Date Released: March 5, 2010
SUMMARY INFLATION REPORT
CONSUMER PRICE INDEX
(2000=100)
FEBRUARY AND JANUARY 2010
Year-on-Year Inflation Rates, All Items |
|||
| February | January | Year-to-date | |
| Philippines | |||
| Headline | 4.2 | 4.3 | 4.3 |
| Core | 3.6 | 3.0 | 3.3 |
| NCR | |||
| Headline | 4.1 | 3.6 | 3.8 |
| AONCR | |||
| Headline | 4.3 | 4.6 | 4.4 |
The country’s annual headline inflation rate settled to 4.2 percent in February from 4.3 percent in January. It resulted from the slowdown in the annual growth rates of food, beverages and tobacco (FBT) and housing and repairs (H&R) index. Inflation a year ago was 7.3 percent.
Excluding selected food and energy items, core inflation climbed to 3.6 percent in February from 3.0 percent in January.
Annual inflation rate in the National Capital Region (NCR) however went up at a faster rate of 4.1 percent in February from 3.6 percent in January due to higher annual price increments in all the commodity groups except in FBT and H&R.
Inflation rate in Areas Outside the National Capital Region (AONCR) decelerated to 4.3 percent in February from 4.6 percent in January. This was effected by the slower annual price increases posted in all the commodity groups except in clothing and services.
Increased charges in electricity rates in many regions including NCR primarily pushed up the overall month-on-month inflation rate by 0.4 percent in February from 0.2 percent in January. Notable price hikes in selected food items such as rice, corn and sugar also contributed to the uptrend.
The annual inflation rate in NCR rose to 4.1 percent in February from 3.6 percent in January.
Annual inflation rate in AONCR however eased to 4.3 percent in February from 4.6 percent in January. Twelve regions recorded slower annual inflation rates with the biggest decline of 1.9 percentage points observed in Cagayan Valley (4.1% from 6.0%). The lowest rate was registered in Ilocos and Western Visayas at 3.3 percent while the highest rate at 7.0 percent was still posted in ARMM.
At the national level, the annual price hikes in FBT and H&R index correspondingly decelerated to 3.8 percent and 1.8 percent in February from their respective January rates of 4.3 percent and 2.0 percent. Higher annual price increments were however posted in fuel, light and water (FLW) and services index at 11.0 percent and 5.6 percent, respectively from their corresponding previous month’s rates of 9.2 percent and 5.1 percent. Annual price increases in clothing and miscellaneous items index remained at 2.0 percent and 1.7 percent, respectively.
The overall annual inflation rate for food alone further improved to 3.8 percent in February from 4.5 percent in January.
The annual rate of price adjustment in the index of corn dropped to -1.0 percent in February from 0.6 percent in January. Moreover, the annual price increment in the index of rice continued to decelerate at 2.0 percent from 3.9 percent; dairy products, 2.3 percent from 2.7 percent; eggs, 2.5 percent from 5.0 percent; fruits and vegetables, 3.6 percent from 7.2 percent; and meat, 5.6 percent from 6.4 percent. Meanwhile, a higher annual price gain was noticed in cereal preparations index at 3.5 percent from 3.4 percent; fish, 4.2 percent from 4.1 percent; and miscellaneous foods, 5.5 percent from 3.4 percent.
In NCR, the annual rate of price increase in the clothing index was higher at 1.7 percent in February from 1.5 percent in January; FLW, 11.8 percent from 5.7 percent; services, 6.2 percent from 5.4 percent; and miscellaneous items, 1.6 percent from 1.5 percent. On the other hand, the annual rates of price additions were slower in FBT and H&R index at 3.0 percent and 1.1 percent, respectively from their corresponding last month’s rates of 3.5 percent and 1.4 percent.
Annual inflation for food alone in NCR continued to move at slower rate of 3.0 percent in February from 3.6 percent in January.
The annual rate of price adjustment in the eggs index decreased to -2.4 percent in February from 4.3 percent in January. In addition, annual inflation in the index of rice eased to 0.1 percent from 3.0 percent; dairy products, 1.7 percent from 1.9 percent; fruits and vegetables, 3.8 percent from 7.1 percent; and meat, 4.9 percent from 6.3 percent. Annual price gain in the index of cereal preparations was however higher at 2.2 percent from 2.1 percent; fish, 5.7 percent from 3.5 percent; and miscellaneous foods, 2.5 percent from 1.5 percent. Annual inflation for corn index remained at 16.9 percent.
In AONCR, the annual price increase in FBT index slid to 3.9 percent in February from 4.5 percent in January; H&R, 2.2 percent from 2.4 percent; FLW, 10.5 percent from 11.1 percent; and miscellaneous items, 1.7 percent from 1.8 percent. On the contrary, higher annual inflation was noted in the services index at 5.2 percent from 5.1 percent while that for clothing index remained at 2.2 percent.
Annual inflation for food alone in AONCR continued to move at slower pace of 4.0 percent in February from 4.7 percent in January.
A slower annual price movement was seen in the rice index at 2.2 percent in February from 4.1 percent in January as fourteen regions either posted negative or lower annual rates. The biggest decrease of 9.2 percentage points was posted in Davao (-0.2% from 9.0%).
A negative annual price adjustment was registered in the corn index at -1.2 percent from 0.3 percent. In addition, annual price increment in the dairy products index decelerated to 2.5 percent from 3.0 percent; eggs, 4.0 percent from 5.3 percent; fish, 3.8 percent from 4.2 percent; fruits and vegetables, 3.5 percent from 7.2 percent; and meat, 5.9 percent from 6.5 percent. On the other hand, the annual price gains in cereal preparations and miscellaneous foods index were correspondingly higher at 4.0 percent and 6.8 percent from 3.9 percent and 4.3 percent, respectively.
Price increases in NCR picked up to 0.6 percent in February from 0.1 percent in January as the FLW index jumped to 8.2 percent from 0.1 percent. A slower price hike was however observed in clothing index at 0.1 percent from 0.4 percent while that for H&R and miscellaneous items remained at 0.1 percent and 0.2 percent, respectively. Price reductions were correspondingly noted in FBT and services index at -0.6 percent and -0.3 percent from their respective last month’s rates of -0.4 percent and 0.9 percent.
Prices in AONCR likewise grew to 0.4 percent in February from 0.3 percent in January as the FLW index advanced by 1.5 percent from 0.1 percent. Moreover, price uptick in the FBT index was higher at 0.3 percent from 0.2 percent and clothing and miscellaneous items, 0.2 percent from 0.1 percent. However, price add-ons in H&R and services index were slower at 0.1 percent and 0.2 percent, respectively from their corresponding previous month’s rates of 0.3 percent and 0.5 percent.
Only four regions posted higher positive monthly growth rates in February with the highest in SOCCSKSARGEN at 1.2 percent. The lowest rate at -0.6 percent was noted in Cagayan Valley.
Monthly price movement was highest in Mindanao compared to the other two big areas of the country, Luzon and Visayas.
The price increment in the FLW index at 3.8 percent from 0.1 percent effected the 0.4 percent growth in the overall month-on-month inflation from 0.2 percent. Higher price gain in clothing and miscellaneous items index at 0.2 percent from 0.1 percent also contributed to the uptrend. On the other hand, price uptick in H&R and services index decelerated to 0.1 percent from their corresponding last month’s rates of 0.3 percent and 0.6 percent while that for FBT index remained at 0.1 percent.
The continued price increases in sugar nationwide primarily pushed up the miscellaneous foods index in the Philippines by 2.0 percent from 0.6 percent; NCR, 0.9 percent from 0.3 percent; and AONCR, 2.5 percent from 0.7 percent.
The corresponding prices of rice in the Philippines and in AONCR further went up to 0.7 percent and 0.9 percent in February from 0.4 percent and 0.3 percent, respectively. On the contrary, prices of rice in NCR dropped by -0.7 percent from 1.0 percent.
Upward adjustments in the prices of corn in many regions raised the group’s index in AONCR and in the Philippines by 1.7 percent. Meanwhile, prices of corn in NCR were stable as its index registered a zero growth during the month.
The rise in the prices of flour and flour products effected continuous acceleration in the index of cereal preparations in the three areas: Philippines, 0.6 percent from 0.5 percent; NCR, 0.3 percent from 0.2 percent; and AONCR, 0.8 percent from 0.6 percent.
The heavy deliveries of vegetables in the markets moved prices of vegetables downward during the month. Moreover, sufficient deliveries of fruits in season pulled down fruit prices in the markets. Thus, the index for fruits and vegetables in the three areas still recorded negative rates: Philippines, -4.6 percent; NCR, -7.1 percent; and AONCR, -3.9 percent.
The weather condition during the month favored fishermen in catching fish. It provided sufficient supply of fish in the markets. Moreover, ample supply of in-season fish species like tuna was also observed. These factors generally pushed down the corresponding prices of fish by -0.4 percent and -0.5 percent in the Philippines and AONCR from their respective last month’s rates of 2.2 percent and 1.6 percent. Meanwhile, the movement in prices of fish in NCR improved to 0.4 percent from 4.9 percent.
Higher charges for electricity rates in many regions including NCR primarily raised the FLW index in the Philippines by 3.8 percent; NCR, 8.2 percent; and AONCR, 1.5 percent.
With price hikes in selected items for household operations and personal care and effects in some regions including NCR, the miscellaneous items index in the three areas picked up by 0.2 percent.
The general price decline in gasoline and diesel in many regions during the month resulted to a slower upward price movement of the services index in the Philippines and AONCR at 0.1 percent and 0.2 percent, respectively from their corresponding last month’s rates of 0.6 percent and 0.5 percent. Likewise, reductions in the prices of gasoline and diesel in the NCR pulled down the services index in the area by -0.3 percent from 0.9 percent.
The H&R index in the three areas went up by 0.1 percent in February due to the increments in the prices of in selected construction materials in some regions including NCR. Increased wages for carpenter, plumber and electrician in some provinces were also noted during the month.
Month-on-Month Inflation Rates, All Items |
||
| February | January | |
| Philippines | 0.4 | 0.2 |
| NCR | 0.6 | 0.1 |
| AONCR | 0.4 | 0.3 |
CONSUMER PRICE INDEX
(2000=100)
FEBRUARY 2010
By 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, 2010