Summary Inflation Report Consumer Price Index (2000=100) : October 2005
Release Date: 04 November 2005
Year-on-Year Inflation Rates, All Items
Year-on-year headline inflation rate in the Philippines was recorded at 7.0 percent in October, the same rate registered in September. Inflation a year ago was 7.7 percent.
Excluding selected food and energy items, core inflation slowed down by 0.2 percentage point to 6.3 percent in October from 6.5 percent in September.
Inflation rate in the National Capital Region (NCR) went up by 0.1 percentage point to 8.9 percent in October from 8.8 percent in September as inflation for food, beverages and tobacco (FBT) and fuel, light and water (FLW) moved upward.
Areas Outside the National Capital Region (AONCR) retained its previous month’s inflation rate at 6.2 percent. The slower annual inflation recorded in clothing, housing and repairs (H&R) and FLW offsetted higher annual rates in FBT and services.
Inflation for food alone in NCR rose to 5.0 percent in October from 4.5 percent in September.
Higher annual rate of price hike was posted in rice at 5.0 percent in October from 4.8 percent in September; corn, 4.7 percent from 4.5 percent; fruits and vegetables, 2.7 percent from 0.8 percent; meat, 6.6 percent from 6.0 percent; and miscellaneous foods, 4.9 percent from 4.1 percent. However, slower annual rate of price additions was registered in cereal preparations, 6.9 percent from 7.0 percent; dairy products, 7.9 percent from 8.2 percent; and fish, 2.7 percent from 3.4 percent. The price of eggs on an annual basis further dropped by -1.1 percent from -0.7 percent.
In AONCR, inflation for FBT and services correspondingly grew to 6.1 percent and 9.0 percent in October from 6.0 percent and 8.4 percent, respectively in September. On the contrary, inflation for clothing eased to 3.5 percent in October from 3.7 percent in September; H&R, 2.7 percent from 3.0 percent; and FLW, 11.8 percent from 12.4 percent. Inflation for miscellaneous items moved at its previous month’s rate of 3.1 percent.
Inflation rate for food alone went up to 6.0 percent in October from 5.9 percent in September.
Measured from a year ago, the price of rice picked up to 8.8 percent in October from 8.4 percent in September as nine regions posted higher inflation rates. The biggest acceleration of 5.2 percentage points (10.4 percent from 5.2 percent) was noticed in Central Mindanao followed by CALABARZON at 1.1 percentage points (2.8 percent from 1.7 percent).
Moreover, higher annual price hikes were correspondingly observed in fruits and vegetables and meat at 3.8 percent and 4.7 percent in October from 2.3 percent and 4.6 percent respectively in September. On the contrary, annual price movements were slower in cereal preparations, 7.2 percent from 7.5 percent; dairy products, 6.7 percent from 7.6 percent; eggs, 3.4 percent from 3.9 percent; fish, 5.8 percent from 5.9 percent; and miscellaneous foods, 6.4 percent from 6.7 percent. The annual price of corn dropped by -0.5 percent from 1.1 percent.
l By Region, Month-on-Month
On a monthly basis, consumer prices in NCR generally increased by 0.6 percent in October from 0.2 percent in September as prices of the heavily weighted FBT items picked up to 0.7 percent from 0.4 percent. Prices of FLW items also advanced to 2.2 percent from -1.4 percent. On the other hand, uptick in the prices of miscellaneous items slowed to 0.2 percent from 0.3 percent while price movements in clothing and services items remained at their respective September growth rates of 0.1 percent and 0.7 percent. Prices of H&R items generally remained stable during the month as the group’s index posted a zero growth from 0.1 percent.
For three consecutive months, prices in AONCR moved upward at 0.5 percent. Prices of FLW and services items gained 1.0 percent in October from their September rates of 0.9 percent and 0.7 percent. However, increases in the prices of FBT and clothing items correspondingly slowed down to 0.2 percent and 0.3 percent from 0.5 percent and 0.4 percent, respectively. Price adjustments in H&R and miscellaneous items were at their corresponding September rates of 0.2 percent and 0.3 percent. The highest month-on-month inflation at 0.8 percent was registered in Ilocos and Southern Mindanao while the biggest negative rate of -0.5 percent was noticed in Western Visayas.
l By Commodity Group, Month-on-Month
The month-on-month inflation rate in the Philippines slightly gained by 0.1 percentage point to 0.5 percent in October from 0.4 percent in September. This was brought about by the upward adjustments in the prices of FLW (1.5%) and services items (0.9%) from 0.1 percent and 0.7 percent, respectively. Meanwhile, add-ons in the prices of FBT items decelerated to 0.3 percent from 0.5 percent; H&R items, 0.1 percent from 0.2 percent; and miscellaneous items, 0.2 percent from 0.3 percent. Price gains in clothing items remained at 0.3 percent.
The unfavorable weather conditions experienced during the latter part of September and early part of October continued to affect delivery of vegetables from production areas to the wet markets. Higher prices of selected fruits were still noted during the month. All these factors caused the index for fruits and vegetables to grow in the three areas: Philippines and NCR, 3.0 percent in October from 2.1 percent and 4.1 percent in September and AONCR, 2.9 percent from 1.4 percent.
Prices of meals eaten outside the home in NCR went up by 1.0 percent from zero growth last month due to upward price adjustment in chicken. Continued price additions in cooking oil, powdered tonic drink, coffee and selected spices and seasonings were also observed. Thus, the miscellaneous foods index in the area further moved upward to 1.0 percent from 0.2 percent. However, price increases on these items in AONCR at 0.2 percent were slower than its last month’s rate of 0.4 percent. On the national level, the index picked up by 0.5 percent from 0.3 percent.
The on-going harvest season for palay in many provinces brought abundant supply of rice causing its prices in the Philippines and AONCR to drop by -0.5 percent and -0.7 percent during the month. On the contrary, the price of rice in NCR rose to 0.3 percent from 0.1 percent.
Upward adjustments in the prices of canned fish were recorded during the month. This was effected by the higher costs of imported packaging materials. Moreover, the difficulty in catching fish brought about by unfavorable water conditions resulted to its less supply in the wet markets. Thus, the fish index in the Philippines advanced by 0.2 percent; NCR, 0.1 percent and AONCR, 0.3 percent.
The continued sufficient supply of corn further pulled down its index in the Philippines and AONCR by -1.9 percent from -1.7 percent. However, the price of corn in NCR generally remained stable as it registered zero growth during the month.
Higher demand for meat for the forthcoming observance of All Saints Day and All Souls Day pulled up prices of beef, chicken and pork in many regions including NCR. Prices of canned meat were also up in selected provinces due to higher costs of imported packaging materials. All these factors pushed the meat index in Philippines and NCR correspondingly by 0.2 percent and 0.3 percent from their respective previous month’s rates of -0.1 percent and -0.4 percent. A 0.1 percent growth in its meat index was still posted in AONCR.
The index for cereal preparations in the Philippines and AONCR moved up by 0.4 percent and in NCR, 0.5 percent as prices of flour, bread, biscuits and noodles were still on the uptrend.
The continued increments in the prices of petroleum products (gasoline, diesel and engine oil) in the international and domestic markets and higher transportation fares in selected provinces primarily raised the services index in the Philippines by 0.9 percent; NCR, 0.7 percent; and AONCR, 1.0 percent. Price hikes in medicines in some regions including NCR also contributed to the uptrend. Increased charges for medical, dental and selected personal services were at the same time noted in some regions.
Higher charges for generation, system’s loss and lifeline rate subsidy for electricity in NCR along with the acceleration in the prices of LPG and kerosene caused a 2.2 percent uptick in the FLW index in the area. Similarly, the group’s index in AONCR rose by 1.0 percent as prices of LPG and kerosene were up in all the regions. Moreover, price gains in charcoal and firewood and higher electricity and water rates in selected regions were observed. Thus, the national index for FLW advanced by 1.5 percent.
The miscellaneous items index in the Philippines and NCR picked up by 0.2 percent and in AONCR, 0.3 percent as prices of selected items for household operations and personal care and effects went up during the month.
The following survey reports were not received as of November 4, 2005:
Zamboanga City- first phase
Agusan del Sur -first phase (data file was corrupted)
Negros Oriental - second phase
North Cotabato - second phase
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: firstname.lastname@example.org).
|(Sgd.) CARMELITA N. ERICTA
Source: National Statistics Office
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