Date Released: February 7, 2012
SUMMARY INFLATION REPORT
CONSUMER PRICE INDEX
(2006=100)
JANUARY 2012 AND DECEMBER 2011
Year-on-Year Inflation Rates, All Items |
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| Jan 2012 | Dec 2011 | Year-to-date | |
| Philippines | 3.9 | 4.2 | 3.9 |
| NCR | 3.5 | 3.0 | 3.5 |
| AONCR | 4.0 | 4.5 | 4.0 |
The continued deceleration in the annual increment of the heavily weighted food and non-alcoholic beverages index further pushed down the country’s year-on-year headline inflation to 3.9 percent in January 2012 from 4.2 percent in December 2011. The slowing down of the annual growth rates of alcoholic beverages and tobacco; furnishing, household equipment and routine maintenance of the house; health; and transport indexes and the negative annual rate in communication index also contributed to the downtrend. Inflation a year ago was 4.1 percent.
On the other hand, the annual inflation in the National Capital Region (NCR) picked up to 3.5 percent in January from 3.0 percent in December. Annual gains were higher in clothing and footwear; housing, water, electricity, gas and other fuels; recreation and culture; and restaurants and miscellaneous goods and services indexes.
Annual inflation in Areas Outside NCR (AONCR) followed the trend of the national level as it continued to move at a slower rate of 4.0 percent in January from 4.5 percent in December. Slowdowns in annual increments were recorded in all the commodity groups except those in communication and education indexes.
Year-on-Year Inflation Rates in the Philippines, All Items January 2008 - January 2012 |
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Month |
Year |
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| 2008 | 2009 | 2010 | 2011 | 2012 | |
January |
4.6 |
7.0 |
3.9 |
4.1 |
3.9 |
|---|---|---|---|---|---|
February |
5.1 |
7.2 |
3.9 |
4.7 | |
March |
5.9 |
6.5 |
4.0 |
4.8 | |
April |
7.3 |
5.6 |
4.0 | 4.7 | |
May |
8.3 |
4.4 |
3.7 | 5.1 | |
June |
9.4 |
3.1 |
3.7 | 5.2 | |
July |
10.2 |
2.1 |
3.7 | 5.1 | |
August |
10.5 |
1.7 |
4.0 | 4.7 | |
September |
10.1 |
2.2 |
3.9 | 4.8 | |
October |
9.7 |
2.8 |
3.3 | 5.2 | |
November |
9.0 |
3.6 |
3.7 | 4.8 | |
December |
7.7 |
4.5 |
3.6 | 4.2 | |
Average |
8.3 |
4.1 |
3.8 | 4.8 | |
Month-on-Month Inflation Rates, All Items |
||
| Jan 2012 | Dec 2011 | |
| Philippines | 0.4 | - 0.2 |
| NCR | 0.7 | - 0.2 |
| AONCR | 0.2 | - 0.1 |
Increased charges in electricity rates together with higher prices of LPG, gasoline and diesel in many regions including NCR raised the overall month-on-month inflation to 0.4 percent in January 2012 from -0.2 percent in December 2011. Price hikes in selected food items such as fish, condiments, seasonings, eggs and fruits in selected regions were also noted during the month. Clothing items, medicines, meals eaten outside the home and some items for personal care were also generally priced higher during the month. Upward adjustments in movie admission fees in NCR similarly contributed to the uptrend.
CONSUMER PRICE INDEX
(2006=100)
JANUARY 2012
By Region, Year-on-Year
The annual inflation in NCR went up to 3.5 percent in January from 3.0 percent in December.
On the other hand, the annual inflation in AONCR continued to decelerate as it settled to 4.0 percent in January from 4.5 percent in December. Slower annual inflation rates were posted in all the regions. The lowest annual inflation at 2.0 percent was still in Cagayan Valley while the highest remained in ARMM at 6.6 percent.
By Commodity Group, Year-on-Year
On an annual basis, the increment in food and non-alcoholic beverages index at the national level further eased to 3.3 percent in January from 4.1 percent in December; alcoholic beverages and tobacco index, 5.6 percent from 6.0 percent; furnishing, household equipment and routine maintenance of the house index, 2.4 percent from 2.5 percent; health index, 2.8 percent from 3.0 percent; and transport index, 5.3 percent from 6.0 percent. Moreover, the communication index continued to record a negative annual rate at -0.2 percent from -0.4 percent. The rest of the commodity groups have higher annual growth rates.
The annual inflation rate for food alone index in the Philippines further moved at a slower pace of 3.3 percent in January from 4.2 percent in December.
The annual change in sugar, jam, honey and confectionery index continued to decline at -22.8 percent in January from -20.7 percent in December. Except in food products not elsewhere classified index whose annual gain remained at 3.8 percent, those for the rest of the food groups were recorded slower.
The annual average inflation for food alone index in 2011 was higher at 5.7 percent compared to 4.2 percent a year ago.
In NCR, the annual hike in clothing and footwear index went up to 3.7 percent in January from 2.7 percent in December; housing, water, electricity, gas and other fuels index, 5.3 percent from 4.2 percent; recreation and culture index, 2.5 percent from -0.1 percent; and restaurants and miscellaneous goods and services index, 4.9 percent from 3.1 percent. While the annual inflation for the education index remained at 3.8 percent and communication index, -0.5 percent, the rest of the commodity groups registered slower annual rates.
The annual increase in the food alone index in NCR improved to 2.1 percent in January from 2.2 percent in December.
A negative annual rate of adjustment was still observed in the indexes of rice at -3.2 percent in January from -6.7 percent in December; corn, -6.3 percent from -6.4 percent; and sugar, jam, honey, chocolate and confectionery, -19.0 percent from -16.6 percent. Except for milk, cheese and egg and food products not elsewhere classified indexes whose annual rates were correspondingly higher at 2.2 percent and 3.1 percent from their respective previous month’s rates of 2.0 percent and 2.6 percent, the rest of the food groups have slower annual growth rates
In AONCR, all the commodity groups recorded slower annual increments except for communication and education indexes. The annual add-on in education index went up to 5.3 percent from 5.0 percent while the annual adjustment in the communication index was zero from -0.3 percent.
The annual inflation for the food alone index in AONCR continued to slow down at 3.5 percent in January from 4.6 percent in December.
Negative annual movement was still posted in sugar, jam, honey, chocolate and confectionery index at -23.4 percent in January from -21.4 percent in December.
Except for CAR, all the regions registered either negative or slower annual rates in the rice index hence, the annual addition in the group’s index further improved to 1.0 percent in January from 2.4 percent in December. Ilocos recorded the biggest drop of 3.1 percentage points (-1.0% from 2.1%).
The rest of the food groups have slower annual increases.
By Region, Month-on-Month
Prices of consumer items in NCR picked up to 0.7 percent in January from -0.2 percent in December. Price adjustments in alcoholic beverages and tobacco index moved up to 0.3 percent in January from 0.1 percent in December; clothing index, 1.2 percent from 0.1 percent; housing, water, electricity, gas, and other fuels index, 0.7 percent from -0.7 percent; health index, 0.5 percent from 0.1 percent; and transport index, 0.4 percent from -0.2 percent. From zero growth, the recreation and culture and restaurants and miscellaneous goods and services indexes climbed to 2.7 percent and 2.5 percent, respectively. The rest of the commodity groups either retained their last month’s rate or recorded zero growths during the month.
Similarly, prices of consumer items in AONCR rose by 0.2 percent in January from -0.1 percent in December. A higher monthly rate was noticed in food and non-alcoholic beverages index and housing, water, electricity, gas, and other fuels index at 0.3 percent from -0.1 percent and 0.1 percent, respectively. Moreover, the transport index gained 0.2 percent from -0.2 percent and communication index, 0.3 percent from zero growth. The rest of the commodity groups either retained their last month’s rates or posted a zero growth.
Nine regions had higher monthly growth rates. Davao and Caraga had the highest month-on-month inflation at 0.6 percent while the lowest rate of -0.6 percent was noticed in Ilocos.
Among the three big areas of the country, consumer prices moved at a faster rate in Mindanao compared to Luzon and Visayas.
By Commodity Group, Month-on-Month
Consumer prices at the national level generally increased by 0.4 percent in January from -0.2 percent in December. The food and non-alcoholic beverages index increased to 0.2 percent in January from -0.1 percent in December; clothing and footwear index, 0.4 percent from 0.2 percent; and housing, water, electricity, gas, and other fuels index, 0.4 percent from -0.1 percent. Moreover, health, transport and communication index also went up by 0.2 percent from their corresponding last month’s rates of 0.1 percent, -0.2 percent and zero growth; and recreation and culture and restaurants and miscellaneous goods and services index, 0.7 percent from 0.1 percent. The rest of the commodity groups had either retained their last month’s rate or had zero growth.
Prices of fish in the Philippines jumped by 1.9 percent; NCR, 1.8 percent; and AONCR, 2.0 percent This was triggered by difficulty in catching fish that usually settle deep in the waters during the cold months and the bigger demand as consumers shifted from meat to fish after the holiday season.
The food products not elsewhere classified index in the Philippines and AONCR grew by 1.0 percent and in NCR, 1.1 percent due to the increments in the prices of selected condiments and seasonings.
Lower production of eggs due to cold weather conditions limited its supply in the markets. This resulted to upward price adjustments of eggs during the month. Higher prices of cheese were also noted in selected regions. Thus, the milk, cheese and egg index in the three areas gained 0.2 percent.
Abundant supplies of fruits in the NCR markets pushed down the fruits index in the area by -0.4 percent. However, the fruits index at the national level went up by 0.2 percent and AONCR, 0.4 percent. Low production of banana particularly those in Mindanao areas limited its supply in the markets thereby raising its prices in selected regions. Moreover, papaya and some seasonal fruits were also priced higher in some regions.
Heavy deliveries of vegetables in the markets more than filled the consumption requirements of the consumers thereby causing the prices of these items to decline. Hence, the vegetables index went down in the Philippines by -2.0 percent; NCR, -4.3 percent; and AONCR, -1.6 percent.
The rice index in NCR continued to post a negative monthly rate of -0.1 due to price reduction in NFA rice. On the other hand, the mixed price trends on rice among the regions in AONCR resulted to a zero growth rate in the index for rice in the area and at the national level.
The nationwide upward price adjustments in LPG together with higher charges for electricity rates in selected regions including NCR pushed up the housing, water, electricity, gas, and other fuels index in the Philippines by 0.4 percent; NCR, 0.7 percent; and AONCR, 0.3 percent. Increased rental rates and price increments of selected construction materials in some regions were also noted during the month.
Meals eaten outside the home and some items for personal care in NCR and in selected provinces were priced higher during the month. Thus, the index for restaurants and miscellaneous goods and services in the Philippines advanced 0.7 percent; NCR, 2.5 percent; and AONCR, 0.1 percent.
With the price hikes generally registered in gasoline and diesel in most of the regions including NCR, the transport index in the Philippines and AONCR grew by 0.2 percent and in NCR, 0.4 percent.
NOTE:
The following survey reports were not received as of February 7, 2012:
a. Northern Samar - second phase
b. Davao Oriental - second phase
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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