The July 2008 year-on-year headline inflation rate for all items in the Philippines reached 12.2 percent, the highest since December 1991 when it went up to 13.2 percent.  The headline inflation rates for July 2008 in the National Capital Region (NCR) and in areas outside NCR were 8.6 percent and 13.9 percent, respectively. However, the core inflation rate for July, an indicator of future inflation, which excludes price change of selected food and energy items, decreased slightly to 6.3 from 6.6 percent. 

In the NCR, the seasonally adjusted consumer price index (CPI) of food, beverages and tobacco (FBT) and non-FBT items in July 2008 decreased by 1.4 percent while CPI from non-FBT items increased by 0.7 percent, compared to June 2008. In areas outside NCR, the seasonally adjusted CPI for FBT decreased by 1.6 percent, while the non-FBT slightly increased by 1.3 percent for July 2008 compared to the previous month. 

The generation of the CPI, inflation rates based on the CPI and the seasonally-adjusted CPI are designated statistical activities of the NSO under Executive Order 352, Designation of Statistical Activities That Will Generate Critical Data for Decision-Making of the Government and the Private Sector, issued on July 1, 1996.  Per EO, data on CPI and seasonally-adjusted CPI should be made available five days and ten days, respectively, after the reference month.  The NSO released the July 2008 data on CPI and seasonally-adjusted CPI on the same day, August 5, 2008.  The CPI uses 2000 as base year.

For further inquiries, please contact Ms. Rosie B. Sta. Ana, Chief of the Economic Indicators and Indices Division of the NSO, at telefax numbered 716-39-35 or e-mail address R.Staana@census.gov.ph.

Link to data sources:
http://www.census.gov.ph/data/pressrelease/2008/cp0807tx.html
http://www.census.gov.ph/data/pressrelease/2008/cpsa0807tx.html