Month-on-Month Growth Rates

The seasonally adjusted CPI for all items at the national level moved at its July rate of 0.1 percent in August. Higher rates were noted in the indices for clothing and footwear and furnishing, household equipment and routine maintenance of the house at 0.3 percent in August from 0.2 percent in July and health, 0.3 percent from 0.1 percent. The increments in the indices for housing, water, electricity, gas and other fuels and education decelerated to 0.1 percent from 0.3 percent and recreation and culture, 0.1 percent from 0.2 percent. Movements in the indices of alcoholic beverages and tobacco remained at 0.7 percent and restaurant and miscellaneous goods and services, 0.2 percent.

Relative to the expected trend, the seasonal factor experienced during the lean month of August pushed up the indices for all items; clothing and footwear; housing, water, electricity, gas and other fuels; furnishing, household equipment and routine maintenance of the house; health; recreation and culture; and education. On the contrary, this seasonal factor pushed down the index for alcoholic beverages and tobacco while it did not affect the index for restaurant and miscellaneous goods and services.

The seasonally adjusted CPI for furnishing, household equipment and routine maintenance of the house and transport in NCR picked up correspondingly by 0.9 percent and 0.1 percent in August from zero growth last month. Meanwhile, the index for alcoholic beverages and tobacco moved up at a slower pace of 0.2 percent from 0.9 percent. That for education index remained at 0.2 percent while the non-food index had a zero growth.

Weak consumer demand during the lean month of August raised the indices for alcoholic beverages and tobacco; non-food; furnishing, household equipment and routine maintenance of the house; and education relative to the expected trend. On the contrary, this seasonal factor had no effect in the transport index.

In AONCR, a higher monthly increment of 0.7 percent was observed in the seasonally adjusted CPI for alcoholic beverages and tobacco in August from 0.6 percent in July. On the other hand, increases in the indices for clothing and footwear eased to 0.2 percent from 0.4 percent; health, 0.3 percent from 0.4 percent; and housing, water, electricity, gas and other fuels and education, 0.1 percent from their respective last month’s growths of 0.2 percent and 0.3 percent. The indices for furnishing, household equipment and routine maintenance of the house and restaurant and miscellaneous goods and services retained its previous month’s rate of 0.2 percent while that for recreation and culture index had a zero growth.

Relative to the expected trend, the lean month of August pushed up the indices for housing, water, electricity, gas and other fuels; recreation and culture; and education. However, this seasonal factor pushed down the index for alcoholic beverages and tobacco. The indices for clothing and footwear; furnishing, household equipment and routine maintenance of the house; health; and restaurant and miscellaneous goods and services were not affected by this seasonal factor during the month.