Summary Inflation Report Consumer Price Index (1994=100) : November 2004
Release Date: 07 December 2004
NOVEMBER AND OCTOBER 2004
Year-on-Year Headline Inflation Rates, All Items
Year-on-Year Core Inflation Rates, Philippines
On an annual basis, headline inflation rate in the Philippines went up by 0.5 percentage point to 7.6 percent in November from 7.1 percent in October. The uptrend of the inflation rate was primarily brought about by the 6.9 percentage points growth in the inflation of fuel, light and water (FLW). Higher inflation rates registered in clothing, services and miscellaneous items also contributed to the increase. Inflation a year ago was 3.2 percent.
Likewise, inflation rate in the National Capital Region (NCR) jumped by 0.9 percentage point to 7.2 percent in November from 6.3 percent in October mainly due to the 16.0 percentage points uptick in the inflation of FLW. Inflation rates for all the other commodity groups except for food, beverages and tobacco (FBT) items also moved up.
Inflation rate in Areas Outside the National Capital Region (AONCR) grew by 0.2 percentage point to 7.7 percent in November from 7.5 percent in October as higher inflation rates were noticed in all the commodity groups except for housing and repairs (H&R).
Excluding selected food and energy items, core inflation rose by 0.4 percentage point to 7.3 percent in November from 6.9 percent in October.
Month-on-Month Inflation Rates, All Items
The month-on-month inflation rate picked up to 0.6 percent in November from 0.3 percent in October. This can be attributed to the continued upward adjustments in the prices of LPG, kerosene, gasoline, diesel, engine oil and selected construction materials. In addition, higher charges for electricity consumptions in many regions including NCR were also noted during the month.
CONSUMER PRICE INDEX
l By Region, Year-on-Year
The inflation rate in NCR increased by 0.9 percentage point to 7.2 percent in November from 6.3 percent in October.
Inflation rate in AONCR advanced to 7.7 percent in November from 7.5 percent in October. Compared with their previous month’s inflation, all the regions except for Southern Tagalog and Northern Mindanao posted higher inflation rates. The biggest increment of 0.9 percentage point was recorded in CAR (9.1 percent from 10.0 percent). The highest rate was still observed in Caraga at 10.5 percent while the lowest rate was still seen in Cagayan Valley at 6.4 percent.
l By Commodity Group, Year-on-Year
Inflation rate for clothing moved upward to 2.6 percent in November from 2.4 percent in October; FLW, 17.3 percent from 10.4 percent; services, 12.5 percent from 12.0 percent; and miscellaneous items, 2.7 percent from 2.5 percent. On the other hand, inflation rate for FBT slightly slowed down to 7.1 percent from 7.2 percent. Inflation for H&R remained at 3.7 percent.
Inflation rate for food alone decelerated to 7.2 percent in November from 7.5 percent in October.
The price of corn went up by 10.3 percent in November from an increase of 10.5 percent in October; eggs, 6.3 percent from 6.7 percent; fruits and vegetables, 5.7 percent from 9.2 percent; and meat, 14.2 percent from 15.0 percent. Higher rates were however recorded in the prices of rice, 3.5 percent from 3.2 percent; cereal preparations, 6.8 percent from 6.3 percent; dairy products, 9.7 percent from 9.5 percent; and miscellaneous foods, 5.4 percent from 4.9 percent. Increment in the price of fish was still at 9.3 percent.
In NCR, inflation rate for FLW significantly jumped to 23.9 percent in November from 7.9 percent in October. Moreover, inflation for clothing picked up to 2.2 percent from 1.9 percent; H&R, 3.0 percent from 2.8 percent; services, 13.7 percent from 13.2 percent; and miscellaneous items, 2.9 percent from 2.8 percent. Meanwhile, inflation for FBT slid to 4.3 percent from 5.6 percent.
The inflation rate for food alone in NCR further slowed down to 4.3 percent in November from 5.8 percent in October. This was primarily effected by the 3.7 percent decline in the inflation of fruits and vegetables from an increase of 5.6 percent. In addition, lower rates were noticed in the prices of corn, 7.6 percent in November from 8.8 percent in October; eggs, 7.0 percent from 8.9 percent; meat, 9.8 percent from 11.5 percent. On the other hand, higher inflation rates were posted in the prices of cereal preparations, 7.4 percent from 6.4 percent; dairy products, 6.8 percent from 6.6 percent; fish, 8.5 percent from 8.4 percent; and miscellaneous foods, 3.1 percent from 3.0 percent. Inflation for rice was zero from 0.4 percent.
In AONCR, except for H&R whose inflation rate slightly improved to 4.2 percent from 4.3 percent, annual price additions for all the commodity groups went up. Inflation rate for FBT rose to 7.8 percent in November from 7.7 percent in October; clothing, 2.7 percent from 2.6 percent; FLW, 13.5 percent from 11.8 percent; services, 11.9 percent from 11.4 percent; and miscellaneous items, 2.6 percent from 2.5 percent.
Inflation rate for food alone at 8.1 percent in November was the same rate recorded in October.
Gain in the price of rice climbed to 4.1 percent in November from 3.6 percent in October as nine regions registered higher rates. The biggest increment was observed in ARMM at 3.2 percentage points (11.0 percent from 7.8 percent).
Higher annual price hikes were also noticed in cereal preparations at 6.7 percent in November from 6.2 percent in October; dairy products, 10.8 percent from 10.7 percent; eggs, 6.1 percent from 6.0 percent; and miscellaneous foods, 6.5 percent from 5.8 percent. Increase in the price of corn eased to 10.4 percent from 10.5 percent; fruits and vegetables, 8.9 percent from 10.4 percent; and meat, 16.0 percent from 16.5 percent. The upward movement in the price of fish stayed at its October rate of 9.4 percent.
l By Region, Month-on-Month
Prices in NCR accelerated to 1.3 percent in November from 0.4 percent in October as prices of FLW items grew by 15.4 percent from 0.6 percent. In addition, prices of clothing items moved up by 0.4 percent from 0.1 percent. Prices of H&R items also went up but a slower rate of 0.3 percent from 0.5 percent. Prices of services and miscellaneous items still retained their previous month’s rates of 0.7 percent and 0.1 percent. Meanwhile, prices of FBT items dropped by 0.4 percent from 0.2 percent.
Prices in AONCR moved at a slower rate of 0.3 percent in November from 0.4 percent in October. Price increments of clothing and miscellaneous items slipped to 0.2 percent from their corresponding October rates of 0.4 percent and 0.3 percent and H&R items, 0.1 percent from 0.7 percent. On the other hand, prices of FBT items were up to 0.2 percent from 0.1 percent; FLW items, 2.3 percent from 1.5 percent; and services items, 0.5 percent from 0.4 percent.
l By Commodity Group, Month-on-Month
Prices generally picked up to 0.6 percent in November compared from 0.3 percent in October as FLW items increased to 6.9 percent from 1.1 percent. Upward movements in the prices of services items at 0.6 percent from 0.5 percent also contributed to the uptrend. Price add-ons of FBT items, clothing items and miscellaneous items still remained at 0.1 percent, 0.3 percent and 0.2 percent.
The continued sufficient supply of rice in the markets resulting from the on-going harvest for palay in selected provinces pushed down the price of rice in the three areas: Philippines and AONCR, -0.6 percent and NCR, -0.3 percent.
The sizeable volume of deliveries of vegetables from different producing provinces in Luzon and in some parts of Mindanao effected a significant drop of vegetables in NCR wet markets. This mainly caused the 6.0 percent decline in the fruits and vegetables index in the area. Meanwhile, higher prices of vegetables and selected fruits posted in many regions pulled up the group’s index in AONCR by 0.2 percent. This was however slower than the 1.3 percent uptick of the group’s index last month. On a national level, the fruits and vegetables index decreased by 1.3 percent from 1.2 percent.
The series of price increments in cooking oil, powdered tonic drink, coffee, sugar, margarine and selected spices and seasonings along with the continued price gains of meals eaten outside the home in selected regions raised the miscellaneous foods index in the Philippines and AONCR by 0.5 percent and 0.7 percent. In the NCR, the index went up by only 0.1 percent.
Prices of fish rose by 0.7 percent in the Philippines and AONCR and 1.0 percent in NCR. Higher prices were triggered by the difficulty in catching fish that usually settle deep in the waters during the cold months. Moreover, prices of canned fish were still up this month due to higher cost of packaging materials.
With higher prices of canned meat, beef and pork, the meat index in the Philippines moved upward by 0.3 percent; NCR, 0.4 percent; and AONCR, 0.2 percent.
The FLW index in NCR significantly picked up to 15.4 percent in November from 0.6 percent in October primarily due to higher charges for electricity and continued add-ons in the prices of LPG and kerosene. Price additions in LPG, kerosene, firewood, charcoal and candle along with higher electricity rates registered in most of the regions resulted to the 2.3 percent increments in the FLW index in AONCR. Thus, the national FLW index went up by 6.9 percent.
Upward adjustments in the prices of selected construction materials still observed in many regions raised the H&R index in the Philippines by 0.2 percent; NCR, 0.3 percent; and AONCR, 0.1 percent. These were however slower than their corresponding October rates of 0.6 percent, 0.5 percent and 0.7 percent.
The services index in the Philippines advanced by 0.6 percent; NCR, 0.7 percent; and AONCR, 0.5 percent due to the continued acceleration in the prices of medicines, gasoline, diesel and engine oil.
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: December 7, 2004
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