Date Released: March 6, 2012
SUMMARY INFLATION REPORT
CONSUMER PRICE INDEX
(2006=100)
FEBRUARY AND JANUARY 2012
Year-on-Year Inflation Rates, All Items |
|||
| Feb 2012 | Jan 2012 | Year-to-date | |
| Philippines | 2.7 | 4.0r | 3.3 |
| NCR | 2.3 | 3.5 | 2.9 |
| AONCR | 2.8 | 4.0 | 3.3 |
The annual headline inflation rate in the Philippines further settled downward to 2.7 percent in February from 4.0 percent in January. This was primarily due to the slowdown in the annual growth rate of the heavily-weighted food and non-alcoholic beverages index. Slower annual increments in all the other commodity groups except in health and recreation and culture indices were also noted during the month. Compared to February 2011, inflation declined by two percentage points. This is the lowest rate since October 2009.
Annual inflation in the National Capital Region (NCR) likewise eased to 2.3 percent in February from 3.5 percent in January. This was effected by the lower annual increases in the food and non-alcoholic beverages; alcoholic beverages and tobacco; clothing and footwear; housing, water, electricity, gas and other fuels; transport; and restaurants and miscellaneous goods and services indices.
Inflation rate in Areas Outside NCR (AONCR) similarly continued to slowdown as it was recorded at 2.8 percent in February from 4.0 percent in January. Slower annual hikes were registered in all the commodity groups except in health; communication; and recreation and culture indices.
Year-on-Year Inflation Rates in the Philippines, All Items January 2007 - February 2012 |
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Month |
Year |
|||||
| 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | |
January |
3.8 |
4.6 |
7.1r |
3.9 |
3.9r |
4.0r |
|---|---|---|---|---|---|---|
February |
2.9 |
5.1 |
7.2 |
3.9 |
4.7 | 2.7 |
March |
2.6 |
5.8r |
6.7r |
4.0 |
4.8 | |
April |
2.6 |
7.3 |
5.6 |
4.0 | 4.8r | |
May |
2.7r |
8.2r |
4.3r |
3.9r | 5.0r | |
June |
2.6r |
9.4 |
3.2r |
3.6r | 5.2 | |
July |
2.9 |
10.2 |
2.1 |
3.8r | 4.9r | |
August |
2.7 |
10.5 |
1.7 |
4.1r | 4.6r | |
September |
2.9 |
10.1 |
2.2 |
3.9 | 4.7r | |
October |
2.9 |
9.7 |
2.8 |
3.3 | 5.2 | |
November |
3.1 |
9.1r |
3.5r |
3.7 | 4.7r | |
December |
3.7r |
7.8r |
4.4r |
3.7r | 4.1r | |
Average |
2.9 |
8.3 |
4.1 |
3.9r | 4.7r | |
Month-on-Month Inflation Rates, All Items |
||
| Feb 2012 | Jan 2012 | |
| Philippines | 0.0 | 0.4 |
| NCR | 0.1 | 0.7 |
| AONCR | 0.0 | 0.2 |
The offsetting movements observed in the rates of the commodity groups resulted to a zero growth in the national month-on-month inflation in February from 0.4 percent in January.
CONSUMER PRICE INDEX
(2006=100)
FEBRUARY 2012
By Region, Year-on-Year
The annual inflation in NCR further slowed to 2.3 percent in February from 3.5 percent in January.
Similarly, the annual inflation in AONCR improved to 2.8 percent in February from 4.0 percent in January. Except in Cagayan Valley, all the regions recorded slower annual inflation rates with the biggest decline of 2.3 percentage points seen in Zamboanga Peninsula (3.1% from 5.4%). The lowest rate was registered in Central Visayas at 1.8 percent while the highest rate at 5.2 percent was still posted in ARMM.
By Commodity Group, Year-on-Year
The annual increase in food and non-alcoholic beverages index in the Philippines further slowed to 1.4 percent in February from 3.2 percent in January; alcoholic beverages and tobacco index, 4.7 percent from 5.6 percent; clothing and footwear index, 3.7 percent from 3.9 percent; housing, water, electricity, gas and other fuels index, 4.6 percent from 5.2 percent; furnishing, household equipment and routine maintenance of the house index, 2.1 percent from 2.4 percent; transport index, 3.9 percent from 5.5 percent; education index, 4.7 percent from 4.9 percent; and restaurants and miscellaneous goods and services index, 3.0 percent from 3.5 percent. The communication index had a negative annual rate of -0.1 percent from -0.2 percent while that for recreation and culture went up to 2.6 percent from 2.5 percent. The annual rate for health index remained at 2.8 percent.
The annual inflation rate for food alone index at the national level continued to decelerate at 1.2 percent in February from 3.3 percent in January.
A negative annual rate was posted in the rice index at -0.1 percent in February from 0.6 percent in January; vegetables index, -4.1 percent from 7.3 percent; and sugar, jam, honey, chocolate and confectionery index, -24.1 percent from -22.8 percent. All the other food groups recorded slower annual hikes except in milk, cheese and egg index whose annual movement inched up to 3.1 percent from 3.0 percent.
In NCR, the annual gain in the heavily-weighted food and non-alcoholic beverages index improved to 0.1 percent in February from 1.8 percent in January; alcoholic beverages and tobacco index, 2.4 percent from 2.6 percent; clothing and footwear index, 3.6 percent from 3.7 percent; housing, water, electricity, gas and other fuels index, 4.1 percent from 5.3 percent; transport index, 3.1 percent from 5.1 percent; and restaurants and miscellaneous goods and services index, 3.6 percent from 4.9 percent. While the annual rate in health index was higher at 2.6 percent from 2.5 percent, the rest of the commodity groups retained at their respective previous month’s rate.
The food alone index in NCR dropped by -0.1 percent in February from 1.8 percent in January.
The rice index further decreased by -4.2 percent in February from -3.2 percent in January; corn index, -4.5 percent from -6.3 percent; vegetables index, -6.4 percent from 4.8 percent; sugar, jam, honey, chocolate and confectionery index, -20.3 percent from -19.0 percent. The rest of the food groups registered slower annual gains except milk, cheese and egg index whose annual growth was higher at 2.5 percent from 2.2 percent.
In AONCR, all the commodity groups continued to register slower annual rates except health; communication; and recreation and culture indices. The annual movement in communication index picked up to 0.2 percent in February from zero in January and recreation and culture index, 2.6 percent from 2.5 percent while that for health index remained at 2.8 percent.
The food alone index in AONCR further slowed to 1.5 percent in February from 3.6 percent in January.
The annual adjustment in the index for sugar, jam, honey, chocolate and confectionery was still at a negative double-digit rate of -24.7 percent in February from -23.4 percent in January. Likewise, the vegetables index dropped by -3.6 percent from 7.8 percent.
With thirteen regions recording either negative or slower annual rates in the rice index, AONCR’s rice index further decelerated to 0.5 percent in February from 1.0 percent in January. The biggest slowdown of 3.3 percentage points (1.9% from 5.2%) was observed in Eastern Visayas.
The rest of the food groups have slower annual increments.
By Region, Month-on-Month
The -1.0 percent reduction in food and non-alcoholic beverages index further pushed down the month-on-month inflation in NCR to 0.1 percent in February from 0.7 percent in January. Moreover, a slowdown in the monthly growth rate was seen in clothing and footwear index at 0.1 percent from 1.2 percent; health index, 0.2 percent from 0.5 percent; transport index, 0.3 percent from 0.4 percent; and restaurants and miscellaneous goods and services index, 0.1 percent from 2.5 percent. Meanwhile, alcoholic beverages and tobacco and housing water, electricity, gas, and other fuels indices correspondingly grew by 0.4 percent and 1.2 percent from their respective last month’s rates of 0.3 percent and 0.7 percent. The rest of the commodity groups recorded zero growths during the month.
Offsetting movements in consumer prices in AONCR resulted to zero growth in February from 0.2 percent in January. The recreation and culture and education indices registered a zero growth during the month. The food and non-alcoholic beverages index dropped by -0.4 percent from 0.3 percent while the furnishing, household equipment and routine maintenance of the house index moved at 0.2 percent. The rest of the commodity groups have higher monthly growth rates.
Compared with January, four regions registered lower month-on-month inflation while seven regions have negative rates. The lowest rate of -0.3 percent was noticed in Central Luzon while the highest was seen in Davao and ARMM at 0.4 percent.
On the average, prices in Visayas and Mindanao moved faster compared to those in Luzon.
By Commodity Group, Month-on-Month
The national month-on-month adjustment in consumer prices was zero in February from 0.4 percent in January due to the mixed trends in prices of commodities. A zero growth was posted in recreation and culture and education indices. The heavily-weighted food and non-alcoholic beverages index declined by -0.5 percent in February from 0.2 percent in January and communication index, -0.1 percent from 0.2 percent. The monthly increment in clothing and footwear index also eased to 0.2 percent from 0.4 percent; furnishing, household equipment and routine maintenance of the house index, 0.1 percent from 0.2 percent; and restaurants and miscellaneous goods and services index, 0.2 percent from 0.7 percent. While the growth in the health index remained at 0.2 percent, the rest of the commodity groups have higher monthly rates.
The continued flow of supplies of vegetables from various production sites lowered their prices in the markets. Thus, the movement in the vegetables index in the three areas further decreased: Philippines, -5.7 percent from -2.0 percent; NCR, -7.7 percent from -4.3 percent; and AONCR, -5.3 percent from -1.6 percent.
The fruits index in the Philippines dropped by -0.9 percent in February from 0.2 percent in January; NCR, -2.5 percent from -0.4 percent; and AONCR, -0.5 percent from 0.4 percent. This was effected by the abundant supplies of in-season fruits like mango and the commonly bought fruits such as banana, pineapple and papaya.
A downward price adjustment in sugar was still observed in most of the regions. This further lowered the index for sugar, jam, honey, chocolate and confectionery in the Philippines by -1.1 percent in February from -0.7 percent in January; NCR, -1.2 percent from -1.0 percent; and AONCR, -1.0 percent from -0.7 percent.
The food products not elsewhere classified index in the Philippines declined by -0.6 percent; NCR. -2.1 percent; and AONCR, -0.3 percent. This was brought about by the price decreases in selected condiments and seasonings.
Adequate volume of selected fish species and shrimps coming from nearby provinces pushed down the fish index in NCR by -1.8 percent and in the Philippines, -0.2 percent during the month. In AONCR, the group’s index however grew by 0.1 percent from 2.0 percent.
The continuous price reduction in cooking oil in selected regions primarily pushed down the oils and fats index in the Philippines by -0.4 percent; NCR, -0.7 percent; and AONCR, -0.3 percent.
The meat index in NCR had a zero growth as lower prices of chicken and pork were offsetted by the higher prices of beef. On the contrary, the meat index in AONCR rose by 0.1 percent due to the price upticks in chicken and pork in selected provinces. At the national level, the meat index also went up by 0.1 percent.
The price of rice in the three areas inched up by 0.1 percent during the month.
The index for housing, housing, water, electricity, gas, and other fuels gained 0.7 percent in the Philippines, 1.2 percent in NCR; and 0.5 percent in AONCR. This was attributed to the increments in the prices of LPG and kerosene nationwide and higher charges for electricity rates in selected regions including NCR.
The upward price adjustments in gasoline and diesel in all the regions raised the transport index in the Philippines and AONCR by 0.4 percent and in NCR, 0.3 percent.
With higher prices in alcoholic beverages and cigarettes in selected regions including NCR, the group’s index picked up 0.6 percent in the Philippines and AONCR and 0.4 percent in NCR.
NOTES:
Revisions in the inflation rates were due to the updates of price reports from selected provinces,
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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