Since the first revision, the CPI has undergone several updating and rebasing exercises. The market basket was almost four times larger as it contained 244 items.
Pes 2006 key series#
This series was referred to as the Consumer Price Index for Low-Income Families in Manila (families whose annual income did not exceed P2,400). In 1964, weights were based on the results of the 1961 Survey of Income and Expenditures and the average price for 1960-1962 was used as the base price. This series lasted for 18 years (1945 to 1963). The market basket contained 66 commodities representing goods and services commonly purchased by low-income families (families living within minimum level of subsistence). The CLIz series had 1941 as base year and covered only Manila. The first series constructed by the BCS was in 1945. The task of calculating the said index was transferred to the then Bureau of the Census and Statistics (BCS) (reconstituted as the National Statistics Office) on 01 January 1941. The estimation of the CLI was undertaken by the Labor Statistics Division of the Department of Labor. The CPI was formerly referred as the Cost of Living Index (CLI). The CPI also serves as basis for economic analysis, for collective bargaining agreements, for wage adjustments, and for monitoring the effects of government economic policy on households. The PPP, on the other hand, gives an indication of how much the Philippine peso is worth in a given period relative to its value in a base period. Inflation rate measures the changes in the CPI over a specific period of time (usually a month or a year). The base year for the current CPI series is 2006.Īs an indicator, the CPI is most widely used in the calculation of the inflation rate and purchasing power of the peso (PPP). The CPI is an indicator of the change in the average prices of a fixed basket of goods and services commonly purchased by an average Filipino household for their day-to-day consumption relative to a base year.
The 2012-based CPI is the tenth in the rebasing series. The Philippine Statistics Authority (PSA) is ready to release the Consumer Price Index (CPI) for All Income Households with base year 2012 on 06 March 2018.
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