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BSP adopts base-2000 consumer price index |
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By: Maricel E. Burgonio
The Manila Times, Monday, January 17, 2005 MONETARY authorities are shifting to the base-2000 consumer price index (CPI) in their policy-rate setting, the Bangko Sentral ng Pilipinas said. With this change, the inflation forecast for this year would be pegged at between 4.5 percent and 5.5 percent, from an earlier forecast range of 4 percent to 5 percent. Before the shift, the Bangko Sentral has been using the base-1994 CPI for monetary policy purposes. “We will drop the 1994-base CPI and start the 2000-base this January,” Bangko Sentral Governor Rafael B. Buenaventura told reporters. The CPI is a measure of the average price of a standard “basket” of goods and services consumed by the typical Filipino household. To make it representative, the basket is determined through a Family Income and Expenditure Survey periodically conducted nationwide by the National Statistics Office. The standard basket contains hundreds of different consumption items. Buenaventura earlier said the inflation rate is seen to rise by at least 6 percent this year. In December prices rose by 7.9 percent using the base-1994 CPI, and 8.6 percent using the base-2000 index. In 2004 the headline inflation rate averaged 5.5 percent using the base-1994 CPI, and 6 percent using the base-2000 index. Rebasing the CPI periodically is necessary since some of the items may no longer exist or are no longer purchased due to technological changes or shifts in consumer taste. The occasional rebasing would ensure that the CPI is reflective of current trends. |
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