Month-on-Month Growth Rates

The month-on-month growth rate of the seasonally adjusted CPI for all items at the national level inched up 0.2 percent in October from 0.1 in September. Slower increments were, however, noted in the indices of health and education at 0.3 percent in October from 0.4 percent in September; and recreation and culture index, 0.2 percent from 0.4 percent. The same previous month’s rates were recorded in alcoholic beverages and tobacco index at 0.7 percent; clothing and footwear index, 0.3 percent; and housing, water, electricity, gas and other fuels; furnishing, household equipment and routine maintenance of the house and restaurant and miscellaneous goods and services indices, 0.2 percent.

Seasonal factor like the increase in production of selected goods in preparation for the holiday season pushed up the education index during the month. This seasonal factor, however, pushed down the indices for all items; 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. No effect was registered in the recreation and culture index.

Compared to a month ago, the seasonally adjusted CPI on non-food in NCR went up 0.3 percent in October from a zero growth in September. On the other hand, a negative rate was still noticed in the transport index at -0.2 percent from -0.3 percent. Those for the indices of alcoholic beverages and tobacco remained at their last month’s rate of 0.6 percent and in furnishing, household equipment and routine maintenance of the house and education, 0.3 percent.

Higher production of selected goods pushed down the alcoholic beverages and tobacco index; the aggregate non-food index; furnishing, household equipment and routine maintenance of the house index; and transport index relative to the expected trend. However, this seasonal factor raised the education index during the period.

In AONCR, slower monthly gains were observed in the seasonally adjusted CPI for alcoholic beverages and tobacco at 0.7 percent in October from 0.8 percent in September; clothing and footwear and restaurant and miscellaneous goods and services, both at 0.2 percent from 0.3 percent; health, 0.3 percent from 0.4 percent; and recreation and culture, 0.1 percent from 0.2 percent. Movements in the indices of housing, water, electricity, gas and other fuels and furnishing, household equipment and routine maintenance of the house remained at 0.2 percent and education, 0.3 percent.

Relative to the expected trend, the seasonal factor of bigger production of selected goods in preparation for the holiday season generally pulled down the indices for 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 miscellaneous goods and services. This seasonal factor, however, pushed up the education and recreation and culture indices.