Summary Inflation Report Consumer Price Index (2000=100) : November 2005
Release Date: 06 December 2005
NOVEMBER AND OCTOBER 2005
Year-on-Year Inflation Rates, All Items
On an annual basis, headline inflation rate at the national level slightly increased to 7.1 percent in November from 7.0 percent in October. Higher inflation rates recorded in food, beverages and tobacco (FBT) and services brought about the uptick. Inflation a year ago was 8.2 percent.
Excluding selected food and energy items, core inflation further decelerated to 6.1 percent in November from 6.3 percent in October.
Inflation rate in the National Capital Region (NCR) slowed down by 0.9 percentage point to 8.0 percent in November from 8.9 percent in October due to slower annual price gains in all the commodity groups except for FBT.
Inflation in Areas Outside the National Capital Region (AONCR) picked up to 6.8 percent in November from 6.2 percent in October as inflation for all the commodity groups except for housing and repairs (H&R) moved upward.
Month-on-Month Inflation Rates, All Items
The heavily weighted food items primarily effected the 0.8 percent gain in the general level of consumer prices in November from 0.5 percent growth in October. Upward adjustments in the prices of LPG, kerosene, gasoline, diesel and engine oil and higher charges for electricity rates in some regions including NCR were also noted during the month. The continued price hikes in medicines and higher charges for selected medical, dental and personal services still observed in selected regions also contributed to the uptrend.
CONSUMER PRICE INDEX
l By Region, Year-on-Year
The inflation rate in NCR slowed down by 0.9 percentage point to 8.0 percent in November from 8.9 percent in October.
Inflation in AONCR went up by 0.6 percentage point to 6.8 percent in November from 6.2 percent in October. Thirteen regions recorded higher annual inflation rates. The biggest jump of 1.4 percentage points was registered in Central Luzon (7.1 percent from 5.7 percent). The highest rate was still noted in Ilocos at 9.6 percent while the lowest inflation was registered in Central Visayas at 6.1 percent.
l By Commodity Group, Year-on-Year
Inflation rates for FBT and services correspondingly grew to 6.3 percent and 10.9 percent in November from their respective October rates of 5.9 percent and 10.4 percent. On the other hand, inflation for H&R and fuel, light and water (FLW) decelerated to 4.1 percent and 14.5 percent from 4.4 percent and 17.6 percent, respectively. Inflation for clothing and miscellaneous items correspondingly remained at 3.2 percent and 3.1 percent.
The inflation rate for food alone in the Philippines picked up to 6.4 percent in November from 5.8 percent in October.
Higher annual rates were posted in the prices of dairy products, 7.6 percent in November from 7.1 percent in October; eggs, 3.2 percent from 2.3 percent; fish, 5.6 percent from 5.2 percent; fruits and vegetables, 5.7 percent from 3.6 percent; and miscellaneous foods, 7.2 percent from 6.0 percent. However, prices of rice and meat moved up at a slower pace of 8.1 percent and 5.1 percent from their respective annual price increases of 8.3 percent and 5.2 percent. The price of corn further dropped to -1.7 percent from -0.4 percent while the price increment in cereal preparations remained at 7.0 percent.
In NCR, inflation for all the commodity groups slowed down except for the heavily weighted FBT items whose annual rate of price addition was up by 0.9 percentage point (6.0 percent in November from 5.1 percent in October). Inflation for clothing however eased to 2.0 percent in November from 2.3 percent in October; H&R, 6.3 percent from 6.6 percent; FLW, 15.4 percent from 29.8 percent; services, 12.3 percent from 13.0 percent; and miscellaneous items, 2.7 percent from 3.1 percent.
Inflation for food alone in NCR moved up to 6.0 percent in November from 5.0 percent in October.
The price of rice on an annual basis climbed to 5.3 percent in November from 5.0 percent in October; cereal preparations, 7.3 percent from 6.9 percent; dairy products, 8.3 percent from 7.9 percent; eggs, 0.4 percent from -1.1 percent; fish and fruits and vegetables at their respective rates of 3.0 percent and 7.2 percent from 2.7 percent; and miscellaneous foods, 6.6 percent from 4.9 percent. On the other hand, the annual rate of add-on in the price of meat was slower at 5.7 percent from 6.6 percent while inflation for corn remained at 4.7 percent.
In AONCR, except for H&R whose inflation slightly eased to 2.6 percent in November from 2.7 percent in October, inflation rates for all the commodity groups moved upward. Inflation for FBT advanced to 6.4 percent from 6.1 percent; clothing, 3.6 percent from 3.5 percent; FLW, 14.0 percent from 11.8 percent; services, 10.0 percent from 9.0 percent; and miscellaneous items, 3.3 percent from 3.1 percent.
Compared to a year ago, prices of food items jumped to 6.5 percent in November from 6.0 percent in October.
Higher annual increments were noticed in the prices of dairy products at 7.3 percent in November from 6.8 percent in October; eggs, 4.1 percent from 3.4 percent; fish, 6.1 percent from 5.8 percent; fruits and vegetables, 5.2 percent from 3.8 percent; meat, 4.8 percent from 4.7 percent; and miscellaneous foods, 7.5 percent from 6.4 percent. On the contrary, slower annual rate of price hike was seen in cereal preparations at 6.8 percent from 7.2 percent while the annual movement in the price of corn further declined to -1.8 percent from -0.5 percent.
Compared to November 2004, the increase in the price of rice slowed at 8.5 percent in November 2005 from 8.8 percent in October as eleven regions registered slower annual rates. The biggest decline of 4.5 percentage points (14.8 percent from 19.3 percent) was noticed in MIMAROPA followed by Central Mindanao at 2.1 percentage points (8.3 percent from 10.4 percent).
l By Region, Month-on-Month
Consumer prices in NCR went up by 0.7 percent in November from 0.6 percent in October primarily due to the 3.5 percent gain in the prices of FLW items from last month’s 2.2 percent. On the other hand, increases in the prices of FBT and services items correspondingly decelerated to 0.4 percent and 0.6 percent in November from 0.7 percent in October. Upward adjustments in the prices of clothing and miscellaneous items were at their respective last month’s rates of 0.1 percent and 0.2 percent. Prices of H&R items remained stable as it still posted a zero growth during the month.
On a monthly basis, prices in AONCR grew to 0.9 percent in November from 0.5 percent in October mainly brought about by the 4.5 percent price hikes in FLW items from 1.0 percent. Moreover, prices of FBT and services items correspondingly increased to 0.5 percent and 1.6 percent from their respective previous month’s rates of 0.2 percent and 1.0 percent. Price movements in H&R and miscellaneous items were still at their corresponding previous month’s rates of 0.2 percent and 0.3 percent. The highest month-on-month inflation at 1.4 percent was seen in Central Luzon while the lowest rate of 0.5 percent was noted in Western Visayas and Southern Mindanao.
l By Commodity Group, Month-on-Month
At the national level, prices generally rose to 0.8 percent in November from 0.5 percent in October. Prices of FBT items were up by 0.5 percent in November from 0.3 percent in October; FLW items, 4.1 percent from 1.5 percent; services items, 1.2 percent from 0.9 percent; and miscellaneous items, 0.3 percent from 0.2 percent. Gains in the prices of clothing and H&R items remained at 0.3 percent.
Upward adjustments in the prices of coffee, sugar, margarine and selected spices and seasonings pushed the miscellaneous foods index up by 1.4 percent in the Philippines, 1.7 percent in NCR and 1.3 percent in AONCR. Higher prices of selected meals eaten outside the home in NCR and in many regions also contributed to the uptrend.
Higher productions costs of packaging materials raised prices of canned fish. In addition, prices of processed fish and selected seafoods were generally up in most of the regions including NCR. Thus, the fish index in the three areas moved upward: Philippines, 1.0 percent in November from 0.2 percent in October; NCR, 1.1 percent from 0.1 percent; and AONCR, 0.9 percent from 0.3 percent.
The series of price additions in bread, flour, biscuits and noodles further pulled up the index for cereal preparations in the Philippines by 0.7 percent; NCR, 0.8 percent; and AONCR, 0.6 percent.
With higher prices of milk and milk products, the dairy products index in the Philippines and AONCR climbed by 0.8 percent and in NCR, 0.6 percent.
The continued sufficient supply of rice in the markets due to the on-going harvest of palay in selected provinces resulted to declines in its prices in the Philippines at -0.5 percent and in AONCR, -0.6 percent. The price of rice in NCR generally remained stable as its index registered zero growth during the month.
The continuous price reductions in corn pulled down the national and AONCR index by 1.1 percent. In NCR, prices of generally still remained stable as its index posted zero growth.
The FLW index in NCR picked up to 3.5 percent in November from 2.2 percent in October primarily due to higher generation charge and lifeline rate subsidy in electricity rates and continued add-ons in the prices of LPG and kerosene. Likewise, upward price adjustments in LPG and kerosene along with higher electricity rates recorded in many regions effected a 4.5 percent increment in the FLW index in AONCR. Thus, the national FLW index went up by 4.1 percent.
Increased prices of petroleum products (gasoline, diesel, engine and lubricating oil) still observed in many regions including NCR along with price hikes of selected medicines, medical and health goods caused the services index in the Philippines to grow by 1.2 percent; NCR, 0.6 percent; and in AONCR, 1.6 percent. Higher charges for medical, dental and selected personal services were also noticed in selected regions.
Additions in the prices of selected items for household operations and personal care and effects seen in many regions including NCR raised the index for miscellaneous items in the Philippines and AONCR by 0.3 percent and in NCR, 0.2 percent.
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, email address: email@example.com).
|(Sgd.) CARMELITA N. ERICTA
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