Date Released: March 4, 2011
SUMMARY INFLATION REPORT
CONSUMER PRICE INDEX
(2000=100)
FEBRUARY AND JANUARY 2011
Year-on-Year Inflation Rates, All Items |
|||
| Feb | Jan | Year-to-date | |
| Philippines | |||
| Headline | 4.3 | 3.6r | 3.9 |
| Core | 3.5 | 3.3 | 3.4 |
| NCR | |||
| Headline | 4.6 | 3.9 | 4.2 |
| AONCR | |||
| Headline | 4.2 | 3.4 | 3.7 |
The annual headline inflation at the national level accelerated to 4.3 percent in February from 3.6 percent in January due to higher annual rates posted in the indexes of food, beverages and tobacco (FBT), housing and repairs (H&R) and services. Inflation in February 2010 was 4.2 percent.
Excluding selected food and energy items, core inflation picked up to 3.5 percent in February from 3.3 percent in January.
Higher annual increments in FBT, H&R and services index likewise pushed up the annual inflation in the National Capital Region (NCR) by 0.7 percentage point to 4.6 percent in February from 3.9 percent in January.
Annual inflation in Areas Outside the National Capital Region (AONCR) increased to 4.2 percent in February from 3.4 percent in January. This was effected by higher annual price movements in FBT, H&R and services index.
Year-on-Year Inflation Rates in the Philippines, All Items January 2006 - January 2011 |
||||||
Month |
Year |
|||||
| 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | |
January |
6.7 |
3.9 |
4.9 |
7.1 |
4.3 |
3.6r |
|---|---|---|---|---|---|---|
February |
7.6 |
2.6 |
5.4 |
7.3 |
4.2 |
4.3 |
March |
7.6 |
2.2 |
6.4 |
6.4 |
4.4 |
|
April |
7.1 |
2.3 |
8.3 |
4.8 |
4.4 | |
May |
6.9 |
2.4 |
9.5 |
3.3 |
4.3 | |
June |
6.7 |
2.3 |
11.4 |
1.5 |
3.9 | |
July |
6.4 |
2.6 |
12.3 |
0.2 |
3.9 | |
August |
6.3 |
2.4 |
12.4 |
0.1 |
4.0 | |
September |
5.7 |
2.7 |
11.8 |
0.6r |
3.5 | |
October |
5.4 |
2.7 |
11.2 |
1.6 |
2.8 | |
November |
4.6 |
3.2 |
9.9 |
2.8 |
3.0 | |
December |
4.3 |
3.9 |
8.0 |
4.3r |
3.0 | |
Average |
6.2 |
2.8 |
9.3 |
3.2 |
3.8 | |
Month-on-Month Inflation Rates, All Items |
||
| Feb | Jan | |
| Philippines | 1.1 | 0.8 |
| NCR | 1.2 | 0.6 |
| AONCR | 1.1 | 0.8 |
The continued general upward price adjustments in food items such as cooking oil, sugar, fish, fruits, vegetables, flour and flour products raised the month-on-month inflation at the national level by 1.1 percent in February from 0.8 percent in January. The series of price hikes in gasoline and diesel nationwide, higher electricity and water rates and increased land transport fares in many regions including NCR also contributed to the uptrend.
CONSUMER PRICE INDEX
(2000=100)
FEBRUARY 2011
By Region, Year-on-Year
The annual inflation rate in NCR advanced to 4.6 percent in February from 3.9 percent in January.
In AONCR, the annual inflation likewise jumped to 4.2 percent in February from 3.4 percent in January. All the regions registered higher annual inflation except CALABARZON, Bicol, and SOCCSKSARGEN with the biggest gain of 1.9 percentage points observed in Northern Mindanao (5.3% from 3.4%). The highest annual rate was noted in Cagayan Valley at 5.4 percent while the lowest inflation was still seen in Eastern Visayas at 2.7 percent.
By Commodity Group, Year-on-Year
On an annual basis, the growth in FBT index in the Philippines was higher at 4.2 percent in February from 3.0 percent in January; H&R, 2.1 percent from 1.9 percent; and services, 4.9 percent from 3.8 percent. On the other hand, the annual price increase in fuel, light and water (FLW) index slowed down to 9.9 percent from 11.8 percent and miscellaneous items, 1.0 percent from 1.1 percent. For three consecutive months, annual inflation for clothing index remained at 1.9 percent.
The annual increment in the food alone index at the national level picked up to 4.3 percent in February from 3.1 percent in January.
A double-digit annual adjustment was posted in the fruits and vegetables index at 12.2 percent in February from 3.1 percent in January. A higher annual add-on was also recorded in the index of corn at 2.7 percent from -0.1 percent; cereal preparations, 3.8 percent from 3.1 percent; dairy products, 1.6 percent from 1.5 percent; eggs, 2.3 percent from 2.2 percent; fish, 5.1 percent from 3.1 percent; and meat, 0.4 percent from 0.2 percent. Meanwhile, the annual uptick in rice index was slower at 1.3 percent from 1.5 percent and miscellaneous foods, 6.9 percent from 7.4 percent.
In NCR, the annual gain in FBT index soared to 3.6 percent in February from 2.1 percent in January; H&R, 2.8 percent from 2.5 percent; and services, 6.6 percent from 4.7 percent. The annual addition in FLW index however slowed down to 10.9 percent from 15.4 percent and miscellaneous items, 0.4 percent from 0.5 percent while that for clothing index remained at 0.9 percent.
Annual change in food alone index in NCR rose to 3.6 percent in February from 2.0 percent in January.
The fruits and vegetables index posted a double-digit annual growth at 13.6 percent in February from 4.8 percent in January. Faster annual gains were also registered in dairy products index at 1.8 percent in February from 1.5 percent in January; eggs, 2.0 percent from 1.0 percent; and miscellaneous foods, 5.9 percent from 4.2 percent. On the other hand, the annual increase in corn index decelerated to 4.4 percent from 4.7 percent; cereal preparations, 2.1 percent from 2.2 percent; and fish, 2.0 percent from 3.4 percent. An annual decrease was still recorded in rice index at -0.1 percent from -1.1 percent and meat, -0.3 percent from -1.1 percent.
In AONCR, the annual increase in FBT index was higher at 4.4 percent in February from 3.3 percent in January; H&R, 1.6 percent from 1.4 percent; and services, 4.0 percent from 3.3 percent. Meanwhile, annual gains in FLW and miscellaneous items index correspondingly eased to 9.4 percent and 1.2 percent from their last month’s rates of 10.0 percent and 1.3 percent. The annual change in clothing index remained at 2.2 percent.
Annual inflation in food alone index in AONCR climbed to 4.5 percent in February from 3.4 percent in January.
A double-digit annual growth was recorded in the fruits and vegetables index at 11.8 percent in February from 2.6 percent in January. Higher annual uptick was also noted in the corn index at 2.7 percent from -0.1 percent; cereal preparations, 4.3 percent from 3.5 percent; dairy products, 1.6 percent from 1.5 percent; and fish, 5.7 percent from 3.0 percent.
The annual increment in the rice index improved to 1.5 percent in February from 1.8 percent in January as seven nine regions recorded slower annual growths. The biggest slowdown of 2.4 percentage points (3.1% from 5.5%) was in SOCCSKSARGEN with the lowest annual rate of -0.7 percent seen in Central Luzon and Zamboanga Peninsula.
The annual add-ons in the eggs index eased to 2.4 percent from 2.5 percent and miscellaneous foods, 7.3 percent from 8.8 percent while that for meat index remained at 0.7 percent.
By Region, Month-on-Month
On a monthly basis, prices in NCR grew by 1.2 percent in February from 0.6 percent in January. This was primarily due to the 4.0 percent increase in the FLW index from -1.2 percent. Uptick in FBT and services index were also higher at 0.9 percent and 1.6 percent, respectively from their corresponding last month’s rates of 0.8 percent and 1.4 percent. Additions in clothing index remained at 0.1 percent and H&R index, 0.3 percent while that for miscellaneous items index had a zero growth from 0.1 percent.
Consumer prices in AONCR advanced by 1.1 percent in February from 0.8 percent in January as price hikes in the items of the heavily weighted FBT index further climbed to 1.4 percent from 1.1 percent. Add-ons in the clothing and miscellaneous items index were also higher at 0.2 percent from 0.1 percent; H&R, 0.3 percent from 0.2 percent; and services, 0.9 percent from 0.6 percent. Meanwhile, a slower rate was noticed in the FLW index at 1.0 percent from 1.4 percent.
Higher monthly growth rates were posted in seven regions with the highest month-on-month inflation at 2.3 percent seen in Northern Mindanao.
Among the three big areas of the country, price increments in consumer prices in Mindanao were faster than those in Luzon and Visayas.
By Commodity Group, Month-on-Month
Prices of consumer items at the national level further went up by 1.1 percent in February from 0.8 percent in January as all the commodity groups have higher monthly increases except for H&R index whose growth rate remained at 0.3 percent. Add-ons in FBT index were higher at 1.2 percent from 1.1 percent; clothing and miscellaneous items, 0.2 percent from 0.1 percent; FLW, 2.0 percent from 0.5 percent; and services, 1.1 percent from 0.9 percent.
The soaring prices of vegetables particularly onions, carrots and radish further pushed up the fruits and vegetables index in the Philippines to 3.8 percent from 2.6 percent and AONCR, 4.7 percent from 2.3 percent. In Caraga, most of the crops were damaged by the continuous heavy rains and floods experienced during the month. The low supply of vegetables in Northern Mindanao also pushed up prices in the area. Prices of vegetables which came from other provinces in Mindanao were similarly very expensive. Thus, the two regions recorded double-digit growths in their fruits and vegetables index. Meanwhile, the increment in the group’s index in NCR decelerated to 0.7 percent from 3.8 percent due to the improved supply of fruits and vegetables in the markets.
Prices of cooking oil continued to increase during the month. Moreover, upward price adjustments in selected spices and seasonings were also observed. These factors further raised the miscellaneous foods index in the Philippines to 1.4 percent from 0.5 percent; NCR, 2.5 percent from 0.3 percent; and AONCR, 1.0 percent from 0.6 percent.
Ample supply of fresh and marine water fish species in NCR markets were noted during the month. Thus, the fish index in the area went down by -0.9 percent from 2.9 percent. On the other hand, the low volume of supply of selected fish species in the market in the regions outside NCR brought about by the continued difficulty in catching fish species in the cold mornings raised the fish index in the Philippines and AONCR at 1.6 percent and 2.1 percent, respectively. These were however slower than their corresponding previous month’s rates of 2.6 percent and 2.5 percent.
With the positive monthly growth in the prices of rice in all the regions including NCR, the index of rice in the Philippines and AONCR went up by 0.5 percent and NCR, 0.2 percent.
The low volume of production of corn during the month raised its prices in the markets. Thus, the corn index in the Philippines advanced by 4.5 percent and AONCR, 4.6 percent. On the contrary, prices of corn in NCR went down by -0.3 percent.
Increased prices of wheat in the world market effected an upward pull in the local prices of flour. Higher costs in the production of flour products were also noted. All these factors caused the cereal preparations index in the Philippines to climb by 1.2 percent; NCR, 0.2 percent; and AONCR, 1.5 percent.
The services index in the Philippines jumped by 1.1 percent; NCR, 1.6 percent; and AONCR, 0.9 percent. This was triggered by the general upward price adjustments in gasoline and diesel nationwide along with the increased land transport fares in most of the regions including NCR.
With the price increment in kerosene and higher charges for electricity and water rates in NCR, the FLW index advanced by 4.0 percent from -1.2 percent. However, reductions in the prices of LPG offsetted higher prices of kerosene and increased charges for higher electricity rates in many regions. Hence, the price movement of the FLW index in AONCR decelerated to 1.0 percent from 1.4 percent. At the national level, the FLW index picked up by 2.0 percent from 0.5 percent.
The 0.3 percent growth in the H&R index in the three areas resulted from the price hikes in selected construction materials and higher rental rates in some regions.
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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