Summary Inflation Report Consumer Price Index (1994=100) : October 2004
Release Date: 05 November 2004
OCTOBER AND SEPTEMBER 2004
Year-on-Year Headline Inflation Rates, All Items
Year-on-Year Core Inflation Rates, Philippines
Year-on-year headline inflation rate at the national level grew by 0.2 percentage point to 7.1 percent in October from 6.9 percent in September as all the commodity groups registered higher inflation rates. Inflation a year ago was 3.1 percent.
On the other hand, inflation rate in the National Capital Region (NCR) slightly slowed down to 6.3 percent in October from 6.4 percent in September. This was brought about by the lower inflation rates posted in the indices of food, beverages and tobacco (FBT), clothing and housing and repairs (H&R).
Inflation rate in Areas Outside the National Capital Region (AONCR) picked up by 0.4 percentage point to 7.5 percent in October from 7.1 percent in September due to the upward movements in the inflation rates of all the commodity groups.
Excluding selected food and energy items, core inflation slightly rose by 0.3 percentage point to 6.9 percent in October from 6.6 percent in September.
Month-on-Month Inflation Rates, All Items
Compared with September 2004, prices of goods and services slowly moved upward at 0.3 percent in October from 0.6 percent in September brought about by the decline in the prices of food items particularly rice and corn. Moreover, the meat index at the national level and in NCR still posted negative rates due to lower prices of chicken and pork.
CONSUMER PRICE INDEX
l By Region, Year-on-Year
The inflation rate in NCR slightly slowed down by 0.1 percentage point to 6.3 percent in October from 6.4 percent in September.
In Areas Outside the National Capital Region (AONCR), inflation rate advanced by 0.4 percentage point to 7.5 percent in October from 7.1 percent in September as eleven regions posted higher annual rates. The biggest increase of 1.5 percentage points (6.1 percent from 4.6 percent) was recorded in Cagayan Valley. The highest rate was noticed in Caraga at 10.4 percent while the lowest was registered in Cagayan Valley and Central Visayas at 6.1 percent.
l By Commodity Group, Year-on-Year
Inflation rates for all the commodity groups accelerated in October. Inflation for FBT picked up to 7.2 percent in October from 7.1 percent in September; clothing, 2.4 percent from 2.2 percent; H&R, 3.7 percent from 3.4 percent; FLW, 10.4 percent from 9.2 percent; services, 12.0 percent from 11.7 percent; and miscellaneous items, 2.5 percent from 2.4 percent.
The inflation rate for food alone rose by 0.2 percentage point to 7.5 percent in October 7.3 percent in September.
Higher annual inflation rates were seen in the prices of rice, 3.2 percent in October from 3.0 percent in September; cereal preparations, 6.3 percent from 5.8 percent; dairy products, 9.5 percent from 9.1 percent; eggs, 6.7 percent from 6.2 percent; fish, 9.3 percent from 8.7 percent; and miscellaneous foods, 4.9 percent from 4.5 percent. Meanwhile, price gains were slower in corn at 10.5 percent from 11.9 percent; fruits and vegetables, 9.2 percent from 9.5 percent; and meat, 15.0 percent from 15.4 percent.
In NCR, inflation rate for FBT eased to 5.6 percent in October from 6.1 percent in September; clothing, 1.9 percent from 2.1 percent; and H&R, 2.8 percent from 3.0 percent. On the other hand, inflation rate for FLW moved up to 7.9 percent from 7.5 percent; services, 13.2 percent from 12.7 percent; and miscellaneous items, 2.8 percent from 2.7 percent.
Inflation rate for food alone in NCR further slowed down to 5.8 percent in October from 6.3 percent in September as the price of corn went up by only 8.8 percent in October compared to 9.7 percent in September; fruits and vegetables, 5.6 percent from 11.6 percent; and meat, 11.5 percent from 12.4 percent. Higher inflation rates were however recorded in the prices of rice, 0.4 percent from 0.3 percent; cereal preparations, 6.4 percent from 6.1 percent; fish, 8.4 percent from 6.7 percent; and miscellaneous foods, 3.0 percent from 2.9 percent. Annual increments in the prices of dairy products and eggs correspondingly remained at 6.6 percent and 8.9 percent.
In AONCR, all the commodity groups still registered higher inflation rates. Inflation for FBT rose to 7.7 percent in October from 7.4 percent in September; clothing, 2.6 percent from 2.3 percent; H&R, 4.3 percent from 3.6 percent; FLW, 11.8 percent from 10.2 percent; services, 11.4 percent from 11.3 percent; and miscellaneous items, 2.5 percent from 2.3 percent.
Inflation rate for food alone further accelerated to 8.1 percent in October from 7.6 percent in September.
The annual change in the price of rice climbed to 3.6 percent in October from 3.4 percent in September as six regions posted higher rates. The biggest increment was noticed in Cagayan Valley at 4.5 percentage points (3.1 percent from -1.4 percent).
Higher price increases were also noted in cereal preparations at 6.2 percent in October from 5.7 percent in September; dairy products, 10.7 percent from 10.1 percent; eggs, 6.0 percent from 5.4 percent; fish, 9.4 percent from 9.2 percent; fruits and vegetables, 10.4 percent from 8.9 percent; and miscellaneous foods, 5.8 percent from 5.3 percent. However, the annual price add-ons in corn and meat correspondingly improved to 10.5 percent and 16.5 percent from 11.9 percent and 16.6 percent.
l By Region, Month-on-Month
Prices in NCR went up by 0.4 percent in October, the same rate recorded in September. Prices of H&R and services items correspondingly went up to 0.5 percent and 0.7 percent in October from their respective September rates of 0.3 percent and 0.5 percent. Movements in the prices of FBT items remained at its last month’s rate of 0.2 percent and clothing and miscellaneous items, 0.1 percent. Meanwhile, price hikes of FLW items were lower at 0.6 percent from 2.5 percent.
Prices in AONCR moved at a slower rate of 0.4 percent in October from 0.7 percent in September as price increments in FBT items were lower at 0.1 percent from 0.7 percent. In addition, gains in the prices of services and miscellaneous items correspondingly slipped to 0.4 percent and 0.3 percent from 0.7 percent and 0.4 percent. On the contrary, prices of clothing items advanced to 0.4 percent from 0.3 percent; H&R items, 0.7 percent from 0.5 percent; and FLW items, 1.5 percent from 1.1 percent.
l By Commodity Group, Month-on-Month
Prices of FBT items increased by only 0.1 percent in October from 0.6 percent in September. The slower movement brought down the overall month-on-month inflation to 0.3 percent from 0.6 percent. Moreover, slowdowns in the prices of FLW items at 1.1 percent from 1.6 percent; services items, 0.5 percent from 0.6 percent; and miscellaneous items, 0.2 percent from 0.3 percent contributed to the downtrend. On the other hand, prices of H&R items went up to 0.6 percent from 0.4 percent while prices of clothing items still moved at 0.3 percent.
The on-going harvest season for palay in many provinces brought abundant supply of rice thus, reducing its prices in the Philippines by 0.8 percent and in AONCR, 0.9 percent during the month. On the contrary, the price of rice in NCR slightly grew by 0.1 percent from -0.1 percent.
Good production of corn brought about by favorable weather conditions that prevailed during the month pulled down its price in the three areas: Philippines, -0.8 percent; NCR, -0.2 percent; and AONCR, -0.9 percent.
Reductions in the prices of chicken and pork in NCR caused a 0.4 percent drop in the meat index in the area. On the other hand, prices of meat in AONCR generally remained stable during the month as the group’s index posted a zero growth. Hence, the group’s index in the Philippines decreased only by 0.1 percent.
Improved supply of selected fruits and vegetables slowed down the price increases in the group’s indices in the three areas: Philippines and NCR, 1.2 percent from their respective previous month’s rates of 2.9 percent and 4.1 percent and AONCR, 1.3 percent from 2.5 percent.
The continued increments in the prices of cooking oil, powdered tonic drink, coffee, sugar, margarine and selected spices and seasonings along with the uptick in the prices of meals eaten outside the home in some regions pushed up the miscellaneous foods index in the Philippines by 0.5 percent; NCR, 0.1 percent; and AONCR, 0.6 percent.
Upward adjustments in the prices of canned fish were observed during the month. This was effected by the higher costs of packaging materials. Higher prices of selected fish species and sea foods were also noted. Thus, prices of fish in the Philippines and AONCR advanced by 0.3 percent and in NCR, 0.5 percent.
The continued increases in the prices of selected construction materials further raised the H&R indices in the three areas: Philippines, 0. 6 percent from 0.4 percent; NCR, 0.5 percent from 0.3 percent; and AONCR, 0.7 percent from 0.5 percent.
Higher prices of LPG and kerosene still observed in NCR caused the FLW index in the area to move up by 0.6 percent. Similarly, the FLW index in AONCR also jumped by 1.5 percent due to the continued price hikes in LPG and kerosene and increments in the prices of charcoal and candle in selected regions. On the national level, the group’s index accelerated by 1.1 percent.
The services index in NCR and AONCR correspondingly picked up by 0.7 percent and 0.4 percent mainly brought about by the series of price additions in medicines, gasoline, diesel and engine oil. Moreover, uptick in charges for selected personal services and higher taxi and passenger boat fares contributed to the uptrend. All these factors pushed up the national index by 0.5 percent.
The 2000-based first phase survey result from Ifugao was not included in the computation of the series as the data file received as of November 4, 2004 was corrupted.
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: November 5, 2004
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