February 2010

Year-on-Year Inflation Rates, All Items
February 2009 - February 2010

p - pleminary
r - revised

Year-on-Year

• The annual rate of price change based on the General Wholesale Price Index (GWPI) at the national level went up to 8.7 percent in February from 8.4 percent in January. This can be attributed to higher annual price increments recorded in the indexes of food (4.8%) and mineral fuels, lubricants and related materials (42.3%) from 4.1 percent and 39.7 percent, respectively. However, the annual growth rate for beverages and tobacco index slowed down to 0.5 percent from 0.9 percent; machinery and transport equipment and miscellaneous manufactured articles, 0.4 percent and 0.3 percent, respectively from 0.6 percent. An annual price reduction was also noted in the index of manufactured goods classified chiefly by materials at -0.9 percent from 0.1 percent; crude materials, inedible except fuels, -6.6 percent from -7.0 percent; and chemicals, including animal and vegetable oils and fats, -0.1 percent from -0.4 percent.
  

• The annual movement of the GWPI in Luzon also picked up to 9.9 percent in February from 9.5 percent in January as higher annual growth rates were noted in the indexes of food at 5.0 percent from 4.2 percent and mineral fuels, lubricants and related materials at 46.7 percent from 43.7 percent. A slower annual price change was however posted in the index of beverages and tobacco at 1.3 percent from 2.5 percent; machinery and transport equipment, 0.3 percent from 0.4 percent; and miscellaneous manufactured articles, 0.1 percent from 0.4 percent. Annual price declines were still registered in the index of the following commodity groups: crude, materials, inedible except fuels, -7.4 percent from -7.8 percent; chemicals, including animal and vegetable oils and fats, -0.2 percent from -0.9 percent; and manufactured goods classified chiefly by materials, -1.1 percent from -0.1 percent.
  

• Similarly, the annual movement of wholesale prices of commodities in Visayas rose to 3.2 percent in February from 2.6 percent in January. It resulted from the higher annual growth rate in the food index at 2.2 percent in February from 1.7 percent in January; mineral fuels, lubricants and related materials, 19.4 percent from 16.6 percent; and manufactured goods classified chiefly by materials, 0.5 percent from 0.1 percent. On the other hand, the annual price increment for chemicals, including animal and vegetable oils and fats index decelerated to 0.4 percent from 1.0 percent. Annual price declines were correspondingly seen in the indexes of beverages and tobacco and machinery and transport equipment at -6.5 percent and -0.1 percent from -6.0 percent and -0.4 percent, respectively. The annual growth for crude materials, inedible except fuels index remained at -1.3 percent while that for miscellaneous manufactured articles index was zero.
  

• The annual rate of price adjustment based on GWPI in Mindanao slowed down to 3.9 percent in February from 4.6 percent in January. Negative annual rates were posted in the indexes of crude materials, inedible except fuels at -2.5 percent from -2.9 percent and manufactured goods classified chiefly by materials at -0.5 percent from 1.6 percent. A slower annual price increase was also observed in the food index at 5.4 percent in February from 5.8 percent in January; mineral fuels, lubricants and related materials, 12.0 percent from 13.5 percent; chemicals, including animal and vegetable oils and fats, 0.6 percent from 1.5 percent; machinery and transport equipment, 2.3 percent from 2.5 percent; and miscellaneous manufactured articles, 2.4 percent from 3.0 percent. However, a higher annual price gain was recorded in the index of beverages and tobacco at 1.8 percent from -2.9 percent last month.
  

• By Commodity Group, Month-on-Month

  The month-on-month growth rate of wholesale prices of commodities in the country dropped to -0.1 percent in February from 0.8 percent in January as downward price movements were registered in the indexes of mineral fuels, lubricants and related materials at -1.1 percent from 3.5 percent and manufactured goods classified chiefly by materials at -0.5 percent from 0.2 percent. Likewise, a slower price increment was noticed in beverages and tobacco index at 0.1 percent from 0.6 percent; crude materials, inedible except fuels, 0.1 percent from 1.5 percent; and machinery and transport equipment, 0.2 percent from 0.3 percent. On the other hand, higher price additions were correspondingly recorded in food and chemicals, including animal and vegetable oils and fats index at 0.4 percent and 0.3 percent from their respective last month's rates of -0.4 percent and -0.2 percent. Prices of miscellaneous manufactured articles remained stable as its group's index had a zero growth during the month.
  

  • The monthly changes in the index for mineral fuels, lubricants and related materials at -1.2 percent in Luzon and -1.0 percent in Visayas were brought about by price reductions in petroleum products in the areas. On the other hand, prices of crude materials, inedible except fuels in Mindanao generally remained stable as its group's index had a zero growth during the month. At the national level, the group's index dropped by -1.1 percent.
    

  • The movement in manufactured goods classified chiefly by materials index at -0.7 percent in Luzon was effected by price decreases in selected paper and paperboard products and some metal containers in the area. However, the group's index in Mindanao advanced by 0.1 percent as upward price adjustments in selected leather products, tires and inner tubes were posted during the month. In Visayas, prices of manufactured goods classified chiefly by materials generally remained stable as its index had a zero growth. These mixed price trends pulled down the national index by -0.5 percent.
    

  • Uptick in the prices of abaca and selected textile fabrics resulted to a 0.1 percent increase in the index for crude materials, inedible except fuels in Luzon. In Mindanao, price gain in charcoal raised its group's index by 0.4 percent. Meanwhile, no movement was seen in the prices of crude materials, inedible except fuels in Visayas as its index had a zero growth. The monthly price change at the national level moved up at a slower rate of 0.1 percent.
    

  • Prices of selected liquor and cigarette in Luzon were on the uptrend. Thus, the beverage and tobacco index in the area and in the Philippines went up by 0.1 percent. This was however slower than their respective last month's rates of 0.7 percent and 1.5 percent. Meanwhile, prices of beverages and tobacco in Visayas and Mindanao generally remained stable during the period.
    

  • The machinery and transport equipment index in Mindanao grew by 1.1 percent in February from 0.1 percent due to higher prices of selected electrical appliances. In Luzon, increases in the prices of selected storage batteries pulled up the group's index by 0.1 percent. Compared to last month, no movement was noted in the prices of machinery and transport equipment in Visayas, The national index rose by 0.2 percent, slower than 0.3 percent last month.
    

  • A 0.4 percent price gain in chemicals, including animal and vegetable oils and fats index was recorded in Luzon as price hikes were observed in some vitamins, antibiotics and other washing and cleaning compounds during the period. Thus, the national index grew by 0.3 percent from -0.2 percent. On the average, no changes were seen in the prices of chemicals, including animal and vegetable oils and fats in Visayas and Mindanao as their indexes had a zero growth.
    

  • Higher prices of selected food items like pork, milk, sugar, selected fish species and vegetables raised the food index in Luzon by 0.4 percent. Similarly, upward adjustments in the prices of sugar and other miscellaneous food items effected a 0.6 percent growth in the group's index in Visayas. In Mindanao, increased prices of eggs, bakery products, and selected fruits and vegetables were also seen during the month. It resulted to a 0.3 percent gain in the group's index in the area. All these factors reflected a 0.4 percent increase in the national index.
    

  • The monthly price movement in miscellaneous manufactured articles index in Mindanao at 0.3 percent was brought about by upward adjustments in the prices of some sanitary fixtures and furniture in the area. This was however slower than the 1.3 percent growth last month. In Luzon, price declines on selected clothing and miscellaneous manufactures pushed down the group's index by -0.1 percent while in Visayas, prices of miscellaneous manufactured articles generally remained stable during the month. These resulted to a zero growth in the group's national index.
    

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    NOTE :

    Revisions of the series from January to July 2007 were made due to the updated price reports on asphalt and the implementation of new rental rates on machinery and transport equipment provided by the official sources.

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  Source: National Statistics Office
  Manila, Philippines
  
  Page last revised: May 14, 2010