Year-on-Year Growth Rates, All Items
December 2013 - December 2014
| Month | Philippines | Luzon | Visayas | Mindanao |
|---|---|---|---|---|
| 2014 | ||||
| December | -4.1p | -4.8p | -1.2p | -0.8 |
| November | -0.4 | -0.8 | 1.1 | 1.3 |
| October | 1.0 | 0.8 | 2.8 | 1.5 |
| September | 1.7 | 1.6 | 3.3 | 1.9 |
| August | 3.1 | 3.0r | 3.3 | 3.0 |
| July | 3.4 | 3.3 | 3.5 | 3.8 |
| June | 4.9 | 4.8 | 4.6 | 5.6 |
| May | 5.2 | 5.1 | 4.7 | 6.8 |
| April | 5.3 | 5.0 | 5.2 | 7.0 |
| March | 4.6 | 4.2 | 4.4 | 7.8 |
| February | 3.9 | 3.6 | 3.1 | 6.7 |
| January | 4.6 | 4.4 | 3.7 | 7.6 |
| 2013 | ||||
| December | 5.3 | 4.9 | 4.7 | 9.2 |
p - preliminary
r - revised
Year-on-Year
On an annual basis, the country’s General Wholesale Price Index (GWPI) further dropped by 4.1 percent in December. Last month, it moved at -0.4 percent and in December 2013, 5.3 percent. This was effected by the continuous decline in the mineral fuels, lubricants and related materials index at 27.4 percent, its largest decline over the year. The crude materials, inedible except fuels index also recorded a negative annual rate of 0.7 percent. Moreover, indices of chemicals including animal and vegetable oils and fats eased to 3.3 percent; manufactured goods classified chiefly by materials, 1.9 percent; machinery and transport equipment, 2.9 percent; and miscellaneous manufactured articles index, 1.4 percent. A higher annual gain was, however, posted in the food index at 5.2 percent. For three consecutive months, the beverages and tobacco index was at 6.6 percent.
The annual average growth of the GWPI at the national level was 2.7 percent in 2014. In 2013, it was recorded at 1.6 percent. The annual average growth rate of the heavily-weighted food index picked up by 5.1 percent; crude materials, inedible except fuels index, 22.9 percent; chemicals including animal and vegetable oils and fats index, 5.9 percent; manufactured goods classified chiefly by materials index, 1.5 percent; and machinery and transport equipment index, 2.7 percent. On the other hand, a decline was still noticed in the annual average movement of mineral fuels, lubricants and related materials index at -2.2 percent. The annual average rates of beverages and tobacco and miscellaneous manufactured articles indices slowed to 5.4 percent and 0.8 percent, respectively.
In Luzon, the GWPI further dropped by 4.8 percent in December. This was mainly due to the annual decreases recorded in the mineral fuels, lubricants and related materials index at -28.1 percent and in crude materials, inedible except fuels index, -2.0 percent. Slowdowns in the indices of the following commodities also contributed to the downward trend: beverages and tobacco (7.7%); chemicals including animal and vegetable oils and fats (3.8%); and machinery and transport equipment (3.6%); and manufactured goods classified chiefly by materials (2.1%). Meanwhile, a faster rate of 5.6 percent was observed in the food index with the miscellaneous manufactured articles index retaining its last month’s rate of 1.6 percent.
The annual average growth of wholesale prices of commodities in Luzon was seen at 2.5 percent in 2014. Last year, it was posted at 2.2 percent. Faster annual average increments were correspondingly registered in the indices of crude materials, inedible except fuels and chemicals including animal and vegetable oils and fats at 24.5 percent and 6.9 percent. The annual average movement of the food index decelerated to 4.6 percent; beverages and tobacco index, 6.0 percent; manufactured goods classified chiefly by materials index, 1.3 percent; machinery and transport equipment index, 2.8 percent; and miscellaneous manufactured articles index, 0.6 percent. The mineral fuels, lubricants and related materials index declined by 2.3 percent on the average.
Following the same trend in Luzon, the annual change of the GWPI in Visayas went down by 1.2 percent in December. This was mainly due to a double-digit negative annual rate noted in mineral fuels, lubricants and related materials index at -19.5 percent. In addition, slower annual increases were recorded in chemicals including animal and vegetable oils and fats index at 1.6 percent; manufactured goods classified chiefly by materials and machinery and tranpsort equipment indices, 0.5 percent; and miscellaneous manufactured articles index, 0.8 percent. However, the heavily weighted food index went up by 3.5 percent and beverages and tobacco index, 2.5 percent. The crude materials, inedilbe except fuels index moved at its last month’s rate of 11.9 percent.
The annual average growth rate of the GWPI in Visayas advanced to 3.2 percent in 2014. It was observed at 1.9 percent in 2013. The annual average growth rates in the food index rose 5.3 percent; crude materials, inedible except fuels index, 17.0 percent; chemicals including animal and vegetable oils and fats index, 2.9 percent; manufactured goods classified chiefly by materials index, 3.1 percent; machinery and transport equipment index, 1.8 percent. A slower annual average rate of 1.1 percent was registered in the beverages and tobacco index while a decline was noticed in the annual average rate of mineral fuels, lubricants and related materials index at -0.6 percent. The annual average rate of miscellaneous manufactured articles index remained at 1.1 percent.
In Mindanao, the GWPI dropped by 0.8 percent in December. This was attributed to the negative annual adjustments seen in mineral fuels, lubricants and related materials index at -23.3 percent and in miscellaneous manufactured articles index, -0.1 percent. Contributing also to the decrease were slow-paced growths in the following indices: food, 4.0 percent; crude materials, inedible except fuels, 1.4 percent; chemicals including animal and vegetable oils and fats, 1.0 percent; and manufactured goods classified chiefly by materials, 1.4 percent. The indices of beverages and tobacco and machinery and transport equipment retained their respective last month’s rates of 2.9 percent and 0.2 percent.
The annual average growth of the GWPI in Mindanao decelerated to 4.3 percent in 2014 from its rate of 7.0 percent in 2013. It resulted from a negative annual average rate in mineral fuels, lubricants and related materials index at -0.5 percent. Moreover the annual average increase of the following indices improved during the year: food, 8.5 percent; beverages and tobacco, 5.5 percent; crude materials, inedible except fuels, 5.4 percent; manufactured goods classified chiefly by materials, 2.1 percent; machinery and transport equipment, 1.0 percent; and miscellaneous manufactured articles, 2.1 percent. On the other hand, the annual average growth in chemicals including animal and vegetable oils and fats index rose 1.5 percent.
By Commodity Group, Month-on-Month
The GWPI at the national level continued to register a negative rate of 2.7 percent in December. Last month, it declined by 0.8 percent. Monthly decreases were noticed in the indices of mineral fuels, lubricants and related materials and crude materials, inedible except fuels at -13.3 percent and -0.9 percent, respectively. However, the heavily-weighted food index had a higher monthly growth of 0.5 percent and beverages and tobacco index, 0.1 percent. The rest of the commodity groups posted a zero growth.
The series of price rollbacks in gasoline, diesel oil, kerosene and LPG nationwide further pushed down the mineral fuels, lubricants and related materials index in the Philippines by 13.3 percent; Luzon, -13.6 percent; Visayas; -11.8 percent; and Mindanao, -9.9 percent.
With price reductions in copra and abaca in Luzon, the index of crude materials, inedible except fuels in the area fell by 1.0 percent. Meanwhile, prices of crude materials, inedible except fuels items in Visayas and Mindanao generally remained stable during the month. At the national level, the group’s index dropped by 0.9 percent.
A 0.6 percent growth in the food index in Luzon was brought about by price hikes in selected food items such as fish, vegetables, fruits and milk. In Visayas, eggs, some fruits, vegetables, canned goods and rice bran were priced higher during the month. Thus, its group’s index in Visayas moved up by 0.8 percent. In Mindanao, while prices of eggs, fruits, some fish species and poultry feeds were on the uptrend, downward adjustments in the prices of rice, meat, sugar and selected vegetables were noted during the month. These offsetting price movements among the commodities resulted to a zero growth in the group’s index in the area. In the Philippines, the group’s index gained 0.5 percent.
Prices of cigarettes in Visayas and Mindanao went up during the month. Likewise, add-ons in the prices of selected liquors were observed in Visayas. These factors effected a 0.9 percent uptick in the beverages and tobacco index in Visayas and 0.1 percent in Mindanao. In Luzon, prices of beverages and tobacco generally remained stable as its index had a zero growth. At the national level, the group’s index grew by 0.1 percent.
Upward adjustment in the prices of selected furniture and fixtures triggered a 0.1 percent increment in the miscellaneous manufactured articles index in Visayas. On the other hand, prices of miscellaneous manufactured articles in Luzon and Mindanao generally remained stable during the month, thereby, registering a zero growth in the group’s index. The group’s national index likewise had a zero growth.
In Luzon, add-ons in the prices of paints were offset by the reduction in the prices coconut oil. Hence, the chemicals including animal and vegetable oils and fats index in the area posted a zero growth. Similarly, no changes were seen in the group’s index in Visayas, Mindanao and at the national level.
Prices of plywood, barbed wires and some hardware items such as cabinet hinges were higher in Luzon while prices of cement were on the downtrend during the month. In Mindanao, higher prices of hollow blocks were offset by lower prices of concrete pipes and glass products. Thus, a zero growth was recorded in the manufactured goods classified chiefly by materials index in the two areas. A zero growth was also observed in the group’s index in Visayas and at the national level.
The monthly movement in the machinery and transport equipment index in Luzon, Visayas, Mindanao and at the national level was zero.
Notes:
1. GWPI by sub-group for Luzon, Visayas, Mindanao and at the national level are also available upon request at PSA, Economic Sector Statistics Services, Economic Indices and Indicators Division (Telephone Numbers: 716-39-35 and 715-33-47).
2. Revisions of the monthly series from January to November 2014 specifically for machinery and transport equipment were made to incorporate the latest updated data from the official source.
