Year-on-Year

Year-on-year inflation rate based on the General Wholesale Price Index (GWPI) went up at a slower rate of 4.3 percent in January from 6.3 percent in December. Inflation rates for all the commodity groups decelerated except for chemicals, including animal and vegetable oils and fats whose inflation went up to 2.7 percent from 2.0 percent. Inflation rate for food slowed to 4.1 percent from 6.2 percent; beverages and tobacco, 7.1 percent from 7.3 percent; crude materials, 12.6 percent from 19.9 percent; mineral fuels, lubricants and related materials, 9.1 percent from 12.0 percent; manufactured goods classified chiefly by materials, 4.0 percent from 4.1 percent; machinery and transport equipment, 0.9 percent from 6.0 percent; and miscellaneous manufactured articles, 1.8 percent from 2.1 percent.

• Similarly, inflation rate in Luzon slid to 4.4 percent in January from 6.9 percent in December as inflation rates for all the commodity groups posted slower rates except for chemicals including animal and vegetable oils and fats. Inflation rate for food eased to 4.2 percent from 6.6 percent; beverages and tobacco, 6.6 percent from 7.5 percent; crude materials inedible except fuels, 14.9 percent from 22.5 percent; mineral fuels, lubricants and related materials, 9.2 percent from 13.3 percent; manufactured goods classified chiefly by materials, 4.1 percent from 4.5 percent; machinery and transport equipment, 0.6 percent from 7.2 percent; and miscellaneous manufactured articles, 1.0 percent from 1.5 percent. Inflation rate for chemicals including animal and vegetable oils and fats increased to 3.1 percent from 2.0 percent.

• Inflation rate in Visayas also slowed to 1.9 percent in January from 3.2 percent in December. Slower positive rates were recorded in food and manufactured goods classified chiefly by materials with respective rates of 0.9 percent from 4.6 percent and 1.1 percent from 2.0 percent. Inflation rate for crude materials, inedible except fuels declined by -2.0 percent from last month's rate of 2.9 percent. Inflation for chemicals including animal and vegetable oils and fats and miscellaneous manufactured articles recorded zero growth. On the contrary, inflation rate for beverages and tobacco grew to 10.7 percent from 10.1 percent and mineral fuels, lubricants and related materials, 9.3 percent from 5.9 percent.

• Meanwhile, inflation rate in Mindanao advanced to 6.5 percent in January from 4.5 percent in December. Higher rates were registered in the following commodity groups: food, 7.8 percent from 5.5 percent; beverages and tobacco, 6.5 percent from 3.6 percent; mineral fuels, lubricants and related materials, 6.0 percent from 2.2 percent; manufactured goods classified chiefly by materials, 6.2 percent from 2.4 percent; machinery and transport equipment, 3.4 percent from 3.0 percent; and miscellaneous manufactured articles, 12.0 percent from 10.3 percent. On the other hand, inflation rates for crude materials, inedible except fuels and chemicals including animal and vegetable oils and fats correspondingly slowed down to 0.6 percent and 2.9 percent from their respective December rates of 7.1 percent and 3.7 percent.

By Commodity Group, Month-on- Month

The month-on-month inflation rate was slower in January at 0.6 percent from 1.0 percent in December.

• Lower prices of selected fruits, vegetables, fish, coffee, salt and selected dairy product pushed down the food index in Luzon by 0.2 percent in January from 1.8 percent in December. Likewise, the group's index in Visayas also went down by 0.7 percent from zero growth as prices of meat, egg, milk, syrup and canned meat declined during the month. On the other hand, higher prices of hogs, pork, beef, selected vegetables, fish, seasonings and milk raised the group's index in Mindanao by 2.9 Spercent from zero growth. The national index slightly moved up by 0.1 percent, slower than the 1.3 percent uptick last month.

• The overall index of crude materials inedible except fuels went up by 0.3 percent in January, slower than the 5.6 percent increase in December. This was mainly brought about by the increments in the prices of copra and abaca in Luzon. Thus, the group's index for Luzon also moved up slowly at 0.5 percent from 6.7 percent. On the contrary, the low price of bamboo pulled down the index in Mindanao by 1.1 percent from 0.1 percent. Prices of crude materials, inedible except fuels generally remained stable during the month in Visayas as it registered a zero growth from -2.0 percent.

• The chemicals including animal oils and fats index in Luzon gained 1.3 percent, the same rate registered last month as increments in the prices of glycerine, coconut oil, selected medical and pharmaceutical preparations were recorded. Meanwhile, downward movements in the prices of selected basic industrial chemicals, medical preparations, fertilizer and laundry soap were noted in Mindanao. These pushed down its index by 0.9 percent from 1.0 percent. In Visayas, the group's index still recorded a zero growth during the month. Thus, the overall index was lower by 0.3 percentage point to 0.9 percent from 1.2 percent.

• Reductions in the prices of storage battery brought down the index of machinery and transport equipment in the Philippines and Luzon by 0.5 percent and 0.7 percent, respectively. On the other hand, the price increase in electrical wire in Mindanao caused a 0.4 percent uptick in its index. Prices of machinery and transport equipment in Visayas generally remained stable this month as it recorded a zero growth.

• Add-ons in the prices of selected liquor, cigarette and softdrink mainly effected the 2.4 percent growth in the index of beverages and tobacco in Luzon. Prices of softdrinks were also up in Mindanao as its index increased by 2.8 percent from 2.0 percent last month. Prices of beverages and tobacco in Visayas generally remained stable this month as it recorded a zero growth.

• Higher prices of petroleum products caused the index for mineral fuels, lubricants and related materials to move up in the four areas: Philippines, 1.8 percent from 1.2 percent; Luzon, 1.5 percent from 1.2 percent; Visayas, 3.2 percent from 1.3 percent; and Mindanao, 3.8 percent from zero growth.

• Upward adjustments in the prices of selected construction materials correspondingly resulted to the 1.4 percent, 1.2 percent and 4.0 percent increase in the index for manufactured goods classified chiefly by materials in the Philippines, Luzon and Mindanao. For eight consecutive months, prices of manufactured goods classified chiefly by materials generally remained stable in Visayas.

• Prices of textbook and selected clothing items were up in Mindanao. These contributed to the 1.6 percent increase in its index for miscellaneous manufactured articles from -1.9 percent. Prices of miscellaneous manufactured articles in Luzon and Visayas remained stable as they posted a zero growth during the month. On the national level, the index moved up by 0.1 percent in January from -0.1 percent in December.