GENERAL WHOLESALE PRICE INDEX (GWPI)
(1998=100)

Year-on-Year Growth Rates, All Items
February 2016 - February 2017

• Year-on-Year

The year-on-year growth of the General Wholesale Price Index (GWPI) at the national level went up by 7.5 percent in February 2017. In the previous month, it moved up by 7.4 percent, while in February 2016, it dropped by 0.8 percent. Faster annual rates were seen in the indices of the following commodity groups:

• Beverages and Tobacco (7.2%)
• Mineral Fuels, Lubricants and Related Materials (33.3%)
• Manufactured Goods Classified Chiefly by Materials (1.2%)
• Miscellaneous Manufactured Articles (1.0%)

On the other hand, slower annual gains were noticed in the indices of food at 2.4 percent; crude materials, inedible except fuels, 20.3 percent; chemicals including animals and vegetable oils and fats, 5.8 percent; and machinery and transport equipment, 0.5 percent. (Table 1.1)

• The annual growth of the GWPI in Luzon, however, decelerated to 8.1 percent in February 2017. The rate was recorded at 8.2 percent in January 2017 and -1.1 percent in February 2016. Annual add-ons were slower in the indices of the following commodity groups:

• Food (1.8%)
• Crude Materials, Inedible Except Fuels (21.0%)
• Chemicals Including Animal and Vegetable Oils and Fats (6.8%)
• Machinery and Transport Equipment (0.4%)

Meanwhile, higher annual increments were posted in the indices of beverages and tobacco at 8.1 percent; mineral fuels, lubricants and related materials, 35.5 percent; manufactured goods classified chiefly by materials, 1.5 percent; and miscellaneous manufactured articles, 1.2 percent. (Table 2.1)

• In Visayas, the annual growth of the GWPI rose by 5.8 percent in February 2017. It was pegged at 5.3 percent in January 2017 and 1.0 percent in February 2016. Annual upticks were higher in the indices of food at 5.9 percent; chemicals including animal and vegetable oils and fats, 3.3 percent; and machinery and transport equipment, 1.6 percent. On the other hand, annual add-on of beverages and tobacco index eased to 0.4 percent; crude materials, inedible except fuels index, 20.8 percent; and mineral fuels, lubricants and related materials index, 22.9 percent. Moreover, negative annual rates were still noted in the indices of manufactured goods classified chiefly by materials at -1.1 percent and miscellaneous manufactured articles, -0.8 percent. (Table 3.1)

• The annual hike of GWPI in Mindanao was higher at 3.4 percent in February 2017. In the previous month, it climbed by 3.1 percent and in February 2016, 0.4 percent. Annual mark-ups were higher in the indices of mineral fuels, lubricants and related materials at 11.9 percent and chemicals including animal and vegetable oils and fats, 1.1 percent. On the contrary, lower annual gains were observed in the indices of food at 4.1 percent; crude materials, inedible except fuels, 4.5 percent; manufactured goods classified chiefly by materials, 0.6 percent; and miscellaneous manufactured articles, 1.2 percent. The rest of the commodity groups retained their previous month’s rate. (Table 4.1)

• By Commodity Group, Month-on-Month

On a monthly basis, the GWPI at the national level increased by 0.7 percent in February 2017. In January 2017, it went up by 0.6 percent. A higher growth of 3.5 percent was noticed in beverages and tobacco index. In addition, food index picked up by 0.7 percent from -0.3 percent; chemicals including animal and vegetable oils and fats, 0.9 percent from -3.3 percent; and manufactured goods classified chiefly by materials index, 0.1 percent from zero growth. On the other hand, the index of crude materials, inedible except fuels dropped by 1.4 percent. Movement in the index of machinery and transport equipment remained at 0.1 percent while miscellaneous manufactured articles index had zero growth. (Table 1.2)

• The food index in Luzon moved up by 0.8 percent in February 2017 after it posted a 0.6 percent drop in the previous month. Price mark-ups were observed in chicken, eggs, beef, pork, some bakery products, fresh fruits, copra meal and desiccated coconut. In Visayas, prices of eggs, beef, selected fresh fruits and vegetables were higher during the month. Thus, the food index in the area went up by 0.4 percent. Meanwhile, the increments in the prices of processed fish, fresh fruits, vegetables, animal feeds and desiccated coconut resulted to a 0.1 percent growth in its group’s index in Mindanao. For the Philippines, the group’s index increased by 0.7 percent.
  
• Add-ons in the prices of selected liquor products, beer and cigarettes during the month effected the 4.4 percent growth in beverages and tobacco index in Luzon. On the contrary, the group’s index in Visayas and Mindanao posted zero growth during the month. At the country level, the group’s index climbed by 3.5 percent.
  
• Price hikes in gasoline, diesel oil, kerosene, LPG, lubricating oil and crude petroleum oil pushed up the index for mineral fuels, lubricants and related materials in Luzon by 1.3 percent. The group’s index in Visayas likewise, jumped by 1.3 percent due to upward adjustments in the prices of gasoline, diesel oil and kerosene. In Mindanao, the group’s index picked up by 0.5 percent as gasoline and LPG were priced higher in the area during the month. For the Philippines, the group’s index moved upward by 1.2 percent.
  
• The index of chemicals including animal and vegetable oils and fats in Luzon advanced by 0.8 percent brought about by higher prices of coconut oil, paints, plastic sheets, selected medical and pharmaceutical preparations and cosmetics and toilet preparations. In Visayas, upward price adjustments were noted in coconut oil, fertilizer, selected medical and pharmaceutical preparations, selected cosmetics and toilet preparations and vulcanizing cement. Thus, the group’s index in the area accelerated by 2.3 percent. Similarly, the group’s index in Mindanao rose by 0.2 percent due to higher prices of selected medical and pharmaceutical preparations. For the Philippines, the group’s index went up by 0.9 percent.
  
• Prices of hollow blocks, steel and flat bars, G.I. sheets, electrical metal tubing, fabricated wire products and selected hardware products in Luzon were higher during the month. Hence, the index of manufactured goods classified chiefly by materials in the area inched up by 0.1 percent. Higher prices of selected leather products, textile mill products, cement, selected glass and glass products and G.I. sheets likewise raised the group’s index in Visayas by 0.3 percent. On the other hand, lower prices of selected textile mill products effected the 0.1 percent drop in its group’s index in Mindanao. At the national level, the group’s index increased by 0.1 percent.
  
• The machinery and transport equipment index in Visayas escalated by 1.4 percent as prices of battery, electrical bulb and selected electrical appliances were higher during the month. On the other hand, the group’s index in Luzon and Mindanao posted zero growth. At the national level, the group’s index inched up by 0.1 percent.
  
• The decline in the index of crude materials, inedible except fuels in Luzon at -1.7 percent was brought about by lower price of copra. However, the group’s index in Visayas went up by 0.5 percent. This can be attributed to price increment in charcoal. Meanwhile, the group’s index in Mindanao had zero growth. At the country level, the group’s index dropped by 1.4 percent.
  
• A 0.1 percent growth in the miscellaneous manufactured articles index in Luzon was due to the upward adjustments in the prices of sanitary fixtures, watches, selected books, magazines and office supplies. Similarly, the group’s index in Visayas increased by 0.1 percent as prices of sanitary fixtures, steel bed and mattress went up during the period. A zero growth was noticed, however, in the group’s index in Mindanao. The national index recorded zero growth during the month.