Posted on 06 Mar 2008
National Statistics Office administrator Carmelita Ericta
says higher prices were registered in all commodity groups except in fuel,
light and water (FLW). Inflation a year ago was 2.6 percent.
In Metro Manila, the inflation rate rose to 4.1 percent in
February from 3.9 percent n January. This was effected by the higher upward
adjustments in the annual rates in all the commodity groups except in fuel,
light and water.
Bangko Sentral ng Pilipinas Governor Amando Tetangco said
yesterday that inflation accelerating in February to its highest since October
2006 wasn’t a surprise and within the monetary authority’s expectation due to
higher prices of oil and other commodities.
"The February inflation of 5.4 percent comes within our
forecast range of 4.8 percent and 5.5 percent. As I had mentioned before, we
are expecting monthly inflation rate to trace a hump-shaped path," said
Tetangco in a text message.
"The risks to this outlook continue to be elevated oil
and commodity prices, which we, at the moment, expect to taper off toward the
latter half of the year," he added.
Tetangco said the central bank continues to monitor price
developments to ensure that its assessments "remain valid." The BSP
targets average inflation of between 3 percent and 5 percent this year.
Higher annual price increases in all the commodity groups
brought the annual inflation rate in the provinces to 6 percent in February
from 5.3 percent in January.
Excluding selected food and energy items, core inflation
went up to 4.0 percent in February from 3.4 percent in January.
NSO says the overall month-on-month inflation was posted at
0.3 percent in February, slower than the 1.2 percent growth in January. It
resulted from the slowdown in the growth rates of food, beverages and tobacco
(FBT), housing and repairs (H&R) and services.
Price decrease was registered in FLW index due to the
downward price adjustments in electricity rates, LPG and kerosene. Prices of
eggs, fruits and vegetables and chicken in NCR went down. In the provinces,
lower prices of fruits and vegetables were also noted.
The annual inflation rate in Metro Manila increased to 4.1
percent in February from 3.9 percent in January.
All the commodity groups continued to record higher annual
price hikes in February. Inflation for food, beverages and tobacco (FBT) picked
up to 6.8 percent in February from 5.9 percent in January; clothing and housing
and repairs (H&R), 3.4 percent and 2.8 percent from 2.3 percent; services,
5.9 percent from 5.4 percent.
The annual inflation rate for food alone at the national
level climbed up to 7.0 percent in February from 6.2 percent in January.
All the food groups continued to post higher annual price
gains in February. Annual inflation in rice went up to 7.7 percent in February
from 7.5 percent in January; corn, 5.2 percent; cereal preparations, 9.0
percent from 6.8 percent; dairy products, 11.8 percent from 9.8 percent; eggs,
8.3 percent from 8.1 percent; fish, 7.9 percent from 7.0 percent; fruits and
vegetables, 11.1 percent from 10.5 percent; meat, 4.4 percent from 3.3 percent;
and miscellaneous foods, 4.1 percent from 3.5 percent.
