Month-on-Month Growth Rates

The month-on-month growth rate of the seasonally adjusted CPI for all items at the national level was posted at 0.1 percent in April, the same rate observed last month. It resulted from mixed trends in the growths among the commodity groups. The recreation and culture index recorded a higher rate of 0.1 percent in April from a zero growth in March. However, a negative rate of 0.2 percent was still seen in alcoholic beverages and tobacco index from -0.6 percent. Moreover, slower monthly upticks were noted in housing, water, electricity, gas and other fuels index at 0.1 percent from 0.2 percent and in education index, 0.3 percent from 0.4 percent. While the clothing and footwear and furnishing, household equipment and routine maintenance of the house indices moved at their respective last month’s rates of 0.1 percent and 0.2 percent, those for health and restaurant and miscellaneous goods and services remained stable as they had a zero growth during the month.

Relative to the expected trend, 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; and restaurant and miscellaneous goods and services were pushed up by the seasonal factors such as the production of selected commodities for the graduation season and the higher demand for some construction materials during the summer season. These seasonal factors, however, did not raise the indices for all items; recreation and culture; and education while no effect was noticed in the health index.

In NCR, the seasonally adjusted CPI for alcoholic beverages and tobacco and furnishing household equipment and routine maintenance of the house went up by 0.2 percent in April from -0.1 percent in March. From a zero growth, the non-food index also rose 0.2 percent during the month. On the other hand, the education index eased to 0.3 from 0.4 percent with no movement noticed in the transport index.

The production of some goods for the graduation season and the bigger demand for construction materials especially during the summer time pushed up the alcoholic beverages and tobacco; non-food; and transport indices. In contrast, these seasonal factors pushed down the education index. The index for furnishing, household equipment and routine maintenance of the house was not affected by these seasonal factors relative to the expected trend.

In AONCR, the monthly uptick in the housing, water, electricity, gas and other fuels index slowed to 0.2 percent in April from 0.4 percent in March. The furnishing, household equipment and routine maintenance of the house and education indices retained their previous month’s rates of 0.2 percent and 0.4 percent, respectively. Meanwhile, a zero growth was observed in the indices of alcoholic beverages and tobacco; clothing and footwear; health; recreation and culture; and restaurant and miscellaneous goods and services.

Seasonal factors such as the production of selected goods for the graduation season and the higher demand for construction materials during the summer months pushed up 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; and restaurant and miscellaneous goods and services relative to the expected trend. These seasonal factors, however, pushed down the indices of recreation and culture and education while it did not affect the health index.