June 2008

Year-on-Year Inflation Rates, All Items
June 2007 - June 2008

p - pleminary
r - revised

Year-on-Year

NOTE :

• The annual growth rate of the General Wholesale Price Index (GWPI) at the national level jumped to 19.3 percent in June from 14.6 percent in May. All the commodity groups recorded higher annual growth rates except for beverages and tobacco, machinery and transport equipment and miscellaneous manufactured articles whose annual growth rates correspondingly eased to 4.9 percent, 3.4 percent and 2.5 percent from 5.2 percent, 3.7 percent and 2.6 percent, respectively. The annual price increment in the food index moved higher at 12.6 percent in June from 8.6 percent; crude materials, inedible except fuels, 31.0 percent from 28.0 percent; mineral fuels lubricants and related materials, 57.2 percent from 42.8 percent; chemicals, including animal and vegetable oils and fats, 11.1 percent from 10.1 percent; and manufactured goods classified chiefly by materials, 5.7 percent from 4.0 percent.
  

• The annual growth rate of the GWPI in Luzon accelerated to 21.0 percent in June from 15.7 percent in June. Higher growth rates were posted in the following commodity groups: food, 13.0 percent from 8.1 percent; crude materials, inedible except fuels, 32.4 percent from 29.0 percent; mineral fuels, lubricants and related materials, 60.2 percent from 45.7 percent; chemicals, including animal and vegetable oils and fats, 10.9 percent from 9.8 percent; and manufactured goods classified chiefly by materials, 4.6 percent from 2.7 percent. On the other hand, slower annual growth rates were correspondingly noted in the prices of beverages and tobacco and machinery and transport equipment at 4.6 percent and 4.2 percent from 4.8 percent and 4.5 percent, respectively. Miscellaneous manufactured articles retained its last month's rate of 2.4 percent.
  

• Similarly, annual movements of wholesale prices in the Visayas went up to 13.9 percent in June compared to the 10.5 percent growth in May. This can be attributed to the higher annual price increases in food (7.7% from 6.1%), mineral fuels, lubricants and related materials (41.5% from 25.3%), chemicals, including animal and vegetable oils and fats (15.9% from 15.5%), manufactured goods classified chiefly by materials (18.9% from 15.1%), and miscellaneous manufactured articles (6.7% from 6.5%). However, slowdowns in annual increases were correspondingly observed in beverages and tobacco at 6.6 percent from 7.6 percent; crude materials, inedible except fuels, 26.2 percent from 26.7 percent; and machinery and transport equipment, 0.2 percent from 0.4 percent.
  

• In Mindanao, the annual rate of price increase based on the GWPI was at 10.1 percent from 9.1 percent posted in May. Higher annual price adjustments were registered in food at 15.2 percent from 14.7 percent; crude materials, inedible except fuels, 10.1 percent from 9.8 percent; mineral fuels, lubricants and related materials, 24.8 percent from 15.3 percent; and chemicals, including animal and vegetable oils and fats, 8.1 percent from 6.8 percent. Meanwhile, lower price additions were seen in beverages and tobacco at 5.3 percent from 5.5 percent; manufactured goods classified chiefly by materials, 3.9 percent from 5.0 percent; machinery and transport equipment, 1.4 percent from 2.0 percent; and miscellaneous manufactured articles, 0.1 percent from 1.5 percent, respectively.
  

• By Commodity Group, Month-on-Month

  On a monthly basis, the general level of wholesale prices picked up to 4.5 percent in June from 3.3 percent in May.
  

  • The food index in Visayas advanced to 3.0 percent due to upward adjustments in the price levels of selected food items in the area particularly rice, pork, chicken, beef, canned meat products, canned fish, sugar, cooking oil, selected fruits and vegetables and some fish species. Add-ons in the prices of said food items, milk, coffee, tonic food drinks along with the price increments of copra meal and desiccated coconut also raised the group's index in Luzon by 4.0 percent. The monthly growth rate of food items in Mindanao was at its previous month's rate of 1.1 percent. These factors contributed to the 3.5 percent growth in the food index at the national level.
    

  • A 0.4 percent growth in the beverages and tobacco index in Visayas was brought about by the price add-ons in softdrinks in the area. Prices of beverages and tobacco in Luzon and Mindanao generally remained stable as their group's index posted a zero growth during the month, thereby causing the national index to move up at a slower rate of 0.1 percent from 0.4 percent.
    

  • Upward adjustment in the prices of abaca, copra and pebbles resulted to a 3.6 percent rise in the index for crude materials, inedible except fuels in Luzon. Likewise, increased prices of sand and gravel in Visayas along with the additions in the prices of charcoal in Mindanao pushed up their corresponding group's index by 0.1 percent and 0.3 percent. However, these were slower than their last month's rates of 6.0 percent 2.5 percent, respectively. Hence, a lower increment of 3.2 percent was recorded in the national index for crude materials, inedible except fuels.
    

  • Higher prices of petroleum products in Visayas raised the index for mineral fuels, lubricants and related materials in the area by 12.6 percent. Add-ons in the prices of crude petroleum oil and the upward price movements in selected petroleum products were also noted in Luzon and Mindanao, thus their corresponding group's index grew to 11.7 percent and 8.2 percent. All these factors contributed to the 11.6 percent growth in the national index, the same growth rate registered in August.
    

  • The monthly change in the index for chemicals, including animal and vegetable oils and fats in Luzon at 1.4 percent was brought about by the price increments in coconut oil, fertilizer, paints, washing compounds and selected medicines. Meanwhile, the group's index in Visayas and Mindanao correspondingly went up to 0.4 percent and 2.1 percent as the price of coconut oil was higher during the month. At the national level, the group's index moved at a slower rate of 1.3 percent from 1.6 percent.
    

  • Downward adjustment in prices of selected transport equipment in Luzon and selected agricultural equipment in Mindanao contributed a 0.1 percent drop in the machinery and transport equipment index in the two areas and at the national level. Price reductions in selected electrical appliances in Visayas also brought down the group's index by -0.2 percent.
    

  • The index for miscellaneous manufactured articles in Luzon and Visayas correspondingly gained 0.1 percent and 0.2 percent due to price additions in uPVC water pipes and selected office supplies. However, movement in the prices of miscellaneous manufactured articles in Mindanao was lower during the month as the group's index still registered a negative growth of -0.1 percent due to the price cuts observed in selected undergarments. The national index went up at its previous month's rate of 0.1 percent.
    

  Revisions of the series from January to July 2007 were made due to the updated price reports on asphalt and the implementation of new rental rates on machinery and transport equipment provided by the official sources.

Source: National Statistics Office
Manila, Philippines

Page last revised: October 16, 2008