Date Released: April 7, 2009
SUMMARY INFLATION REPORT
CONSUMER PRICE INDEX
(2000=100)
MARCH AND FEBRUARY 2009
Year-on-Year Inflation Rates, All Items |
|||
| Mar | Feb | Year-to-date | |
| Philippines | |||
| Headline | 6.4 | 7.3 | 6.9 |
| Core | 5.6 | 6.4 | 6.3 |
| NCR | |||
| Headline | 3.2 | 4.7 | 4.1 |
| AONCR | |||
| Headline | 7.8 | 8.4 | 8.1 |
The year-on-year headline inflation rate at the national level decelerated to 6.4 percent in March from 7.3 percent in February as slower annual inflation rates were registered in the indices of all commodity groups. Inflation a year ago was also at 6.4 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.
Inflation rate in the National Capital Region (NCR) improved by 1.5 percentage points to 3.2 percent in March from 4.7 percent in February. This was effected by the lower rates posted in the indices of food, beverages and tobacco (FBT), fuel, light and water (FLW) and services.
The annual inflation rate in Areas Outside the National Capital Region (AONCR) similarly eased to 7.8 percent in March from 8.4 percent in February brought about by the downward trend in the annual rates of all the commodity groups.
Compared with a month ago, the general level of consumer prices increased at a slower rate of 0.1 percent in March from 0.5 percent in February. This can be attributed to the reductions in the prices of selected food items such as fruits, vegetables and fish. Lower electricity rates, downward price adjustments in LPG, kerosene, gasoline and the implementation of the rollback in jeepney fares also contributed to the slowdown..
The year-on-year change in the CPI of NCR moved at a slower pace of 3.2 percent in March from 4.7 percent in February.
Similarly, annual inflation rate in AONCR slipped to 7.8 percent in March from 8.4 percent in February. Except for Ilocos, Zamboanga Peninsula, Northern Mindanao, SOCCSKSARGEN and Autonomous Region in Muslim Mindanao (ARMM), eleven regions (11) recorded lower inflation rates. The biggest decrease was in Bicol at 1.2 percentage points (7.4% from 8.6%). The lowest annual rate was posted in CALABARZON at 5.4 percent while the highest rate was in Eastern Visayas at 11.8 percent.
Slowdowns in the annual inflation rates were recorded in all the commodity groups. The biggest decrease was in FLW index at -2.8 percent in March from -0.7 percent in February. Likewise, inflation for FBT slowed to 11.4 percent from 12.3 percent; clothing, 2.9 percent from 3.2 percent; housing and repairs (H&R), 3.9 percent from 4.0 percent; services, 1.6 percent from 2.7 percent; and miscellaneous items, 3.1 percent from 3.3 percent.
At the national level, annual inflation rate for food alone went down to 11.9 percent in March from 12.8 percent in February.
A slower annual price increment was seen in the index of rice at 29.3 percent in March from 31.1 percent in February; cereal preparations, 12.5 percent from 14.6 percent; dairy products, 8.5 percent from 9.5 percent; fish, 6.2 percent from 6.9 percent; meat, 8.2 percent from 10.1 percent; and miscellaneous foods, 6.5 percent from 7.5 percent. However, annual price gains were correspondingly higher in corn and fruits and vegetables at 27.5 percent and 5.6 percent from 27.0 percent and 4.1 percent, respectively. The annual rate of price addition in eggs was still at its February rate of 7.8 percent.
In NCR, negative annual inflation rates were correspondingly noted in FLW and services items at -0.8 percent and -2.8 percent from their respective last month’s rates of 2.6 percent and -1.0 percent. Moreover, annual inflation rate for FBT decelerated to 7.5 percent from 9.5 percent. On the other hand, inflation rate for miscellaneous items advanced to 2.9 percent from 2.5 percent while those for clothing and H&R items correspondingly remained at 1.3 percent and 4.2 percent, respectively.
Inflation for food alone in NCR registered a slower rate of 7.8 percent in March from 9.9 percent in February.
Slowdowns were recorded in the annual growth of rice index at 21.6 percent in March from 30.8 percent in February; cereal preparations, 10.9 percent from 14.3 percent; dairy products, 7.5 percent from 8.2 percent; eggs, 9.0 percent from 9.1 percent; fish, 0.6 percent from 3.1 percent; meat, 6.2 percent from 9.2 percent; and miscellaneous food items, 6.6 percent from 8.1 percent. Meanwhile, the annual price change in fruits and vegetables index was higher at 5.5 percent from 1.3 percent while that for corn was at its last month’s rate of 0.2 percent.
In AONCR, the annual rate of price movement in the FLW index was still negative at 3.8 percent in March from -2.4 percent in February. In addition, the FBT index registered a slower annual rate of increase at 12.6 percent from 13.1 percent; clothing, 3.6 percent from 3.8 percent; H&R, 3.5 percent from 3.9 percent; services, 4.1 percent from 4.8 percent; and miscellaneous items, 3.2 percent from 3.5 percent.
Compared to a year ago, inflation for food alone in AONCR moved at a slower rate of 13.2 percent in March from 13.7 percent in February.
On an annual basis, price hike in rice eased to 30.5 percent in March from 31.2 percent in February as seven regions had lower annual growth rates. The biggest decline of 7.1 percentage points (22.7% from 29.8%) was noticed in Bicol.
The annual price increment in cereal preparations index also slid to 13.0 percent from 14.7 percent; dairy products, 8.9 percent from 10.1 percent; fish, 7.4 percent from 7.8 percent; meat, 9.1 percent from 10.5 percent; and miscellaneous food items, 6.5 percent from 7.2 percent.
On the contrary, higher annual price additions were seen in corn at 28.0 percent from 27.4 percent; eggs, 7.4 percent from 7.3 percent; and fruits and vegetables, 5.6 percent from 4.9 percent.
On a monthly basis, movement in consumer prices in NCR showed a downward trend as its rate dropped to -0.2 percent in March from 0.1 percent in February. This was due to the price reductions in FLW and services items at -1.2 percent and -1.1 percent from 2.2 percent and -1.0 percent, respectively. Similarly, slower price add-on in H&R items at 0.2 percent from 0.4 percent was noticed during the month. On the other hand, prices of FBT items accelerated to 0.1 percent from -0.1 percent; clothing, 0.4 percent from zero growth; and miscellaneous items, 0.6 percent from 0.1 percent.
The 0.2 percent gain in consumer prices in AONCR in March was slower compared to its last month’s rate of 0.7 percent. This was primarily due to the corresponding reductions in the prices of FLW and services items at -0.1 percent and -0.3 percent from 2.1 percent and 0.1 percent, respectively. Moreover, price hikes in FBT and miscellaneous items were correspondingly lower at 0.4 percent and 0.2 percent from 0.9 percent and 0.3 percent, respectively. Price adjustments in clothing and H&R items were at their previous month’s rate of 0.2 percent.
Thirteen regions posted slower month-on-month inflation rates with Caraga registering the biggest slowdown of 1.2 percentage points (0.6% from 1.8 %). The lowest rate was seen in CALABARZON at -0.2 percent.
Of the three big islands of the country, price increases were higher in Mindanao area than those of Luzon and Visayas areas.
The month-on-month inflation rate in the Philippines went down by 0.4 percentage point to 0.1 percent in March from 0.5 percent in February. It resulted from the continued drop in the prices of services items at -0.6 percent in March from -0.3 percent in February. A 0.5 percent decline was also noted in the price movement of FLW items. Slower monthly price increments correspondingly observed in FBT and H&R items at 0.4 percent and 0.2 percent from their respective last month’s rates of 0.6 percent and 0.3 percent also contributed to the downtrend. Price add-on in miscellaneous items was however higher at 0.3 percent from 0.2 percent while that for clothing items remained at 0.2 percent.
Deliveries of vegetables in the NCR markets coming from vegetable producing provinces were in abundance during the month. Supplies of vegetables also continued to flow in the regions in AONCR. Furthermore, markets were well provided with tropical and imported fruits. Thus, the fruits and vegetables index in the Philippines dropped by -1.9 percent from -1.3 percent; NCR, -1.1 percent from -4.1 percent; and AONCR, -2.3 percent from -0.4 percent.
The fine weather that is favorable for deep sea fishing led to bigger volumes of catch resulting to lower prices of fish. Hence, the fish index in NCR declined by -0.9 percent; and in AONCR and in the Philippines, -0.6 percent.
The fair weather conditions that generally prevailed during the month brought about good production of eggs that resulted to ample supply in the markets. The group’s index at the national level eased to 0.5 percent in March from 2.4 percent in February; NCR, 0.1 percent from 5.3 percent; and AONCR, 0.7 percent from 1.4 percent.
Upward movements in the prices of milk and milk products raised the dairy products index for the Philippines and AONCR by 0.5 percent and 0.6 percent in NCR. These were, however slower than their previous month’s rates.
Higher prices of flour, bread products, biscuits and noodles pushed up the cereal preparations index in the Philippines by 0.6 percent; in NCR, 0.7 percent; and AONCR, 0.5 percent.
The services index at the national level dropped to -0.6 percent in March from -0.3 percent in February. This was effected by the series of downward price adjustments in gasoline and diesel fuel. The implementation of the rollback in jeepney fares also contributed to the negative trend.
Lower VAT in transmission and system loss charges together with the application of CERA refund in electricity rates in NCR resulted to an overall decline in the residential electric bill in the area. Along with this, the reduction in electricity rates in selected regions in AONCR and lower prices of LPG and kerosene in many areas primarily pushed down the FLW index in the Philippines by -0.5 percent from 2.1 percent; NCR, -1.2 percent from 2.2 percent; and AONCR, -0.1 percent from 2.1 percent.
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: April 7, 2009
Month-on-Month Inflation Rates, All Items |
||
| Mar | Feb | |
| Philippines | 0.1 | 0.5 |
| NCR | -0.2 | 0.1 |
| AONCR | 0.2 | 0.7 |
CONSUMER PRICE INDEX
(2000=100)
MARCH 2009
By Region, Year-on-Year
By Commodity Group, Year-on-Year
By Region, Month-on-Month
By Commodity Group, Month-on-Month