1 percent from 0.2 percent. However, the price of eggs went up to 0.1 percent from -2.3 percent while the increase in the price of cereal preparations was still at 5.0 percent.
In AONCR, the inflation rate for FBT decelerated to 1.9 percent in November from 2.4 percent in October. Inflation rate for H&R grew to 3.9 percent from 3.7 percent; FLW, 1.6 percent from 0.6 percent; and services, 4.9 percent from 4.6 percent. However, the inflation rates for clothing and miscellaneous items were still at their respective October rates of 2.2 percent and 1.9 percent.
Inflation rate for food alone slowed down by 0.7 percentage point, to 1.7 percent in November from 2.4 percent in October.
Decreases were posted in the prices of fruits and vegetables, -2.3 percent in November from 0.1 percent in October and meat, -0.4 percent from -0.2 percent. The price of rice further slowed to 3.5 percent from 4.4 percent as twelve regions recorded lower rates. The biggest decrease at 4.5 percentage points was observed in Caraga followed by Central Mindanao at 4.3 percentage points.
Lower rates were also noted in the prices of corn, 3.7 percent in November from 3.8 percent in October; dairy products, 1.0 percent from 1.2 percent; eggs, 0.9 percent from 1.0 percent; fish, 2.6 percent from 2.8 percent; and miscellaneous foods, 2.2 percent from 2.3 percent. Meanwhile, the price of cereal preparations rose to 3.2 percent from 2.8 percent.
>By Region, Month-on-Month
Prices in NCR grew by 0.3 percent in November from 0.2 percent in October as prices of FLW and services items correspondingly moved up by 3.4 percent and 0.3 percent from their respective last month's rates of 2.3 percent and 0.2 percent. Movements in the prices of clothing items remained at 0.1 percent while for H&R items, a zero growth was still posted during the month. However, prices of FBT continued to drop by -0.1 percent from -0.9 percent in October while miscellaneous items had a rate of -0.1 percent from a zero growth last month.
Prices in AONCR fell by 0.1 percent in November from zero growth in October as prices of FBT items further decreased by -0.4 percent from 0.3 percent last month. Meanwhile, the rates of clothing, services and miscellaneous items moved at their corresponding October rates of 0.1 percent, 0.4 percent and 0.2 percent. Prices of H&R and FLW items picked up by 0.3 percent and 0.9 percent in November from their respective rates of 0.2 percent and 0.7 percent. The lowest month-on-month rate at 0.8 percent was noticed in Caraga while Central Visayas recorded the highest rate at 0.6 percent.
>By Commodity Group, Month-on-Month
The month-on-month inflation inched up by 0.1 percent in November from 0.1 percent in October as prices of H&R, FLW and services items were higher during the month. The H&R index advanced by 0.2 percent in November from 0.1 percent in October; FLW, 1.8 percent from 1.3 percent; and services, 0.4 percent from 0.3 percent. The rates in prices of clothing and miscellaneous items remained at 0.1 percent while a drop in the prices of FBT items was still recorded at -0.3 percent from -0.4 percent.
The continued sufficient supply of rice in the markets resulting from the on-going harvest in selected provinces pushed down the price of rice in NCR by -0.5 percent in November from -0.7 percent in October and in AONCR, -1.6 percent from -1.5 percent. The national index for rice still showed a -1.4 percent monthly rate.
Higher prices of some fruits particularly avocado, lanzones, mango and pineapple in the NCR markets effected the 0.5 percent increment of the fruits and vegetables index in November. However, prices of fruits and vegetables in AONCR further dropped by 1.0 percent as prices of vegetables and some fruits like papaya and banana in some regions were still on the downtrend. The national index fell by 0.6 percent from 1.4 percent last month.
Adequate supply of chicken and pork in the markets caused reductions in their prices. This pulled down the meat indices in the three areas: Philippines, -0.4 percent; NCR, -0.8 percent; and AONCR, -0.1 percent.
Prices of fish rose by 0.2 percent in the Philippines and AONCR and 0.5 percent in NCR. Higher prices were triggered by the difficulty in catching fish that usually settle deep in the waters during the cold months.
The indices of cereal preparations increased by 0.4 percent in the Philippines, 0.1 percent in NCR and 0.6 percent in AONCR as prices of biscuits, noodles, bread and flour were up during the month.
Higher purchased power adjustment (PPA) and currency exchange rate adjustment (CERA) for electricity in NCR along with the increases in the prices of LPG and kerosene pushed up the FLW index in the area by 3.4 percent. Moreover, higher electricity rate in some regions and increments in the prices of LPG and kerosene raised the FLW index in AONCR by 0.9 percent. The national index thus accelerated by 1.8 percent.
The services indices in the Philippines and AONCR advanced by 0.4 percent and in NCR, 0.3 percent. This resulted from the upward adjustments in the prices of medicines, diesel, gasoline and newspaper along with the higher charges for selected personal services. Increases in college tuition fees in selected schools in NCR and AONCR also contributed to the uptrend.
Higher rental rates in many regions along with the increases in the prices of selected construction materials caused upward movement in the H&R index at 0.3 percent in November. However, prices of H&R items in NCR still remained stable as the index posted a zero growth this month. The national index for H&R slightly accelerated by 0.2 percent in November from 0.1 percent in October.
The 2nd phase survey result from Lanao del Sur was not yet received as of December 4, 2002.
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