Summary Inflation Report Consumer Price Index (2006=100) : October 2017

Reference Number: 

2017-130

Release Date: 

Tuesday, November 7, 2017

YEAR-ON-YEAR

Philippines2012 Census of Agriculture and Fisheries

The year-on-year headline inflation at the national level further accelerated by 3.5 percent in October 2017. In the previous month, inflation was posted at 3.4 percent and in October 2016, 2.3 percent. The indices of the following commodity groups recorded higher annual increases during the month:

  • Alcoholic Beverages and Tobacco (6.8%);
  • Housing, Water, Electricity Gas and Other Fuels (4.0%);
  • Communication (0.4%);
  • Recreation and Culture (1.5%); and
  • Restaurant and Miscellaneous Goods and Services (2.6%).

The annual growths in the rest of the commodity groups however, were slower or remained at their previous month’s rate (see Tables 6 and 8).

Excluding selected food and energy items, core inflation slowed down to 3.2 percent in October 2017. It was registered at 3.3 percent in the previous month and 2.3 percent in October 2016 (see Table 15).2012 Census of Agriculture and Fisheries

The country’s annual increase of the food alone index was higher at 3.8 percent in October 2017. In the previous month, its annual mark-up was 3.7 percent and in October 2016,  3.5 percent (see Table 13).

Faster annual incremeents were seen in the indices of corn at 3.4 percent; meat, 4.6 percent; and vegetables, 4.6 percent. The other food groups had lower annual growths except for the index of sugar, jam, honey, chocolate and confectionery which further declined by 3.0 percent (see Table 10).

 

 

 

Year-on-Year Inflation Rates in the Philippines, All Items
January 2012 - October 2017
(2006=100)

Month

Year

2012 2013 2014 2015 2016 2017
Jan 4.0 3.1 4.2 2.4 1.3 2.7
Feb 2.7 3.4 4.1 2.5 0.9 3.3
Mar 2.6 3.2 3.9 2.4 1.1 3.4
Apr 3.0 2.6 4.1 2.2 1.1 3.4
May 3.0 2.6 4.5 1.6 1.6 3.1
Jun 2.9  2.7 4.4 1.2 1.9 2.7
Jul 3.2 2.5 4.9 0.8 1.9 2.8
Aug 3.8 2.1 4.9 0.6 1.8 3.1
Sep 3.7 2.7 4.4 0.4 2.3 3.4
Oct 3.2 2.9 4.3 0.4 2.3 3.5
Nov 2.8 3.3 3.7 1.1 2.5  
Dec 3.0 4.1 2.7 1.5 2.6  
Ave 3.2 3.0 4.1 1.4 1.8  

 

National Capital Region (NCR)

Inflation in NCR likewise picked up by 4.9 percent in October 2017. In the previous month, inflation in the area was 4.7 percent and in October 2016, 2.1 percent. The annual gain in housing, water, electricity, gas an other fuels index was higher at 4.6 percent; communication index, 1.0 percent; recreation and culture index, 3.1 percent; and restaurant and miscellaneous goods and services index, 6.1 percent.  The other commodity groups either had lower annual growths or retained their previous month’s rates (see Tables 6 and 8).

Areas Outside NCR (AONCR)

Inflation in AONCR was pegged at 3.0 percent in October 2017, same growth a month ago. In October 2016, the rate was 2.4 percent. Mixed movements in the annual growths among the commodity groups were noticed during the month. The indices for the following commodity groups exhibited higher annual increments:

  • Food an Non-Alcoholic Beverages (3.4%);
  • Alcoholic Beverages and Tobacco (6.5%);
  • Housing, Water, Electricity, Gas an other Fuels (3.8%); and
  • Communication (0.3%).

The rest of the commodity groups either retained their previous month’s rates or had slower annual  mark-ups (see Tables 6 and 8).

Higher annual upticks were posted in 10 regions. The highest annual inflation of 4.8 percent remained in Autonomous Region in Muslim Mindanao while the lowest was recorded in MIMAROPA and SOCCSKSARGEN at 1.7 percent (see Table 8).

MONTH-ON-MONTH2012 Census of Agriculture and Fisheries

Slower increases in the prices of consumer items were registered at the national level as the growth decelerated to 0.3 percent in October. Its rate in the previous month was recorded at 0.5 percent. This was mainly effected by the downward adjustment in the index of transport at -0.3 percent. Moreover, slower monthly growths were observed in the indices of food and non-alcoholic beverages at 0.4 percent and housing, water, electricity, gas and other fuels, 0.3 percent. On the other hand, uptrends were seen in the indices of alcoholic beverages and tobacco at 0.5 percent; recreation and culture, 0.2 percent; and restaurant and miscellaneous goods and services, 0.4 percent. The index of communication also went up by 0.1 percent from zero growth in the previous month. The rest of the commodity groups either moved at their previous month’s rate or had zero growth (see Table 7).

Price rollbacks in petroleum products such as gasoline, diesel and engine oil and downward adjustments in air and ship fares were noted in many provinces during the month. In addition, the onset of harvest of palay during the period caused the rice index in nine regions including NCR to post monthly decreases. Lower prices of sugar, selected condiments and seasonings were also noticed in many regions.

On the other hand, higher charges for electricity rates and upward adjustments in the prices of selected construction materials, LPG and kerosene were registered in many regions this month. Moreover, increased salaries of carpenters, electricians, plumbers, masons and painters were recorded in NCR and in selected provinces.

Notes:

  1. Price movements of the commodities from the sample municipalities of Lanao del Sur were used to impute the prices for Marawi City for October 2017.
  2. CPIs and inflation rates by province and selected city are  also available upon request at Philippine Statistics Authority, Economic Sector Statistics Service, Price Statistics Division (Telephone Number: 376-19-59).

 

 

 

(Sgd) LISA GRACE S. BERSALES, Ph.D.
Undersecretary
National Statistician and Civil Registrar General
 

 

 

 

 

 

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