Consumer prices in Philippines increased by 4.5 percent in February, faster than a 4 percent gain in a month earlier and above market consensus of a 4.2 percent. It was the highest inflation rate since September 2014.
Starting March 2018, Philippine Statistics Authority decided to rebased CPI series to 2012 from 2006 in order to accommodate the economic changes in the country. Under the new index, consumer prices rose by 3.9 percent year-on-year in February of 2018, after a 3.4 percent rise in a month earlier. It was the highest inflation rate since September 2014, as cost rose faster for both food and transport while cost of housing continued to increase.
Using a new base index of 2012, prices of heavily-weighted food and non-alcoholic beverages increased at a faster 4.8 percent, after a 4.4 percent rise in the preceding month. Also, the inflation rate was higher for: transport (5.8 percent from 4.5 percent); furnishing, household equipment and routine maintenance (2.5 percent from 2.2 percent); restaurant & miscellaneous goods & services (2.5 percent from 2.2 percent); alcoholic beverages & tobacco (16.9 percent from 12.2 percent), and clothing and footwear (2 percent from 1.9 percent).
Prices slowed for: housing, water electricity, gas & other fuels (2.6 percent from 2.8 percent in January ); recreation and culture (1.4 percent from 1.5 percent), and communication (0.2 percent from 0.3 percent). While inflation was steady for both health (2.1 percent) and education ( 2.3 percent).
On a monthly basis, consumer prices rose 0.8 percent, following a 0.9 percent rise in January. Prices increased for most categories: food (0.5 percent); housing, water, electricity, gas, and other fuels (1 percent); transport (1.4 percent); alcoholic beverages & tobacco (5.3 percent); furnishing, household equipment and routine maintenance of the house (0.4 percent); clothing & footwear (0.3 percent); health (0.3 percent), and recreation and culture (0.1 percent).
3/6/2018 12:02:53 PM