Month-on-Month Growth Rates

The month-on-month growth rate of the seasonally adjusted CPI for all items at the national level slowed down to 0.1 percent in February from 0.2 percent in January. This can be attributed to the decline in the alcoholic beverages and tobacco index at -0.8 percent. In addition, a slower rate was observed in the education index at 0.3 percent. Meanwhile, higher increments were posted in clothing and footwear index at 0.3 percent; housing, water, electricity, gas and other fuels index, 0.6 percent; and health index, 0.2 percent. The indices of furnishing, household equipment and routine maintenance of the house and recreation and culture retained their respective previous month’s rates of 0.2 percent and 0.1 percent while the restaurant and miscellaneous goods and services still had a zero growth.

The seasonal factor like the bigger volume in production of selected goods in preparation for the graduation season did not push up the indices for all items; recreation and culture; and education relative to the expected trend. This seasonal factor, however, raised the indices of alcoholic beverages and tobacco and housing, water, electricity, gas and other fuels while no effects were recorded in the indices of clothing and footwear; furnishing, household equipment and routine maintenance of the house; health; and restaurant and miscellaneous goods and services.

Compared to a month ago, the seasonally adjusted CPI for non- food in NCR rose 0.6 percent in February from 0.1 percent. On the other hand, a negative rate of 0.3 percent was still seen in alcoholic beverages and tobacco index. The growth in the transport index improved to 1.2 percent while the education index moved at its last month’s rate of 0.4 percent. The furnishing, household equipment and routine maintenance of the house remained stable as it registered a zero growth.

The increase in production of some commodities for the graduation season pushed up the indices of alcoholic beverages and tobacco; non-food; and transport relative to the expected trend. While this seasonal factor pushed down the education index, no effect was noted in furnishing, household equipment and routine maintenance of the house index.

In AONCR, upward adjustments were recorded in clothing and footwear index at 0.3 percent in February and in the indices of housing, water, electricity, gas and other fuels; health; recreation and culture; and restaurant and miscellaneous goods and services, 0.2 percent. In contrast, the alcoholic beverages and tobacco index further went down by 0.4 percent. Movement in the furnishing, household equipment and routine maintenance of the house and education indices eased to 0.2 percent and 0.3 percent, respectively.

Bigger production of some commodities in preparation for the graduation season did not raise the indices of housing, water, electricity, gas and other fuels; health; and recreation and culture. On the other hand, this seasonal factor pushed up the alcoholic beverages and tobacco index while it did not affect the indices of clothing and footwear and furnishing, household equipment and routine maintenance of the house relative to the expected trend.