Date Released: April 4, 2012
SUMMARY INFLATION REPORT
CONSUMER PRICE INDEX
(2006=100)
MARCH AND FEBRUARY 2012
Year-on-Year Inflation Rates, All Items |
|||
| Mar 2012 | Feb 2012 | Year-to-date | |
| Philippines | 2.6 | 2.7 | 3.1 |
| NCR | 2.7 | 2.3 | 2.8 |
| AONCR | 2.6 | 2.8 | 3.1 |
The national annual headline inflation rate continued to decelerate to 2.6 percent in March from 2.7 percent in February. The indices of alcoholic beverages and tobacco; clothing and footwear; housing, water, electricity, gas and other fuels; transport; recreation and culture; and restaurants and miscellaneous goods and services posted slower annual increases during the month. Inflation in March 2011 was 4.8 percent.
On the other hand, annual inflation in the National Capital Region (NCR) went up to 2.7 percent in March from 2.3 percent in February. This was due to the higher annual increase in the heavily-weighted food and non-alcoholic beverages index. Annual adjustments in the indices of clothing and footwear; furnishing, household equipment and routine maintenance of the house; recreation and culture; and restaurants and miscellaneous goods and services were also higher during the month.
The annual inflation rate in Areas Outside NCR (AONCR) further slowed down to 2.6 percent in March from 2.8 percent in February. Slower annual increments were posted in all the commodity groups except in furnishing, household equipment and routine maintenance of the house; health; and education indices.
Year-on-Year Inflation Rates in the Philippines, All Items January 2007 - March 2012 |
||||||
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 | 2.6 |
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 |
||
| Mar 2012 | Feb 2012 | |
| Philippines | 0.2 | 0.0 |
| NCR | 0.2 | 0.1 |
| AONCR | 0.2 | 0.0 |
The series of price hikes in LPG primarily pushed up the month-on-month inflation in the three areas by 0.2 percent in March from a zero growth in February. Price increases in kerosene, gasoline and diesel also contributed to the uptrend.
CONSUMER PRICE INDEX
(2006=100)
MARCH 2012
By Region, Year-on-Year
The annual inflation in NCR picked up to 2.7 percent in March from 2.3 percent in February.
In AONCR, inflation continued to move up at a slower pace at 2.6 percent in March from 2.8 percent in February. Twelve regions posted slower annual rates with the biggest decrease of 1.4 percentage points noted in ARMM (3.8% from 5.2%). The lowest rate was observed in Ilocos region at 1.2 percent while the highest rate at 3.8 percent was still recorded in ARMM.
By Commodity Group, Year-on-Year
The annual gain in alcoholic beverages and tobacco index at the national level eased to 4.3 percent in March from 4.7 percent in February; clothing and footwear index, 3.6 percent from 3.7 percent; housing, water, electricity, gas, and other fuels index, 4.5 percent from 4.6 percent; transport index, 3.3 percent from 3.9 percent; recreation and culture index, 2.2 percent from 2.6 percent; and restaurants, miscellaneous goods and services index, 2.9 percent from 3.0 percent. The annual increment in furnishing, household equipment and routine maintenance of the house index was higher at 2.3 percent from 2.1 percent while those of the rest of the commodity groups remained at their last month’s rates.
The national annual inflation rate for food alone index inched up to 1.2 percent in March, the same rate recorded in February.
A higher annual increase was registered in the rice index at 0.1 percent in March from -0.1 percent in February; meat, 1.7 percent from 1.6 percent; fish, 6.5 percent from 5.5 percent; and fruits, 4.9 percent from 4.2 percent. All the other food groups recorded slower annual gains while negative annual rates were still posted in vegetables and sugar, jam, honey, chocolate and confectionery indices,
In NCR, the annual rate in food and non-alcoholic beverages index jumped to 1.1 percent in March from 0.1 percent in February. Higher rates were also observed in the clothing and footwear index, 3.7 percent from 3.6 percent; furnishing, household equipment and routine maintenance of the house, 0.6 percent from 0.4 percent; recreation and culture, 2.6 percent from 2.5 percent; and restaurants and miscellaneous goods and services, 3.7 percent from 3.6 percent. The rest of the commodity groups either posted slower annual increases or retained their respective previous month’s rate while a negative annual rate was still posted in the communication index,
The annual inflation for food alone index in NCR climbed by 1.0 percent in March from -0.1 percent in February.
The annual growth in the meat index advanced 1.1 percent in March from 0.3 percent in February; fish index, 4.9 percent from 3.1 percent; fruits index, 5.3 percent from 3.3 percent; and vegetables index, 1.0 percent from -6.4 percent. On the other hand, the annual upticks in the indices for milk, cheese and egg and oils and fats were correspondingly slower at 2.2 percent and 7.7 percent from their respective last month’s rates of 2.5 percent and 12.1 percent. The rest of the commodity groups have negative annual rates.
In AONCR, all the commodity groups posted slower annual increments except furnishing, household equipment and routine maintenance of the house; health; and education indices.
The food alone index in AONCR continued to decelerate to 1.3 percent in March from 1.5 percent in February.
A negative double-digit rate was still seen in the index for sugar, jam, honey, chocolate and confectionery at -23.7 percent in March from -24.7 percent in February. In addition, the vegetables index further dropped by -4.5 percent from -3.6 percent.
Slower annual gains were also noticed in the corn index at 6.9 percent in March from 10.5 percent in February; meat index, 1.8 percent from 1.9 percent; milk, cheese and egg index, 2.7 percent from 3.2 percent; oils and fats index, 0.8 percent from 6.3 percent; and food products not elsewhere classified index, 2.1 percent from 3.6 percent.
The annual growth in the rice index in AONCR inched up by 0.6 percent in March from 0.5 percent in February as eight regions have higher annual rates. The biggest jump of 1.9 percentage points (2.2% from 0.3%) was seen in SOCCSKSARGEN.
The rest of the food groups have higher annual gains.
By Region, Month-on-Month
Prices of consumer items in NCR went up by 0.2 percent in March from 0.1 percent in February. This was primarily effected by the 0.5 percent growth in the transport index during the month. The heavily-weighted food and non-alcoholic beverages index also picked up by 0.1 percent from -1.0 percent; clothing and footwear index, 0.2 percent from 0.1 percent; furnishing, household equipment and routine maintenance of the house index, 0.2 percent from zero growth; and communication and recreation and culture indices, 0.1 percent from zero growth. The rest of the commodity groups registered either slower monthly increments or retained their respective last month’s rate while the education index still had a zero growth.
Prices of consumer items in AONCR likewise climbed upward at 0.2 percent in March from zero growth in February due to the 0.8 percent gain in the housing, water, electricity, gas, and other fuels index from 0.5 percent. Moreover, furnishing, household equipment and routine maintenance of the house and transport indices grew by 0.5 percent from 0.2 percent and 0.4 percent, respectively; communication and recreation and culture indices, 0.1 percent from their corresponding previous month’s rates of -0.1 percent and zero growth; and restaurants and miscellaneous goods and services index, 0.3 percent from 0.2 percent. The health index moved at its last month’s rate of 0.2 percent while the rest of the commodity groups recorded either slower or zero growths.
Higher month-on-month inflation was posted in eleven regions with Eastern Visayas having the highest rate of 0.8 percent. Ilocos region had a zero growth while Cagayan Valley, CALABARZON, Northern Mindanao and SOCCSKSARGEN have a 0.1 percent increase.
Increments of consumer prices were generally faster in Visayas and Mindanao compared to those in Luzon.
By Commodity Group, Month-on-Month
Prices of consumer items at the national level gained 0.2 percent in March from zero growth in February due to the higher monthly increase registered in the transport index at 0.6 percent from 0.4 percent. Moreover, the index for furnishing, household equipment and routine maintenance of the house moved up at 0.4 percent from 0.1 percent and communication and recreation and culture indices, 0.1 percent from -0.1 percent and zero growth. Monthly adjustments for the rest of the commodity groups were either slower or remained at their last month’s rate while the heavily-weighted food and non-alcoholic beverages index had a zero growth from -0.5 percent,
The rice index in the Philippines and AONCR gained 0.4 percent and in NCR, 0.7 percent. The biggest uptick of 1.8 percent was seen in SOCCSKSARGEN.
With the onset of the Lenten season, consumers’ demand for fish increased. This factor raised prices of fish in selected regions including NCR during the month. The fish index in the Philippines and AONCR rose by 0.4 percent and in NCR, 0.2 percent.
Abundant supplies of in-season fruits in the markets resulted to the reduction of the fruits index in NCR by -0.5 percent. On the contrary, the fruits index in AONCR went up by 1.1 percent and in the Philippines, 0.7 percent.
The index for milk, cheese and egg in the Philippines picked up by 0.3 percent; NCR, 0.4 percent; and in AONCR, 0.2 percent due to higher prices of eggs. Upward adjustments in the prices of milk and cheese in selected regions including NCR were also noted during the month.
Declines in the prices of chicken in NCR markets pushed down the meat index in the area by -0.1 percent. On the other hand, the meat index in AONCR increased by 0.2 percent as prices of chicken and beef moved upward in some regions. At the national level, the meat index rose 0.1 percent.
The downward price adjustment in cooking oil in NCR and some regions tempered the oils and fats index in the Philippines by -0.2 percent; NCR, -0.4 percent; and AONCR, -0.1 percent.
With the continued price reductions of sugar in many regions including NCR, the indices for sugar, jam, honey, chocolate and confectionery dropped in the Philippines by -0.5 percent; NCR, -1.2 percent ; and AONCR, -0.4 percent.
The food products not elsewhere classified index in AONCR declined by -0.4 percent due to the decreases in the prices of selected spices, sauces, condiments and seasonings in some regions. On the contrary, the group’s index in NCR grew by 0.2 percent as salt and selected sauces, condiments and seasonings were priced higher during the month. At the national level, the index for food products not elsewhere classified declined by -0.3 percent.
The weather condition that prevailed during the month favored the production of selected vegetables which brought abundant supplies in the markets. Hence, the vegetables index in the three areas continued to post negative monthly rates: Philippines, -2.7 percent from -5.7 percent; NCR, -1.5 percent from -7.7 percent; and AONCR, -3.0 percent from -5.3 percent.
The series of price increases in LPG primarily raised the index for housing, water, electricity, gas, and other fuels in AONCR by 0.8 percent from 0.5 percent. In NCR, the group’s index also moved up but at a slower rate of 0.1 percent from 1.2 percent as price hikes in LPG were offsetted by lower charges in electricity rates. Hence, the growth in the national index also slowed down to 0.6 percent from 0.7 percent.
The transport index in the Philippines grew by 0.6 percent and NCR and AONCR, 0.5 percent due to price increments in gasoline and diesel.
With higher prices in selected items for personal care and effects, the index for restaurants and miscellaneous goods and services rose by 0.2 percent in the Philippines, 0.1 percent in NCR; and 0.3 percent in AONCR. Upward price adjustments in meals eaten outside the home in some provinces were also noted during the 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
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