Summary Inflation Report Consumer Price Index (1994=100) : November 2003
Release Date: 05 December 2003
NOVEMBER AND OCTOBER 2003
|Inflation Rates, Philippines, All Items|
Year-on-year inflation increased to 3.3 percent in November from 3.1 percent in October due to a 0.6 percentage point increment in the inflation rate of food, beverages and tobacco (FBT). Inflation a year ago was 2.5 percent.
Similarly, inflation rate in the National Capital Region (NCR) accelerated by 0.2 percentage point to 5.1 percent in November from 4.9 percent in October mainly brought about by the significant uptick in the inflation of FBT. Higher inflation rates of housing and repairs (H&R), services and miscellaneous items also contributed to the uptrend.
Inflation rate in Areas Outside the National Capital Region (AONCR) went up to 2.7 percent in November from 2.4 percent in October as the inflation rate for FBT moved up.
Month-on-month inflation slightly picked up to 0.2 percent in November from 0.1 percent in October. This was mainly effected by the increase in the prices of food items particularly corn, fish, selected fruits and vegetables and chicken. Higher prices of medicines, gasoline, diesel, LPG, kerosene, firewood, cement and selected construction materials were also posted during the month.
CONSUMER PRICE INDEX
> By Region, Year-on-Year
The inflation rate in NCR rose by 0.2 percentage point to 5.1 percent in November from 4.9 percent in October.
Inflation in AONCR advanced to 2.7 percent in November from 2.4 percent in October. Higher inflation rates were noticed in nine regions. The biggest increase at 1.2 percentage points was recorded in Caraga followed by CAR at 1.0 percentage point. The highest inflation rate was still observed in CAR at 5.5 percent while the lowest rate was still registered in Cagayan Valley at 1.2 percent.
> By Commodity Group, Year-on-Year
Inflation rate for FBT went up to 2.5 percent in November from 1.9 percent in October. Meanwhile, inflation for H&R slowed to 3.1 percent from 3.2 percent; fuel, light and water (FLW), 6.9 percent from 8.1 percent; and services, 5.7 percent from 5.8 percent. Inflation for clothing and miscellaneous items remained at 2.4 percent and 2.0 percent, respectively.
The inflation rate for food alone moved up to 2.6 percent in November from 1.9 percent in October. Higher rates were seen in the prices of corn, 2.8 percent from 2.2 percent; dairy products, 5.3 percent from 5.2 percent; eggs, 1.2 percent from 1.1 percent; fish, 2.8 percent from 2.3 percent; fruits and vegetables, 5.5 percent from 2.8 percent; and meat, 2.9 percent from 1.6 percent. The price increase of cereal preparations was 4.2 percent, slower compared to its previous month’s rate of 4.5 percent. Inflation for miscellaneous foods was still at its October rate of 2.7 percent while the price of rice still posted a negative rate of 0.3 percent from -0.8 percent.
In NCR, inflation rate for FBT jumped to 5.0 percent in November from 4.0 percent in October; H&R, 2.1 percent from 2.0 percent; services, 6.9 percent from 6.8 percent; and miscellaneous items, 2.4 percent from 2.2 percent. On the other hand, the price increase of FLW items eased to 13.4 percent from 16.9 percent while the increase in the price of clothing items was at 3.6 percent.
The inflation rate for food alone in NCR picked up to 5.3 percent in November from 4.3 percent in October mainly brought about by the 10.5 percent uptick in the inflation of fruits and vegetables from 7.6 percent last month. In addition, inflation for rice went up to 0.6 percent from zero growth; corn, 11.9 percent from 10.6 percent; dairy products, 5.8 percent from 5.6 percent; fish, 7.8 percent from 7.4 percent; meat, 5.2 percent from 2.4 percent; and miscellaneous foods, 4.3 percent from 4.2 percent. Meanwhile, inflation for cereal preparations and eggs correspondingly slowed to 5.0 percent and 0.2 percent from their respective previous month’s rates of 5.2 percent and 0.4 percent.
In AONCR, inflation rate for FBT accelerated to 1.8 percent in November from 1.3 percent in October. Annual price increases in H&R slightly slowed to 3.8 percent from 3.9 percent; FLW, 3.3 percent from 3.4 percent; and services, 5.1 percent from 5.3 percent. Clothing and miscellaneous items still maintained their October rates of 2.0 percent and 1.8 percent, respectively.
Inflation rate for food alone in AONCR accelerated to 1.8 percent in November from 1.1 percent in October.
Higher inflation rates were observed in the following food groups: corn, 2.6 percent in November from 2.1 percent in October; dairy products, 5.1 percent from 4.9 percent; eggs, 1.5 percent from 1.3 percent; fish, 1.8 percent from 1.3 percent; fruits and vegetables, 3.9 percent from 1.2 percent; and meat, 2.0 percent from 1.2 percent. Meanwhile, inflation for cereal preparations and miscellaneous foods were slower at 3.8 percent and 1.9 percent, respectively compared to their corresponding last month’s rates of 4.2 percent and 2.1 percent.
On an annual basis, the price of rice still continued to post a negative rate of 0.5 percent in November from -1.0 percent in October. Ten regions registered negative rates. The biggest decrease at 1.6 percentage points was observed in ARMM followed by Eastern Visayas at 1.4 percentage points.
> By Region, Month-on-Month
Prices in NCR went up by 0.5 percent in November, the same rate recorded in October. Prices of FBT were up by 0.8 percent in November from 0.7 percent in October; FLW, 0.4 percent from 0.1 percent; services, 0.3 percent from 0.2 percent; and miscellaneous items, 0.1 percent from zero growth. Meanwhile, movements in the prices of clothing and H&R items improved to 0.1 percent from their corresponding last month’s rates of 0.2 percent and 0.6 percent.
Prices in AONCR gained by 0.2 percent in November from zero growth in October. Month-on-month increase in price of FBT items inched up to 0.1 percent from -0.2 percent; and H&R and FLW items, 0.2 percent and 0.8 percent, respectively from zero growth. On the other hand, prices of services items increased at a slightly slower rate of 0.2 percent from 0.3 percent while movements in the prices of clothing and miscellaneous items were at 0.1 percent. The highest month-on-month rate was still seen in CAR at 0.7 percent while the lowest rate at -0.1 percent was posted in Cagayan Valley and ARMM.
> By Commodity Group, Month-on-Month
The month-on-month inflation grew to 0.2 percent in November from 0.1 percent in October. Prices of FBT and FLW items correspondingly rose to 0.3 percent and 0.7 percent from 0.1 percent and zero growth, respectively. Prices of H&R and services items increased but at a slower rate of 0.2 percent from 0.3 percent while prices of clothing and miscellaneous items moved up at their previous month’s rate of 0.1 percent.
Higher prices of vegetables and selected fruits in NCR were still noted during the month. This resulted to a 3.2 percent increase in the fruits and vegetables index in the area. Meanwhile, prices of fruits and vegetables in AONCR generally moved up by 1.6 percent from -0.2 percent. Thus, the overall index jumped to 2.0 percent from 1.5 percent.
Higher prices of chicken in the wet markets was observed nationwide as upward adjustments in the prices of feeds were effected. Increments in the prices of beef, pork, canned and processed meat were also noticed in selected regions. Increments in the meat index in the three areas were recorded at 1.0 percent from 0.2 percent in the Philippines; 1.9 percent from 0.4 percent in NCR; and 0.6 percent from 0.1 percent in AONCR.
Unfavorable weather conditions experienced in selected provinces due to typhoons resulted in insufficient supply of fresh fish in the markets. This pulled up its prices by 0.7 percent in the Philippines and AONCR and 0.9 percent in NCR.
The continuous price hikes in corn raised the national and AONCR index by 0.7 percent and 0.6 percent, respectively and in NCR, by 1.2 percent.
The on-going harvest season for palay in selected provinces brought abundant supply of rice thus, bringing down its prices in the Philippines by -0.9 percent and in AONCR, -1.1 percent during the month. On the contrary, the price of rice in NCR slightly grew by 0.1 percent from -0.1 percent.
Higher prices of selected construction materials such as common wire nails, cement, gravel, sand, lumber and paint advanced the H&R index in the Philippines and AONCR by 0.2 percent and in NCR, 0.1 percent.
Upward movements in the prices of LPG, kerosene and firewood along with higher electricity charge observed in most of the regions pushed up the FLW index in the Philippines and AONCR by 0.7 percent and 0.8 percent, respectively. Likewise, the index gained 0.4 percent in NCR due to add-ons in the price of LPG.
Positive adjustments in the prices of gasoline, diesel, medicines, selected school supplies and medical and health goods along with the increase of medical and dental charges resulted to a 0.2 percent uptick in the services index of the Philippines and AONCR. Similarly, the group’s index in NCR also went up by 0.3 percent. This was due to the acceleration in the price increase of medicines, selected school supplies, gasoline, diesel and other services allied to transport. Higher charges for domestic help, developing and printing of photo film in the area during the month also contributed to the uptrend.
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 Number: 716-39-35).
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