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

Year-on-Year Changes in Percent of General Wholesale Price Index (GWPI) for
All Items by Area : February 2018 - February 2019

• YEAR-ON-YEAR
 

1. Annual increment of GWPI at the national level continues to decelerate

The annual increase of GWPI at the national level slowed down further to 3.2 percent in February 2019. Annual rates were higher in January 2019 at 3.5 percent and in February 2018 at 4.9 percent. Annual movements in the indices of crude materials, inedible except fuels dropped by 16.5 percent and chemicals including animal and vegetable oils and fats, 0.6 percent. Slower annual gains noted in the indices of the following commodity groups also contributed to the downtrend in the overall annual rate of GWPI:

• Food, 7.0%;

• Beverages and tobacco, 10.7%;

• Manufactured goods classified chiefly by materials, 0.7%; and

• Miscellaneous manufactured articles, 1.1%.

On the other hand, a higher annual increase of 1.4 percent was posted in mineral fuels, lubricants and related materials index. The index of machinery and transport equipment retained its previous month’s annual change of 2.3 percent (see Table 1.1).

2. Annual rate of GWPI in Luzon slowly picks up

The annual growth of the GWPI in Luzon, likewise, eased further to 3.6 percent in February 2019. Its annual change in January 2018 was posted at 3.9 percent and in February 2018, 4.7 percent. Annual declines were still registered in the indices of crude materials, inedible except fuels at 18.2 percent, and chemicals including animal and vegetable oils and fats at 2.0 percent. Moreover, slower annual hikes were recorded in the indices of the following commodity groups:

• Food, 9.3%;

• Beverages and tobacco, 13.6%;

• Manufactured goods classified chiefly by materials, 0.3%; and

• Miscellaneous manufactured articles, 1.0%.

Meanwhile, annual mark-up of machinery and transport equipment index was higher at 3.0 percent. In addition, the index of mineral fuels, lubricants and related materials climbed by 0.9 percent from a decline of 5.5 percent in the previous month (see Table 2.1).

3. Annual rate of GWPI in Visayas, likewise, moves up at a slower pace

The annual rate of increase of GWPI in Visayas continued to decelerate as its annual growth was recorded at 1.1 percent in February 2019. Its annual rate in the previous month was pegged at 1.6 percent and in February 2018, 5.5 percent. Annual decreases were still noticed in the indices of food at 1.2 percent, and crude materials, inedible except fuels at 8.3 percent. Moreover, the annual increment in the index of beverages and tobacco was slower at 2.6 percent compared with its annual growth of 14.4 percent in the previous month. Meanwhile, faster pace of annual hikes were observed in the indices of mineral fuels, lubricants and related materials at 6.3 percent, and chemicals including animal and vegetable oils and fats at 7.6 percent. The rest of the commodity groups retained their previous month’s annual rates (see Table 3.1).

4. Annual increment of GWPI in Mindanao is slower during the month

The annual gain of GWPI in Mindanao slid to 1.1 percent in February 2019. In the previous month, its annual rate was higher at 2.0 percent and in February 2018, 6.0 percent. The indices of food, and machinery and transport equipment had annual declines of 0.5 percent and 0.1 percent, respectively. Compared with their annual rates in the previous month, annual increases were slower in the indices of the following commodity groups:

• Beverages and tobacco, 0.2%;

• Chemicals including animal and vegetable oils and fats, 2.8%;

• Manufactured goods classified chiefly by materials, 3.5%; and

• Miscellaneous manufactured articles, 2.8%.

Meanwhile, annual increment of mineral fuels, lubricants and related materials index was higher at 3.9 percent. Moreover, from a decline in the previous month, the index of crude materials, inedible except fuels inched up by 0.8 percent (see Table 4.1).
 

• MONTH-ON-MONTH

1. The month-on-month growth of GWPI at the country level picks up at a slower rate during the period

On a monthly basis, the rate of increase of GWPI at the national level eased to 0.4 percent in February 2019. Its monthly rate in January 2019 was posted at 1.4 percent. Declines were registered in the indices of food at 2.8 percent; crude materials, inedible except fuels, 3.2 percent; and chemicals including animal and vegetable oils and fats, 0.1 percent. Moreover, upticks in the indices of machinery and transport equipment slowed down to 0.1 percent and miscellaneous manufactured articles, 0.04 percent. On the other hand, the index of beverages and tobacco moved up at a faster pace of 2.7 percent. In addition, from negative monthly rates in the previous month, the indices of mineral fuels, lubricants and related materials rose by 6.9 percent and manufactured goods classified chiefly by materials, 0.1 percent (see Table 1.2).

2. Wholesale prices of petroleum products increase during the month

The index for mineral fuels, lubricants and related materials in Luzon accelerated by 7.5 percent; Visayas, 2.8 percent; and Mindanao, 2.2 percent. This was due to the price hikes in crude petroleum oil, gasoline, kerosene, diesel oil, bunker fuel oil, and LPG. At the national level, the group’s index went up by
6.9 percent.

3. Beverages and tobacco index generally moves up during the period

Higher prices in liquors, beer, softdrinks, and cigarettes effected the 3.2 percent growth in beverages and tobacco index in Luzon. In Visayas, prices of beer were also higher this month. Hence, the group’s index in the area inched up by 1.1 percent. Meanwhile, the group’s index in Mindanao had a zero growth. For the Philippines, the group’s index advanced by 2.7 percent.

4. Manufactured goods classified chiefly by materials index climbs during the month

The index of manufactured goods classified chiefly by materials in Luzon went up by 0.1 percent as lumber, cement, and hollow blocks were priced higher during the month. Similarly, the group’s index in Mindanao rose by 0.2 percent due to higher prices in paper products, abaca rope, angle bar, G.I. sheets, and fabricated wire products. Meanwhile, the group’s index in Visayas had a zero growth. At the country level, the group’s index moved up by 0.1 percent.

5. Machinery and transport equipment index rises during the month

The machinery and transport equipment index in Luzon inched up by 0.1 percent brought about by higher prices in battery and convenient outlet. On the other hand, the group’s index in Mindanao dropped by 0.5 percent due to the declines in the prices of selected electrical apparatus and appliances. Meanwhile, the group’s index in Visayas had a zero growth. For the Philippines, the group’s index rose by 0.1 percent.

6. Miscellaneous manufactured articles index increases slightly

The index of miscellaneous manufactured articles in Luzon moved upward by 0.02 percent. This was due to the price increases in matches during the period. For Mindanao, price upticks in undergarments, watch, and office supplies raised its group’s index by 0.4 percent. Meanwhile, the group’s index in Visayas had a zero growth. At the national level, the group’s index inched up by 0.04 percent.

7. Chemicals including animal and vegetable oils and fats index generally drops during the period

The index of chemicals including animal and vegetable oils and fats in Luzon fell by 0.2 percent as prices of selected basic industrial chemicals and coconut oil were lower during the month. On the contrary, prices of selected medical and pharmaceutical preparations went up in Visayas. Thus, the group’s index in the area moved up by 0.3 percent. In Mindanao, the group’s index in the area rose by 0.3 percent due to higher prices of fertilizers, selected medical and pharmaceuticals preparations, and toilet and laundry soaps. At the country level, the group’s index fell by 0.1 percent.

8. Food index declines during the month

The food index in Luzon went down by 3.3 percent as fish, fruits, vegetables, tonic drink, and desiccated coconut were priced lower during the month. Similarly, the group’s index in Visayas plunged by 0.8 percent brought about by the decreases in the prices of beef, fish, selected cereal preparations, vegetables, sugar, tonic food drink, and coffee beans. In Mindanao, prices of liveweight hogs, fish, rice, sugar, unprocessed animal feeds, tonic drink, instant coffee, starch, and vinegar declined during the month. Thus, the food index in the area fell by 0.7 percent. The group’s index at the national level dropped by 2.8 percent.

9. Index of crude materials, inedible except fuels decreases during the month

Lower price of copra pushed down the group’s index of crude materials, inedible except fuels in Luzon by 3.8 percent. Increases in the prices of copra and pebbles, however, raised its group’s index in Visayas by 0.6 percent. In Mindanao, prices of bamboo, sand, and gravel were higher during the period. Thus, the group’s index in the area climbed by 0.8 percent. At the country level, the group’s index moved downward by 3.2 percent (see Tables 1.2, 2.2, 3.2 and 4.2).

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