Table 4. Year-on-Year Changes of the CPI in Percent, by Area: December 2003 - December 2004
         (1994=100)

===============================================================================================================================
                                                                             2 0 0 4                               |  2 0 0 3
Area                          Ave    Dec    Nov    Oct    Sep    Aug    Jul    Jun    May    Apr   Mar   Feb   Jan | Ave   Dec 
-------------------------------------------------------------------------------------------------------------------------------

Philippines                   5.5    7.9    7.6    7.1    6.9    6.3    6.0    5.1    4.5    4.1   3.8   3.4   3.4   3.0r  3.1 

National Capital Region (NCR) 5.5    8.0    7.2    6.3    6.4    6.1    6.1    5.1    4.8    4.4   3.9   3.9r  3.8   3.8   4.1r

Areas Outside  NCR            5.5    7.9    7.7    7.5    7.1    6.4    6.0    5.1    4.3    3.9   3.7   3.2r  3.3   2.7   2.7 

-------------------------------------------------------------------------------------------------------------------------------
r - revised

Source:  Economic Indices and Indicators Division
         Industry and Trade Statistics Department
         National Statistics Office
         Republic of the Philippines

Page last updated:  January 5, 2005

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