Highlights of the Consumer Price Index in Region X for the Month of December 2017 (2006=100)

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Thursday, January 11, 2018
At the country level, the annual headline inflation was registered at 3.3 percent in December 2017. It was the same rate recorded in the previous month.  
Headline Inflation, All Items
The  stability  in  the  country’s  headline  inflation  for  November  to  December  can  also  be  said  for Region 10, at 4.0 percent  for both months. The  region’s headline inflation, both in November and December,  were  higher  than  the  national  and  AONCR  figures.  Mixed  movements  in  the  annual growths  among  the  commodity  groups  were  noticed  during  the  month.  Higher  annual  mark-ups were posted in the indices of the following commodity groups: 
  • Food and Non-alcoholic Beverages (4.4%);
  • Alcoholic Beverages and Tobacco (7.5%); and
  • Restaurant and Miscellaneous Goods and Services (2.7%).
Annual  headline  inflation  in  the  rest  of  the  commodity  groups  either  decelerated  or  remained  at their previous month’s rates (Table 1). 
The annual average headline inflation of Region 10 for 2017 was registered at 3.4 percent. This was 2.0 and 2.1 percent points higher compared to 2016 and 2015 inflation rates, respectively. In 2017 alone,  it  was  on  the  month  of  June  that  the  region’s  headline  inflation  was  at  its  lowest  at  2.8 percent. (Table 2)
Table 1. Annual Headline Inflation of All Commodity Groups, Region X November and  December 2017
Table 2. Year-on-Year Headline Inflation of All Items, Region X January 2015-December 2017
The monthly  CPI  of  the alcoholic  beverages and  tobacco  commodity group  for Region  10  showed the largest monthly percentage change for December, displaying at 1.0 percent. The hike was due to a  1.6  percent  increase  in  the  CPI  of  tobacco  products  (from  244.5  in  November  to  248.5  in December).  
This was followed by the commodity group of food and non-alcoholic beverages at 0.9 percent. This upward movement can be attributed to the rise in the CPI of these subgroups:  
  • fish (1.8%);
  • vegetables (1.5%); 
  • oils and fats (1.4%), food products NEC (0.8%); and 
  • bread and cereals (0.7%).  
Transport came in  third at with a December CPI of 134.3,  translating  to a 0.5 monthly percentage change (from 133.6 in November). 
Other  commodity  groups  showed  little  or  no  percentage  change  in  the  CPI  from  November to December (Table 3). 
Table 3. CPI of All Commodity Subgroups, Region X November to December 2017 (2006 = 100)
Camiguin showed the highest CPI for December 2017 in the region. However it was a decrease from its previous month’s 184.5 CPI, translating to a monthly percentage decrease of 0.2 percent. This can 
be due to the decrease in prices of the food and non-alcoholic beverages commodity group (a 0.8% decrease), particularly in the prices of fish. It was the province of Lanao del Norte that registered the 
largest  increase  in  the  monthly  percentage  change  between  the  two  months  at  0.8  percent.  This increase can be attributed to the increases in the indices of food and non-alcoholic beverages (1.2%), 
alcoholic  beverages  and  tobacco  (0.8%),  transport  (0.8%)  and  housing,  water,  electricity,  gas  and other fuels (0.6%). (Table 4) 
Table 4. CPI for Commodity Subgroups by Province, December 2017 (2006 = 100)
Table 4. CPI for All Items, Region 10: November-December 2017 2006=100
On headline inflation  for December 2017, Misamis Occidental had  the highest at  4.7  percent. This can be  due  to  the increase in  the indices of health  (10.1%) and  housing, water,electricity, gas and other  fuels  (7.1  %)  commodities.  Camiguin  had  the  lowest  headline  inflation  in  region  10  for December 2017 at 2.3 percent. The main reason for this can be found in the indices of the transport commodities, which deflated to 6.4 percent. (Table 5) 
Table 5. Headline Inflation for All Commodity Subgroups by Province, December 2016 and 2017 (2006 = 100) 
Table 6. Headline Inflation for All Items, Region 10: December 2016 and 2017 2006=100 
Consumer Price Index (CPI) - an indicator of the change in the average retail prices of a fixed basket of goods and services commonly purchased by households relative to a base year.
Inflation rate (Headline Inflation) - the annual rate of change or the year-on-year change in the CPI. It is the rate of change in the average price level between two periods.
Purchasing Power of Peso (PPP) - a measure of the real value of the peso in a given period relative to a chosen reference period. It is computed by getting the reciprocal of the CPI and multiplying the result by 100.
Base Year (2006 = 100) - The base period is the period, usually a year, at which the index number is set to 100. It is the reference point of the index number series. The year 2006 was chosen as the base year because it was the year when FIES was conducted. It is also in accordance with the National Statistical Coordination Board (NSCB) Resolution Number 2, Series of 2009, which approves the synchronized rebasing of the price indices to base year 2006.
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