Date Released: March 5, 2009
SUMMARY INFLATION REPORT
CONSUMER PRICE INDEX
(2000=100)
FEBRUARY AND JANUARY 2009
Year-on-Year Inflation Rates, All Items |
|||
| Feb | Jan | Year-to-date | |
| Philippines | |||
| Headline | 7.3 | 7.1 | 7.1 |
| Core | 6.4 | 6.9 | 6.6 |
| NCR | |||
| Headline | 4.7 | 4.3 | 4.5 |
| AONCR | |||
| Headline | 8.4 | 8.3 | 8.3 |
The year-on-year headline inflation rate at the national level went up to 7.3 percent in February from 7.1 percent in January due to the higher rate posted in the heavily weighted food, beverages and tobacco (FBT) index together with the faster annual rate of price adjustment in the fuel, light and water (FLW) index. Inflation a year ago was 5.4 percent.
Similarly, the annual inflation rate in the National Capital Region (NCR) picked up to 4.7 percent in February from 4.3 percent in January. Higher annual growth rates recorded in the index of FBT, housing and repairs (H&R) and FLW effected the uptrend.
Annual inflation in Areas Outside the National Capital Region (AONCR) was pegged higher at 8.4 percent in February from 8.3 percent in January. This can be attributed to the faster annual rate in the FLW index.
Excluding selected food and energy items, core inflation continued to move at a slower pace of 6.4 percent in February from 6.9 percent in January.
Month-on-Month Inflation Rates, All Items
Feb Jan Philippines 0.5 0.3 NCR 0.1 0.5 AONCR 0.7 0.2 The overall movement of consumer prices picked up to 0.5 percent in February from 0.3 percent in January. This was mainly due to the upward price adjustments in the heavily weighted food items particularly rice, meat, corn and eggs. Moreover, higher prices of LPG in many regions including NCR and increased prices of charcoal in some regions were also observed during the month.
The annual inflation rate in NCR increased to 4.7 percent in February from 4.3 percent in January.
On an annual basis, inflation in AONCR advanced to 8.4 percent in February from 8.3 percent in January. Ten regions registered higher inflation rates while five regions either had retained or lower inflation rates. The biggest acceleration of 1.4 percentage points was noted in Cagayan Valley (10.0% from 8.6%). The highest rate at 12.7 percent was still seen in Eastern Visayas while the lowest was posted in CALABARZON at 6.2 percent.
At the national level, annual inflation for the FBT index was higher at 12.3 percent in February from 12.2 percent in January. Inflation for FLW index also moved at a faster pace of -0.7 percent from -3.8 percent. Meanwhile, the rest of the commodity groups posted slower annual inflation rates: clothing (3.2% from 4.3%); H&R (4.0% from 4.3%); services (2.7% from 3.2%); and miscellaneous items (3.3% from 3.6%).
The annual inflation rate for food alone in the Philippines increased to 12.8 percent in February from 12.7 percent in January.
A higher annual price hike was recorded in rice at 31.1 percent in February from 28.5 percent in January; corn, 27.0 percent from 24.9 percent; eggs, 7.8 percent from 6.0 percent; fruits and vegetables, 4.1 percent from 3.0 percent; and meat, 10.1 percent from 9.6 percent. On the other hand, the annual price increment in cereal preparations decelerated to 14.6 percent from 16.6 percent; dairy products, 9.5 percent from 11.1 percent; eggs, 7.6 percent from 8.0 percent; fish, 6.9 percent from 8.8 percent; and miscellaneous foods, 7.5 percent from 8.3 percent.
In NCR, annual inflation rate for the FBT index went up to 9.5 percent in February from 9.1 percent in January; H&R, 4.2 percent from 4.0 percent; and FLW, 2.6 percent from -1.3 percent. Annual inflation for miscellaneous items index however eased to 2.5 percent from 2.7 percent while that for the services index further decreased to -1.0 percent from -0.2 percent.
Inflation rate for food alone in NCR further picked up to 9.9 percent in February from 9.4 percent in January.
The rice index’s annual inflation continued to accelerate at 30.8 percent in February from 28.3 percent in January; eggs, 9.1 percent from 2.2 percent; fruits and vegetables, 1.3 percent from -0.9 percent; and meat, 9.2 percent from 7.8 percent. Meanwhile, the annual price increase in cereal preparations index slowed to 14.3 percent from 15.8 percent; dairy products, 8.2 percent from 9.9 percent; fish, 3.1 percent from 5.3 percent; and miscellaneous foods, 8.1 percent from 8.4 percent. The annual price adjustment in corn remained at 0.2 percent.
In AONCR, the annual rate of price movement of the FLW index was still negative but at a faster pace of -2.4 percent in February from -5.1 percent in January. The clothing index however recorded a lower annual rate of 3.8 percent from 4.4 percent; H&R, 3.9 percent from 4.6 percent; services, 4.8 percent from 5.1 percent; and miscellaneous items, 3.5 percent from 3.9 percent. Annual inflation for the FBT index remained at 13.1 percent.
Compared to a year ago, movement in the prices of food alone in AONCR was pegged at 13.7 percent in February.
The annual price increment in rice jumped to 31.2 percent in February from 28.6 percent in January as thirteen regions recorded higher annual growth rates. Among the regions in AONCR, Davao posted the biggest gain of 11.7 percentage points (30.3% from 18.6%).
Similarly, higher annual inflation was also noted in the corn index at 27.4 percent from 25.3 percent; eggs, 7.3 percent from 7.2 percent; fruits and vegetables, 4.9 percent from 4.2 percent; and meat, 10.5 percent from 10.2 percent.
The annual inflation in the cereal preparations index slowed to 14.7 percent in February from 16.9 percent in January; dairy products, 10.1 percent from 11.7 percent; fish, 7.8 percent from 9.5 percent; and miscellaneous foods, 7.2 percent from 8.3 percent.
Consumer prices in NCR generally improved as the index moved by 0.1 percent in February from 0.5 percent in January. This was effected by the downward price adjustments correspondingly observed in FBT and services items at -0.1 percent and -1.0 percent from 1.6 percent and -1.2 percent, respectively. Moreover, price uptick in H&R items slipped to 0.4 percent from 0.8 percent. On the other hand, price hike in the FLW index was higher at 2.2 percent from -0.8 percent while miscellaneous items retained its last month’s rate of 0.1 percent. Prices of clothing items remained stable as its group’s index had a zero growth from 0.1 percent.
Prices in AONCR however picked up to 0.7 percent in February from 0.2 percent in January. Movements in the prices of FBT items were higher at 0.9 percent from 0.8 percent; H&R items. 0.2 percent from 0.1 percent; FLW items, 2.1 percent from -1.5 percent; services items, 0.1 percent from -0.8 percent; and miscellaneous items, 0.3 percent from 0.2 percent. Price increments in clothing items remained at 0.2 percent.
Higher monthly growth rates were recorded in eleven regions with Davao registering the biggest price increase of 2.0 percent.
Among the three big areas of the country, Mindanao had higher price increases compared to Luzon and Visayas.
Consumer prices at the national level generally went up to 0.5 percent in February from 0.3 percent in January due to higher growth rate in the prices of FLW items at 2.1 percent from -1.2 percent. Price uptick in FBT and H&R items correspondingly decelerated to 0.6 percent and 0.3 percent from their respective previous month’s rates of 1.0 percent and 0.4 percent while clothing and miscellaneous items retained their last month’s rate of 0.2 percent. On the contrary, prices of services items dropped by -0.3 percent from -0.9 percent.
Low supply of rice in the markets correspondingly raised the group’s index in the Philippines and AONCR by 2.6 percent and 2.7 percent in February from 0.5 percent in January. In NCR, the index went up to 2.1 percent from 1.0 percent. Twelve regions posted higher price increases with Davao recording a double-digit figure of 10.8 percent during the month.
Higher consumptions of pork in December and January and the occurrence of ebola virus in hogs limited its supply in the markets, thus price gain was noted during the month. Increased prices of beef were also observed. Hence, the meat index in the Philippines and AONCR advanced by 0.7 percent and in NCR, 0.9 percent. These were however slower than their respective last month’s growth rates of 1.2 percent, 1.0 percent and 1.6 percent.
The corn index at the national level and in AONCR climbed to 3.3 percent from 0.6 percent. Low supply of corn pulled up its prices in many regions particularly in Mindanao areas. However, prices of corn in NCR continued to remain stable as its group’s index still posted a zero growth during the month.
Prices of fresh and processed eggs went up during the month. This can be attributed to the increments in the costs of feeds for chicken. The group’s index in the Philippines further grew by 2.4 percent from 1.4 percent; NCR, 5.3 percent from 3.0 percent; and AONCR, 1.4 percent from 0.9 percent.
The favorable weather conditions experienced during the month brought abundant supply of vegetables in the markets. Hence, their prices declined in many regions including NCR. Moreover, the sizeable volume of in-season fruits in the markets lowered their prices during the period. All these factors further pulled down the group’s index in the Philippines by -1.3 percent; NCR, -4.1 percent; and AONCR, -0.4 percent.
Cheaper prices of fish were recorded due to sufficient supply of selected fish species in the markets as weather conditions during the month favored fishermen in catching fish. The fish index at the national level fell by -0.4 percent from 3.2 percent; NCR, -1.7 percent from 3.9 percent; and AONCR, -0.1 percent from 3.0 percent.
Higher prices of LPG primarily raised the FLW index in the Philippines and AONCR by 2.1 percent and in NCR, 2.2 percent. Uptick in the prices of charcoal and other wood for fuel in selected regions also contributed to the uptrend.
Upward price adjustments in selected construction materials along with higher rental rates of dwelling units in some regions including NCR pushed up the H&R index in the Philippines and NCR by 0.4 percent and in AONCR, 0.2 percent.
The series of rollbacks in the prices of diesel in NCR and the reduction in jeepney fare resulted to a decline of -1.0 percent in the services index in the area. On the other hand, the services index in AONCR gained by 0.1 percent. Negative growths were noted in some regions due to lower prices of diesel while in other regions, decreases in the prices of diesel were offsetted by the price increments in gasoline. The national index reflected a drop of -0.3 percent.
CONSUMER PRICE INDEX
(2000=100)
FEBRUARY 2009By 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
Page last updated: March 5, 2009