Date Released: May 6, 2008
SUMMARY INFLATION REPORT
CONSUMER PRICE INDEX
(2000=100)
APRIL AND MARCH 2008
Year-on-Year Inflation Rates, All Items |
|||
| April | March | Year-to-date | |
| Philippines | |||
| Headline | 8.3 | 6.4 | 6.2 |
| Core | 5.9 | 4.8 | 4.5 |
| NCR | |||
| Headline | 7.4 | 5.4 | 5.3 |
| AONCR | |||
| Headline | 8.7 | 6.8 | 6.7 |
The 11.4 percent acceleration in the annual adjustments in the prices of the heavily weighted food, beverages and tobacco (FBT) items raised the year-on-year headline inflation rate in the Philippines to 8.3 percent in April from 6.4 percent in March. This was the highest inflation rate since May 2005 (8.5%). All the other commodity groups recorded higher inflation rates during the month. Inflation a year ago was 2.3 percent.
Annual inflation rate in the National Capital Region (NCR) jumped by 2.0 percentage points, to 7.4 percent in April from 5.4 percent in March due to hikes in the annual price increments posted in all the commodity groups.
In Areas Outside the National Capital Region (AONCR), inflation advanced to 8.7 percent in April from 6.8 percent in March. Except for housing and repairs (H&R) and fuel, light and water (FLW), annual price increases in all the other commodity groups were higher during the month.
Excluding selected food and energy items, core inflation went up to 5.9 percent in April from 4.8 percent in March.
Month-on-Month Inflation Rates, All Items
April March Philippines 2.0 0.9 NCR 2.1 1.2 AONCR 2.0 0.7 The rising prices of rice nationwide and the general price mark-ups in other food items such as corn, canned fish and selected fresh fish species, meat, cooking oil and selected spices and seasonings were responsible for the 2.0 percent increment in the national month-on-month inflation rate in April from 0.9 percent in March. The upward trend can also be attributed to higher electricity rates in NCR and the series of price increases in gasoline and diesel nationwide.
The annual inflation rate in NCR picked up to 7.4 percent in April from 5.4 percent in March.
With the higher annual rates posted in all the regions, inflation in AONCR moved upward to 8.7 percent in April from 6.8 percent in March. The biggest jump of 3.5 percentage points was posted in Central Visayas (9.9% from 6.4%) followed by SOCCSKSARGEN at 3.4 percentage points (10.8% from 7.4%). The highest inflation rate among the regions was noticed in SOCCSKSARGEN at 10.8 percent while the lowest was in CAR at 6.9 percent.
All the commodity groups at the national level continued to record higher annual price increases in April. Inflation for FBT rose to 11.4 percent in April from 8.2 percent in March; clothing, 3.9 percent from 3.6 percent; H&R, 3.8 percent from 3.1 percent; FLW, 8.0 percent from 6.2 percent; services, 6.9 percent from 6.4 percent; and miscellaneous items, 2.6 percent from 2.4 percent.
The overall annual inflation rate for food alone climbed to 12.0 percent in April from 8.4 percent in March.
Annual price changes were higher in rice at 24.6 percent in April from 10.9 percent in March; corn, 19.3 percent from 8.4 percent; cereal preparations, 13.9 percent from 11.3 percent; dairy products, 13.2 percent from 12.4 percent; eggs, 8.4 percent from 8.1 percent; fish, 8.8 percent from 8.5 percent; meat, 9.8 percent from 7.0 percent; and miscellaneous foods, 6.3 percent from 4.9 percent. A slower annual price gain was however recorded in fruits and vegetables at 7.8 percent from 10.2 percent.
In NCR, higher annual growth rates continued to prevail in all the commodity groups. On an annual basis, prices of FBT items moved up to 11.1 percent in April from 8.4 percent in March; clothing, 5.2 percent from 5.0 percent; H&R, 2.5 percent from 1.1 percent; FLW, 6.6 percent from 1.4 percent; services, 8.5 percent from 7.9 percent; and miscellaneous items, 1.6 percent from 1.1 percent.
Inflation rate for food alone in NCR gained 11.5 percent in April from 8.6 percent in March.
Annual price hike was higher in rice at 38.4 percent in April from 19.6 percent in March; cereal preparations, 14.3 percent from 12.1 percent; dairy products, 11.3 percent from 10.7 percent; fish, 12.0 percent from 9.5 percent; meat 11.5 percent from 9.1 percent; and miscellaneous foods, 5.4 percent from 4.4 percent. On the other hand, slower annual price adjustments were still noticed in eggs and fruits and vegetables at 5.8 percent and 3.5 percent, respectively from their corresponding last month’s rates of 6.0 percent and 5.0 percent. Inflation for corn remained at 17.5 percent for four consecutive months.
In AONCR, annual price movements were still higher in FBT items at 11.5 percent in April from 8.1 percent in March; clothing, 3.4 percent from 3.0 percent; services, 5.9 percent from 5.5 percent; and miscellaneous items, 3.0 percent from 2.8 percent. Inflation for FLW decelerated to 8.8 percent from 8.9 percent while that of H&R remained at 4.9 percent.
Annual price changes for food alone advanced to 12.1 percent in April from 8.4 percent in March.
With the higher annual growth rates recorded in rice in all the regions, inflation for rice jumped to 22.7 percent in April from 9.6 percent in March in AONCR. The biggest acceleration of 19.2 percentage points (26.3% from 7.1%) was seen in Central Visayas followed by Ilocos at 18.3 percentage points (26.0% from 7.7%).
On an annual basis, price movements were also higher in corn at 19.3 percent in April from 8.3 percent; cereal preparations, 13.8 percent from 11.1 percent; dairy products, 14.1 percent from 13.1 percent; eggs, 9.3 percent from 8.7 percent; meat, 9.1 percent from 6.2 percent; and miscellaneous foods, 6.7 percent from 5.1 percent. Annual rates of price adjustments in fish and fruits and vegetables correspondingly slowed to 8.1 percent and 9.0 percent from their respective last month’s rates of 8.2 percent and 11.7 percent.
Prices in NCR went up to 2.1 percent in April from 1.2 percent in March as bigger price increments were registered in all the commodity groups except for clothing. FBT prices rose to 2.5 percent in April from 2.0 percent in March; H&R, 1.5 percent from 0.1 percent; FLW, 5.0 percent from 2.1 percent; services, 1.2 percent from 0.8 percent; and miscellaneous items, 0.6 percent from 0.2 percent. Price hikes in clothing items decelerated to 0.1 percent from 0.4 percent.
Prices in AONCR accelerated by 2.0 percent in April from 0.7 percent in March mainly brought about by the 3.5 percent gain in the prices of FBT items from 0.9 percent in March. Prices of clothing and services items also advanced by 0.5 percent and 0.7 percent, respectively from their previous month’s rate of 0.4 percent. However, the corresponding upward price adjustments in H&R and miscellaneous items were slower at 0.1 percent and 0.3 percent from their respective last month’s rates of 0.6 percent and 0.5 percent. Price mark-ups in FLW items slowed down to 0.2 percent from 1.3 percent.
Except for Bicol, all the regions recorded higher month-on-month inflation rates. Among the regions, the highest rate of 3.6 percent was observed in SOCCSKSARGEN while Zamboanga Peninsula still posted the lowest rate at 1.0 percent.
Among the three big areas in the country, price increases in general were higher in Visayas than in Luzon and Mindanao.
With the 3.2 percent increment in the prices of FBT items from 1.2 percent, the month-on-month inflation rate at the national level rose to 2.0 percent in April from 0.9 percent in March. In addition, prices of H&R items also picked up to 0.7 percent from 0.4 percent; FLW items, 1.8 percent from 1.6 percent; and services items, 0.9 percent from 0.5 percent. However, the price adjustments in clothing items and miscellaneous items at 0.4 percent and 0.3 percent, respectively were slower compared to 0.5 percent in March.
The price of rice in the Philippines had gone up to 12.9 percent in April from 3.2 percent in March; NCR, 15.6 percent from 7.9 percent; and AONCR, 12.5 percent from 2.6 percent. All the regions in AONCR posted higher monthly growth rates except for Bicol whose monthly rate was slower at 6.3 percent from 8.7 percent. Central Visayas had the highest monthly price increment at 18.6 percent followed by SOCCSKSARGEN at 17.8 percent.
The continued tight supply of pork triggered price increments in all areas. Prices of beef and chicken were also on the uptrend during the month. Thus, the meat index in the three areas rose to 2.6 percent.
Upward price movement in cooking oil was noticed in NCR and in many regions as its supply was still limited in the markets. Prices of selected spices and seasonings also went up during the month. All these factors contributed to the 1.5 percent gain in the miscellaneous foods index in the Philippines, 0.9 percent in NCR and 1.7 percent in AONCR.
Higher prices of inputs for the production of corn correspondingly pushed up the corn index in the Philippines and AONCR by 11.1 percent and 11.3 percent from 4.0 percent. Meanwhile, prices of corn in NCR remained stable for three consecutive months as its index continued to register a zero growth rate.
The index of cereal preparations grew by 2.5 percent in the Philippines, 2.1 percent in NCR and 2.6 percent in AONCR due to the price hikes in flour and flour products and native cakes.
Increased prices of canned fish, selected fish species and other sea foods raised the group’s index in the three areas: Philippines, 0.8 percent from 0.1 percent; NCR, 1.8 percent from 1.6 percent; and AONCR, 0.5 percent from -0.2 percent.
The index of fruits and vegetables dropped by -2.4 percent in the Philippines, -1.9 percent in NCR and -2.5 percent in AONCR as supply of fruits in the market was sufficient during the month. Lower prices of selected vegetables in NCR and in some regions also contributed to the downward movement of the group’s index.
With the series of price additions in gasoline and diesel, the services index in the Philippines inched up by 0.9 percent from 0.5 percent; NCR, 1.2 percent from 0.8 percent; and AONCR, 0.7 percent from 0.4 percent.
The H&R index in the Philippines and NCR correspondingly climbed to 0.7 percent and 1.5 percent in April from their respective rates of 0.4 percent and 0.1 percent due to mark-ups in prices of selected construction materials. The H&R index in AONCR also moved up but at a slower rate of 0.1 percent from 0.6 percent.
Price add-ons in kerosene and higher electricity rates in NCR raised the FLW index in the area and in the Philippines by 5.0 percent and 1.8 percent, respectively from their corresponding last month’s rates of 2.1 percent and 1.6 percent. Prices of FLW items also moved up in AONCR as electricity rates in selected regions were higher during the month.
CONSUMER PRICE INDEX
(2000=100)
APRIL 2008By Region, Year-on-Year
By Commodity Group, Year-on-Year
By Region, Month-on-Month
By Commodity Group, Month-on-Month
NOTE: CPIs and inflation rates by province and selected city are also available upon request at NSO, Industry and Trade Statistics Department, Economic Indices and Indicators Division (Telephone Numbers: 716-39-35 and 715-33-47).
(Sgd.) CARMELITA N. ERICTA
Administrator
Source: National Statistics Office
Manila, Philippines
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