Summary Inflation Report Consumer Price Index (2000=100) : January 2010
Release Date: 05 February 2010
JANUARY 2010 AND DECEMBER 2009
Year-on-Year Inflation Rates, All Items
The year 2010 started off with an annual headline inflation rate in the Philippines at 4.3 percent, lower than the December rate of 4.4 percent. This was primarily due to the deceleration in the annual inflation rate in the heavily weighted food, beverages and tobacco (FBT) index. Slower annual price increments in the indices of housing and repairs (H&R) and miscellaneous items also contributed to the downtrend. Inflation a year ago was 7.1 percent.
Excluding selected food and energy items, core inflation moved up at a slower rate of 3.0 percent in January from 3.2 percent in December.
Annual inflation rate in the National Capital Region (NCR) likewise eased to 3.6 percent in January from 4.0 percent in December brought about by the slower annual price movements in FBT and H&R index.
Inflation rate in Areas Outside the National Capital Region (AONCR) picked up to 4.6 percent in January from 4.5 percent in December due to higher annual price increases recorded in the indices of H&R, fuel, light and water (FLW) and services.
Month-on-Month Inflation Rates, All Items
Higher price increases in selected food items such as rice, fish, eggs, sugar, flour and flour products were noted during the month. In addition, rental rates were also higher in NCR and in some regions. However, price reductions in fruits and vegetables and slower upward price adjustments in services and FLW items were noted. These mixed price trends resulted to a lower month-on-month inflation rate in January at 0.2 percent from 0.6 percent in December.
CONSUMER PRICE INDEX
By Region, Year-on-Year
The annual inflation rate in NCR decelerated to 3.6 percent in January from 4.0 percent in December.
Annual inflation rate in AONCR at 4.6 percent in January was higher compared to the 4.5 percent in December. Eleven regions posted higher inflation rates with the biggest acceleration of 1.4 percentage points seen in Autonomous Region in Muslim Mindanao (ARMM) (7.9% from 6.5%). The highest rate was still noted in ARMM at 7.9 percent while the lowest rate at 2.7 percent was registered in Western Visayas.
By Commodity Group, Year-on-Year
The annual price increment in the FBT index in the Philippines slowed down to 4.3 percent in January from 5.2 percent in December; H&R, 2.0 percent from 2.1 percent; and miscellaneous items, 1.7 percent from 1.8 percent. On the contrary, annual price gains were correspondingly higher in the indices of FLW and services at 9.2 percent and 5.1 percent from their respective previous month’s rates of 7.7 percent and 3.5 percent. Annual price add-on in clothing index remained at 2.0 percent.
The national annual inflation rate for food alone slid to 4.5 percent in January from 5.3 percent in December.
All the food groups registered slower annual price increases except for the cereal preparations index whose annual rate climbed to 3.4 percent from 2.9 percent. The annual price uptick in the index of rice improved to 3.9 percent in January from 4.1 percent in December; corn, 0.6 percent from 1.3 percent; dairy products, 2.7 percent from 3.3 percent; eggs, 5.0 percent from 5.9 percent; fish, 4.1 percent from 5.1 percent; fruits and vegetables, 7.2 percent from 11.8 percent; meat, 6.4 percent from 7.4 percent; and miscellaneous foods, 3.4 percent from 3.8 percent.
In NCR, the annual inflation rates for FBT and H&R index correspondingly eased to 3.5 percent and 1.4 percent in January from their respective December rates of 5.6 percent and 2.1 percent. Meanwhile, annual inflation for clothing index was higher at 1.5 percent from 1.2 percent; FLW, 5.7 percent from 4.7 percent; services, 5.4 percent from 3.3 percent; and miscellaneous items, 1.5 percent from 1.4 percent.
Annual inflation for food alone in NCR further decelerated to 3.6 percent in January from 5.8 percent in December.
The annual price addition in the dairy products index continued to move at a slower pace of 1.9 percent in January from 2.0 percent in December; eggs, 4.3 percent from 6.7 percent; fruits and vegetables, 7.1 percent from 16.0 percent; meat, 6.3 percent from 8.9 percent; and miscellaneous foods, 1.5 percent from 4.3 percent. Annual inflation in the index of corn was however higher at 16.9 percent from 16.0 percent; cereal preparations, 2.1 percent from 1.5 percent; and fish, 3.5 percent from 2.5 percent. Annual inflation for rice index remained at 3.0 percent.
In AONCR, the annual price hike was higher in H&R index at 2.4 percent in January from 2.1 percent in December; FLW, 11.1 percent from 9.3 percent; and services, 5.1 percent from 3.7 percent. On the other hand, a slower annual price movement was seen in the FBT index at 4.5 percent from 5.1 percent; clothing, 2.2 percent from 2.4 percent; and miscellaneous items, 1.8 percent from 1.9 percent.
Annual inflation for food alone in AONCR slid to 4.7 percent in January from 5.2 percent in December.
Annual price adjustments in the index of rice were lower in nine regions with the biggest decline of 3.4 percentage points posted in Bicol (4.3% from 7.7%). Thus, annual inflation for the group’s index in AONCR eased to 4.1 percent from 4.2 percent.
Annual price add-on in corn index decelerated to 0.3 percent from 1.1 percent; dairy products, 3.0 percent from 3.8 percent; eggs, 5.3 percent from 5.6 percent; fish, 4.2 percent from 5.7 percent; fruits and vegetables, 7.2 percent from 10.6 percent; and meat, 6.5 percent from 6.7 percent. On the other hand, annual price increments in cereal preparations and miscellaneous foods index were correspondingly higher at 3.9 percent and 4.3 percent from 3.5 percent.
By Region, Month-on-Month
Price increases in NCR slowed down to 0.1 percent in January from 0.6 percent in December due to the -0.4 percent decline in the FBT index from 0.3 percent. Slowdowns in the price hikes in FLW and services index at 0.1 percent and 0.9 percent, respectively from their corresponding December rates of 1.5 percent and 1.4 percent also contributed to the downtrend. On the contrary, upward price adjustments in clothing and miscellaneous items index were correspondingly higher at 0.4 percent and 0.2 percent from zero growth. Price gain in H&R index remained at 0.1 percent.
Prices in AONCR climbed up at a slower rate of 0.3 percent in January from 0.5 percent in December. Price uptick in the indices of FBT and FLW at 0.2 percent and 0.1 percent, respectively eased from their corresponding previous month’s rates of 0.4 percent and 2.9 percent; clothing and miscellaneous items, 0.1 percent from 0.2 percent; and services, 0.5 percent from 0.6 percent. On the other hand, price additions in H&R index were correspondingly higher at 0.3 percent from 0.1 percent.
Ten regions recorded either negative or lower monthly growth rates in January. The lowest rate of -0.6 percent was noted in CAR while the highest rate at 1.1 percent was seen in Zamboanga Peninsula.
Among the three big areas of the country, monthly price adjustments was lowest in Luzon compared to Mindanao and Visayas.
By Commodity Group, Month-on-Month
The slowdown in the price increase of the heavily weighted FBT index at 0.1 percent in January from 0.4 percent in December resulted to a lower growth in consumer prices at 0.2 percent from 0.6 percent. Price hike in the FLW index eased to 0.1 percent from 2.4 percent; services, 0.6 percent from 0.9 percent; and miscellaneous items, 0.1 percent from 0.2 percent. Price addition in H&R index was however higher at 0.3 percent from 0.1 percent while that for clothing index remained at 0.1 percent.
The slowing down of trading after the traditional New Year’s peak brought down prices of fruits from unsold stocks at fruit stands in NCR. Deliveries of vegetables in the markets more than filled the consumption requirements of the consumers thereby causing the prices of these items to decline. Thus, the fruits and vegetables index went down in the three areas: Philippines, -4.7 percent from -2.0 percent; NCR, -8.7 percent from -3.5 percent; and AONCR, -3.5 percent from -1.6 percent.
Price decline in chicken pushed down the meat index in NCR at -0.9 percent from 2.3 percent. On the contrary, prices of meat in AONCR moved up at 0.7 percent as prices of chicken, pork and beef went up in selected regions during the month. The national index for meat also grew by 0.2 percent. This was however slower than the 2.0 percent growth recorded last month.
Limited supply of eggs in the markets due to its lower production was still observed during the month. This was brought about by the cold weather conditions still experienced during the month. Thus, prices of eggs in the Philippines and AONCR gained 0.6 percent and in NCR, 0.7 percent.
The index for rice in the Philippines and AONCR advanced respectively by 0.4 percent and 0.3 percent from -0.1 percent and in NCR, 1.0 percent from 0.1 percent.
Prices of fish in the Philippines further moved up by 2.2 percent from 0.9 percent; NCR, 4.9 percent from 1.6 percent; and AONCR, 1.6 percent from 0.8 percent. This was triggered by difficulty in catching fish that usually settle deep in the waters during the cold months and bigger demand as consumers shifted from meat to fish after the holiday season.
The cereal preparations index in the three areas rose during the month: Philippines, 0.5 percent; NCR, 0.2 percent; and AONCR, 0.6 percent. Higher prices of flour and flour products along with the price uptick in native cakes in selected regions effected the uptrend.
The soaring prices of sugar nationwide along with the price hikes of selected spices and seasonings raised the miscellaneous foods index in the Philippines at 0.6 percent from 0.5 percent; NCR, 0.3 percent from 0.1 percent; and AONCR, 0.7 percent from 0.6 percent.
The general upward adjustments in the prices of gasoline and diesel nationwide along with the higher charges in selected services items such as laundry and dry cleaning, personal services, medical and household help in NCR and in some regions moved up the services index in the Philippines by 0.6 percent; NCR, 0.9 percent; and in AONCR, 0.5 percent. Increased movie admission fee in NCR was also noted during the month.
Price increments in selected construction materials and higher rental rates in NCR and selected regions were observed during the month. These factors contributed to the 0.3 percent growth in the H&R index in the Philippines and AONCR and 0.1 percent in NCR.
The FLW index in the three areas picked up by 0.1 percent. This was due to the increased water rates in NCR and in some regions and the general price gains in LPG and kerosene nationwide.
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: February 5, 2010
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