Year-on-Year Inflation Rates, All Items
February 2011 - February 2012

p - preliminary
r - revised

Year-on-Year

The annual rate of increase of the General Wholesale Price Index (GWPI) at the national level continued to decelerate at 2.2 percent in February from 4.0 percent in January. Annual reductions were observed in the index of crude materials, inedible except fuels at -23.4 percent from -13.9 percent and chemicals, including animal and vegetable oils and fats index, -4.4 percent from -1.8 percent. Moreover, a slowdown in the annual increment was posted in the food index at 0.3 percent from 2.4 percent; beverages and tobacco, 3.5 percent from 5.7 percent; mineral fuels, lubricants and related materials, 10.1 percent from 11.9 percent; manufactured goods classified chiefly by materials, 3.6 percent from 4.0 percent; machinery and transport equipment, 1.1 percent from 1.8 percent; and miscellaneous manufactured articles, 1.9 percent from 2.5 percent.

• The annual gain of the GWPI in Luzon also eased to 2.5 percent in February from 4.7 percent in January. The annual change in crude materials, inedible except fuels index further dropped to -24.4 percent in February from -13.7 percent in January and chemicals, including animal and vegetable oils and fats, -6.2 percent from -3.1 percent. The rest of the commodity groups recorded slower annual upticks in February.
  

• On the other hand, a negative annual adjustment was noted in the wholesale prices of commodities in Visayas at -0.6 percent in February from 0.2 percent in January. This was attributed to the decline in the heavily-weighted food index at -1.0 percent from -0.9 percent; crude materials and, inedible except fuels index, -19.8 percent from -20.1 percent; and mineral fuels, lubricants and related materials index, -1.2 percent from 2.0 percent. Except for machinery and transport index whose annual growth remained at 0.7 percent, the annual increments in the other commodity groups slowed down during the reference period.
  

• In Mindanao, the annual growth of the GWPI was at its last month's rate of 2.3 percent in February. The food index went up by 1.2 percent in February from 0.8 percent in January; mineral fuels, lubricants and related materials, 4.6 percent from 3.4 percent; and chemicals, including animal and vegetable oils and fats, 3.2 percent from 3.1 percent. However, the annual hikes in the indices of beverages and tobacco and manufactured goods classified chiefly by materials slowed to 3.4 percent from 4.1 percent and 3.5 percent, respectively; machinery and transport equipment, 1.3 percent from 2.0 percent; and miscellaneous manufactured articles, 2.9 percent from 4.6 percent. The index for crude materials, inedible except fuels had a negative annual rate of -3.0 percent from 0.3 percent.

• By Commodity Group, Month-on-Month

  On a monthly basis, the rate of change in the GWPI at the national level went up at a slower pace of 0.1 percent in February from 0.5 percent in January. Negative monthly rates were recorded in the indices of the following commodity groups: food, -1.1 percent from 0.8 percent; crude materials, inedible except fuels, -4.0 percent from 0.6 percent; and chemicals, including animal and vegetable oils and fats, -1.0 percent from 0.7 percent. However, the monthly increments in mineral fuels, lubricants and related materials index and manufactured goods classified chiefly by materials index correspondingly accelerated to 2.4 percent and 0.1 percent from 0.6 percent and -0.1 percent, respectively. The monthly movements in the indices of beverages and tobacco, machinery and transport equipment and miscellaneous manufactured articles were zero.

  • Prices of copra were up in Visayas hence, the crude materials, inedible except fuels index advanced by 14.6 percent. However, the group'sindex in Luzon dropped by -5.7 percent as lower prices of copra and rattan were seen in the area during the month. Similarly, downward adjustments in the prices of bamboo, firewood, charcoal and pebbles effected a negative monthly rate of -3.1 percent in the group's index in Mindanao. At the national level, the group'sindex went down by -4.0 percent.
    

  • The -1.4 percent decline in the food index in Luzon was due to the reductions in the prices of selected food items such as chicken, calamansi, selected fruits and vegetables, onions, root crops and sugar. Downward adjustments in the prices of copra meal and desiccated coconut in the area also contributed to the downtrend. However, the group's index in Mindanao inched up by 0.5 percent as higher prices of some fish species, eggs and selected milk products were noticed during the period. In Visayas, prices of food items generally remained stable as its group's index had a zero growth. These mixed price trends pulled down the group's index in the Philippines by -1.1 percent.
    

  • The index for chemicals, including animal and vegetable oils and fats in Luzon went down by -1.2 percent. It resulted from lower prices of coconut oil and plastic sheets in the area. Price reductions in some fertilizers and other chemical products effected a -0.4 percent decline in its group's index in Visayas. On the other hand, a 0.1 percent monthly gain in the group's index in Mindanao was brought about by higher prices of paints and varnishes. Price upticks in fertilizers were also noted during the month. The group'snational index fell by -1.0 percent.

  • Upward adjustments in the prices of gasoline, kerosene, fuel and diesel oil along with the higher prices of LPG and crude oil pushed up the mineral fuels, lubricants and related materials index in Luzon by 2.7 percent. Price hike in LPG also raised the group's index in Mindanao by 0.7 percent. Meanwhile, the group's index in Visayas had a zero growth during the period. At the national level, the group's index moved up by 2.4 percent from 0.6 percent.

  • Price additions were recorded in cement, plywood. deformed bars, G.I. pipes, selected hardware and other paper products in Mindanao. Thus, the manufactured goods classified chiefly by materials index in the area grew by 0.9 percent. In Luzon, reductions in the prices of leather products and paperboard manufactures were offsetted by the increments in the prices of electrical conduits and G.I. sheets, thus the group's index had a zero growth. In Visayas, prices of manufactured goods classified chiefly by materials generally remained stable. The group's national index rose 0.1 percent from -0.1 percent.
    

  • A -0.2 percent drop in the beverages and tobacco index in Visayas was brought about by the declines in the prices of selected beverages in the area. In Luzon, Mindanao and at the national level, the group's index had a zero growth.
    

  • In Mindanao, the machinery and transport equipment index jumped by 0.3 percent as price hikes were observed in some electrical wires and appliances. The monthly change in the group's index in Luzon, Visayas and in the Philippines was zero.
    

  • The miscellaneous manufactured articles index in Mindanao went up by 0.2 percent as some office supplies and brands of watches were priced higher during the month. Prices of miscellaneous manufactured articles in Luzon and Visayas generally remained stable during the month as its group's index had a zero growth. No movement was also seen in the group's national index.

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  Source: National Statistics Office
  Manila, Philippines
  
  Page last revised: April 23, 2012