Month-on-Month Growth Rates

The seasonally adjusted CPI for all items and alcoholic beverages and tobacco at the national level both inched up 0.1 percent in March after a 0.1 percent decline in February. Moreover, higher monthly increments were observed in the indices of furnishing, household equipment and routine maintenance of the house at 0.2 percent from 0.1 percent and restaurant and miscellaneous goods and services, 0.4 percent from 0.2 percent. On the contrary, a slow-pace growth was noticed in the index of education at 0.3 percent from 0.4 percent while the indices for clothing and footwear and health retained their respective last month’s rates of 0.1 percent and 0.2 percent. The index for housing, water, electricity, gas and other fuels further decreased by 0.2 percent from -0.1 percent. That for recreation and culture index registered a zero growth in March from its previous month’s rate of 0.2 percent.

The graduation season brought bigger demand for some goods during the month. This seasonal factor raised the indices for alcoholic beverages and tobacco; clothing and footwear; housing, water, electricity, gas and other fuels; and restaurant and miscellaneous goods and services relative to the expected trend. On the other hand, this seasonal factor generally pushed down the indices for all items; recreation and culture; and education while it did not affect the indices for furnishing, household equipment and routine maintenance of the house and health.

On a monthly basis, the seasonally adjusted CPI for transport in NCR went up by 0.6 percent in March from -1.2 percent in February. In addition, the indices for alcoholic beverages and tobacco increased by 0.3 percent from -0.1 percent and non-food, 0.1 percent from -0.2 percent. The index for furnishing, household equipment and routine maintenance of the house, however, registered a 0.1 percent decrease during the month from a zero growth last month. The index for education retained its previous month’s rate of 0.4 percent.

The index for alcoholic beverages and tobacco was pushed up by the seasonal factor during the month like the bigger demand in selected goods during the graduation season. This seasonal factor, however, did not push up the education index while it generally did not affect the indices for non-food; furnishing, household equipment and routine maintenance of the house; and transport.

In AONCR, a higher rate of 0.4 percent was observed in the seasonally adjusted CPI for restaurant and miscellaneous goods and services. Movements in the indices for clothing and footwear; furnishing, household equipment and routine maintenance of the house; and recreation and culture remained at 0.1 percent; health, 0.2 percent; and education, 0.3 percent. On the other hand, the index for housing, water, electricity, gas and other fuels further dropped by 0.2 percent from -0.1 percent while that for alcoholic beverages and tobacco index had a zero growth.

Relative to the expected trend, the indices for alcoholic beverages and tobacco; clothing and footwear; and restaurant and miscellaneous goods and services were pushed up by the seasonal factor during the month such as the bigger demand of some commodities during the graduation season. On the contrary, this seasonal factor did not push up the education index while it generally did not affect the indices of housing, water, electricity, gas and other fuels; furnishing, household equipment and routine maintenance of the house; and health.