Summary Inflation Report Consumer Price Index (1994=100) : October 2003
Release Date: 05 November 2003
OCTOBER AND SEPTEMBER 2003
|Inflation Rates, Philippines, All Items|
Year-on-year inflation went up to 3.1 percent in October from 2.9 percent in September primarily brought about by a 0.5 percentage point increment in the inflation rate of food, beverages and tobacco (FBT). Higher inflation rates posted in housing and repairs (H&R) and miscellaneous items also contributed to the upward movement. Inflation a year ago was 2.7 percent.
Likewise, inflation rate in the National Capital Region (NCR) went up by 0.7 percentage point to 4.9 percent in October from 4.2 percent in September due to the acceleration in the inflation of FBT, clothing and H&R.
Inflation rate in Areas Outside the National Capital Region (AONCR) was 2.4 percent in October, similar to the inflation rate registered in September.
Upward movements in the indexes of FBT and H&R mainly placed the month-on-month inflation to 0.1 percent in October, the same rate recorded in September. Moreover, positive movements in the prices of clothing, services and miscellaneous items were also noted during the month.
CONSUMER PRICE INDEX
> By Region, Year-on-Year
The annual rate of change of prices in NCR jumped by 0.7 percentage point to 4.9 percent in October from 4.2 percent in September.
Inflation in Areas Outside the National Capital Region (AONCR) remained at its September rate of 2.4 percent. Only five regions registered higher inflation rates. The biggest increase was noticed in Southern Mindanao at 1.6 percentage points followed by ARMM at 0.9 percentage point. The highest inflation rate was still recorded in CAR at 4.5 percent while the lowest rate was in Cagayan Valley at 1.2 percent.
> By Commodity Group, Year-on-Year
Inflation rate for FBT picked up to 1.9 percent in October from 1.4 percent in September; H&R, 3.2 percent from 3.0 percent; and miscellaneous items, 2.0 percent from 1.9 percent. However, inflation for FLW and services correspondingly slowed down to 8.1 percent and 5.8 percent from their respective last month’s rates of 9.6 percent and 5.9 percent. Inflation for clothing remained at 2.4 percent.
The inflation rate for food alone advanced to 1.9 percent in October from 1.4 percent in September. Higher rates were seen in the prices of corn, 2.2 percent from 0.9 percent; dairy products, 5.2 percent from 5.0 percent; fruits and vegetables, 2.8 percent from -0.2 percent; and meat, 1.6 percent from 1.2 percent. On the other hand, slower rates were noticed in the prices of cereal preparations, 4.5 percent from 4.7 percent; eggs, 1.2 percent from 1.3 percent; fish, 2.3 percent from 2.4 percent; and miscellaneous foods, 2.7 percent from 2.9 percent. Inflation for rice was still negative at -0.8 percent from the -1.3 percent posted last month.
In NCR, inflation rate for FBT accelerated to 4.0 percent in October from 2.3 percent in September; clothing, 3.6 percent from 3.5 percent; and H&R, 2.0 percent from 1.3 percent. Meanwhile, inflation for FLW and services correspondingly eased to 16.9 percent and 6.8 percent from their respective last month’s rates of 19.7 percent and 6.9 percent. Miscellaneous items maintained its previous month’s rate of 2.2 percent.
The inflation rate for food alone in NCR rose to 4.3 percent in October from 2.3 percent in September primarily due to the 7.6 percent increment in the inflation of fruits and vegetables from -4.2 percent last month. Moreover, inflation for corn grew to 10.6 percent from 9.9 percent; eggs, 0.4 percent from 0.1 percent; fish, 7.4 percent from 6.9 percent; meat, 2.4 percent from 1.5 percent; and miscellaneous foods, 4.2 percent from 3.9 percent. However, inflation for cereal preparations slipped to 5.2 percent from 5.7 percent while inflation for dairy products was still posted at 5.6 percent. Inflation for rice was zero.
In AONCR, inflation rate for FBT slightly moved up to 1.3 percent in October from 1.2 percent in September. On the contrary, inflation for H&R slid to 3.9 percent from 4.0 percent; FLW, 3.4 percent from 4.2 percent; and services, 5.3 percent from 5.4 percent. Clothing and miscellaneous items retained their respective September rates of 2.0 percent and 1.8 percent.
Inflation rate for food alone in AONCR at 1.1 percent in October was the same rate recorded in September.
Prices of corn accelerated to 2.1 percent in October from 0.7 percent in September; dairy products, 4.9 percent from 4.8 percent; and meat, 1.2 percent from 1.1 percent.
The annual change in the price of rice was still negative at -1.0 percent in October from the -1.3 percent in September. Except for Central Visayas and ARMM, negative rates were recorded in the price of rice compared to last year’s prices.
Prices of cereal preparations slowed to 4.2 percent from 4.4 percent; eggs, 1.4 percent from 1.7 percent; fish, 1.3 percent from 1.5 percent; and miscellaneous foods, 2.1 percent from 2.5 percent. The price of fruits and vegetables still moved at 1.2 percent.
> By Region, Month-on-Month
Prices in NCR gained by 0.5 percent in October from 0.1 percent in September as prices of FBT items increased by 0.6 percentage point to 0.7 percent from 0.1 percent. Moreover, prices of H&R items also picked up to 0.6 percent from 0.1 percent. On the other hand, prices of FLW and services items correspondingly slipped to 0.1 percent and 0.2 percent from 0.4 percent and 0.3 percent, respectively. Movements in the prices of clothing items remained at its September rate of 0.2 percent while prices of miscellaneous items posted a zero growth from 0.1 percent.
Prices in AONCR generally remained stable as the month-on-month inflation was zero in October from 0.1 percent in September. A 0.2 percent drop in the prices of FBT items offset price increases in clothing and miscellaneous items at 0.1 percent and services, 0.3 percent. The highest month-on-month rate at 0.3 percent was noted in CAR and Bicol while the lowest rate was still recorded in Central Mindanao at -0.8 percent.
> By Commodity Group, Month-on-Month
The month-on-month inflation remained at 0.1 percent in October. Prices of FBT and H&R items correspondingly grew to 0.1 percent and 0.3 percent in October from zero growth. Prices of clothing items slightly slowed to 0.1 percent from 0.2 percent while movements in the prices of services and miscellaneous items were at their respective last month’s rates of 0.3 percent and 0.1 percent. The general movement of prices of FLW items was still stable during the month.
Reductions in the prices of selected fruits and vegetables observed in many provinces resulted to a 0.2 percent decline in the group’s index in AONCR. On the other hand, the index in NCR significantly picked up to 6.8 percent from 0.1 percent as prices of off-season fruits such as avocado and mango were priced higher during the month. Moreover, with provinces in CAR hit by typhoon Harurot last month, the supply of vegetables in the NCR and CAR markets were affected causing their prices to increase. Thus, the national index went up to 1.5 percent from -1.0 percent.
Higher demand for meat in the forthcoming observance of All Saints Day and All Souls Day pulled up prices of beef and chicken in many regions including NCR. Prices of pork were also up in selected provinces. These pushed up the meat index in the three areas: Philippines, 0.2 percent from -0.3 percent; NCR, 0.4 percent from -0.7 percent; and AONCR, 0.1 percent from -0.1 percent.
Upward adjustments in the prices of cocoa, tea, margarine, sugar and selected spices and seasonings raised the miscellaneous foods indices of the Philippines and AONCR by 0.1 percent. This was however, slower than their corresponding last month’s rates of 0.3 percent and 0.4 percent.
The favorable weather conditions that generally prevailed in the country during the month brought discounts in the prices of fish in many parts of Visayas and Mindanao. Thus, the index moved by 0.1 percent in AONCR from 0.4 percent in September. In NCR, abundant supply of fish in the wet markets also caused its prices to decline by -1.2 percent from 1.7 percent. Overall, the index went down to -0.2 percent from 0.7 percent.
Prices of milk and milk products also increased during the month. The index for dairy products in the Philippines and AONCR advanced by 0.4 percent and in NCR by 0.5 percent.
Continuous sufficient supply of rice brought about by the on-going harvest season for palay in many provinces further pulled down prices of rice in AONCR and Philippines to -1.1 percent and -1.0 percent, respectively from their corresponding last month’s rates of zero growth and -0.1 percent. The price of rice in NCR also went down by 0.1 percent.
Higher prices of corn resulted to a 0.4 percent increment in the group’s index for the Philippines and AONCR and 0.6 percent in NCR.
Price add-ons in selected construction materials such as common wire nails, cement, plywood and electrical wires caused the H&R index in NCR to climb by 0.6 percent in October from 0.1 percent in September. Meanwhile, prices of H&R items in AONCR generally remained stable during the month. Thus, the national index posted an increase of 0.3 percent from zero growth last month.
Upward adjustments in the prices of magazines, newspapers, selected school supplies, medicines, medical and health goods, gasoline and diesel and higher charges for hospital, medical and dental services in many regions were noted during the month. In addition, increases were also registered in telephone rental rate, picture developing charge and movie admission fee in NCR. All these factors contributed to a 0.3 percent uptick in the services index in the Philippines and AONCR and 0.2 percent in NCR.
The miscellaneous items index in the Philippines and AONCR slightly gained by 0.1 percent as prices of selected items for household operations and personal care and effects were up during the month.
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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