Month-on-Month Growth Rates

At the national level, the seasonally adjusted CPI for all items moved up by 0.3 percent in May from a zero growth in April. This was effected by the monthly hike in alcoholic beverages and tobacco index which increased to 0.8 percent from 0.6 percent and housing, water, electricity, gas and other fuels index, 0.5 percent from -0.2 percent. Meanwhile, slower monthly increment was observed in the index of clothing and footwear at 0.1 percent from 0.3 percent and restaurant and miscellaneous goods and services index, 0.1 percent from 0.2 percent. The seasonally adjusted CPI for furnishing, household equipment and routine maintenance of the house and recreation and culture and education retained their last month’s corresponding rates of 0.2 percent, 0.1 percent and 0.4 percent. The index for health had a zero growth from 0.4 percent.

Seasonal factors such as the traditional fiesta celebrations and bigger production of selected goods for the forthcoming opening of classes in the country pushed up the indices for alcoholic beverages and tobacco; clothing and footwear; housing, water, electricity, gas and other fuels; health; and restaurant and miscellaneous goods and services relative to the expected trend. On the other hand, these seasonal factors pushed down the indices for all items and education. No effects were seen in the indices of furnishing, household equipment and routine maintenance of the house and recreation and culture during the month.

On a monthly basis, the seasonally adjusted CPI in NCR for non- food inched up 0.2 percent in May from -0.1 percent in April and transport index, 0.3 percent from -0.7 percent. Movement in the seasonally adjusted CPI of alcoholic beverages and tobacco and education remained at 0.7 percent and 0.3 percent, respectively while that for furnishing, household equipment and routine maintenance of the house index was zero.

The production of some goods for the opening of classes and the observance of fiestas in some areas raised the alcoholic beverages and tobacco and transport indices in NCR. The indices for non-food, furnishing, household equipment and routine maintenance of the house and education were however pushed down by these seasonal factors.

Compared to a month ago, the seasonally adjusted CPI in AONCR for alcoholic beverages and tobacco advanced by 0.8 percent and housing, water, electricity, gas and other fuels index, 0.2 percent. The monthly gains in the indices of furnishing, household equipment and routine maintenance of the house and restaurant and miscellaneous goods and services eased to 0.1 percent from 0.2 percent and health index, 0.1 percent from 0.3 percent. The seasonally adjusted CPI for clothing and footwear retained its last month’s rate of 0.2 percent; recreation and culture index, 0.1 percent; and education index, 0.4 percent.

Upward adjustments in the indices of alcoholic beverages and tobacco; clothing and footwear; housing, water, electricity, gas and other fuels; furnishing, household equipment and routine maintenance of the house; health; and restaurant and miscellaneous goods and services were influenced by the seasonal factors of festivities during the month and bigger production of selected goods for the coming opening of classes. These seasonal factors however pushed down the education index while it did not affect the recreation and culture index.