March 2007

p - pleminary

r - revised

• Year-on-Year

  • Year-on-year inflation rate of the General Wholesale Price Index (GWPI) at the national level went up to 2.1 percent in March compared to 1.9 percent growth in February. Higher annual increases were correspondingly observed in the prices of manufactured goods classified chiefly by materials and miscellaneous manufactured articles at 6.1 percent and 1.4 percent in March from their respective February rates of 5.6 percent and 1.3 percent. However, annual price increments for food eased to 3.6 percent in March from 3.9 percent in February; beverages and tobacco, 1.6 percent from 1.9 percent; crude materials, inedible except fuels, 17.1 percent from 17.3 percent; and chemicals, including animal and vegetable oils and fats, 6.0 percent from 6.4 percent. Price movements in mineral fuels, lubricants and related materials was still negative at -4.5 percent from -5.8 percent while inflation for machinery and transport equipment was at its previous month's rate of 1.5 percent.
    

  • Likewise, inflation rate in Luzon accelerated to 2.0 percent in March from 1.6 percent in February. Faster annual rate was seen in the prices of manufactured goods classified chiefly by materials at 5.6 percent from 5.1 percent. On the other hand annual inflation rates were slower in the prices of food items at 3.6 percent from 3.8 percent; beverages and tobacco, 1.3 percent from 1.4 percent; crude materials, inedible except fuels, 18.8 percent from 19.0 percent; chemicals, including animal and vegetable oils and fats, 7.0 percent from 8.0 percent; and machinery and transport equipment, 0.9 percent from 1.1 percent. A decline of 4.6 percent in the annual price adjustment of mineral fuels, lubricants and related materials was also noted. Inflation for miscellaneous manufactured articles remained at 1.3 percent.
    

  • Inflation rate in Visayas grew by 4.0 percent in March from 3.9 percent posted in February. Annual price increases were registered in the following commodity groups: mineral fuels, lubricants and related materials, 1.9 percent from -0.5 percent; chemicals, including animal and vegetable oils and fats, 1.8 percent from 0.8 percent; machinery and transport equipment, 4.3 percent from 4.2 percent; and miscellaneous manufactured articles, 1.1 percent from 0.9 percent. Meanwhile, slower price additions were recorded in food items (5.5% from 6.2%); beverages and tobacco (1.0% from 2.1%); and crude materials, inedible except fuels (10.1% from 11.3%). Inflation for manufactured goods classified chiefly by materials moved at its previous month's rate of 4.9 percent.
    

  • Inflation rate in Mindanao improved to 2.6 percent in March from 3.1 percent in February mainly due to the 8.9 percentage points drop in the prices of mineral fuels, lubricants and related materials (-11.0% from -2.1%). However, higher annual increases were observed in the prices of the following commodity groups: crude materials, inedible except fuels, 0.6 percent from 0.3 percent; chemicals, including animal and vegetable oils and fats, 2.7 percent from 0.8 percent; manufactured goods classified chiefly by materials, 10.8 percent from 9.7 percent; machinery and transport equipment, 3.3 percent from 2.8 percent; and miscellaneous manufactured articles, 2.8 percent from 2.0 percent. Moreover, price adjustment on food items slowed to 2.6 percent from 2.7 percent while movement in the inflation rate of beverages and tobacco was at its last month's rate 4.8 percent.
    

  • By Commodity Group, Month-on-Month

    The country's general level of wholesale prices climbed by 0.3 percent in March from -0.1 last February.
    

    • Upward adjustments in the prices of pork, eggs, fish, other cereal preparations such as instant noodles, bananas and selected vegetables in Luzon pushed up its food index by 0.1 percent. The group's index in Mindanao also moved up but at a slower rate of 0.3 percent in March from 0.8 percent in February. Meanwhile, movement in the group's index in Visayas was at -0.7 percent due to price reductions in beef, pork, some fish species, selected fruits and vegetables and tubers and root crops. Prices of food items at the national level generally remained stable as its index posted a zero growth during the month.
      

    • Add-ons in the prices of brewery products in Luzon brought about the 0.5 percent increment in the beverages and tobacco index in the area and 0.3 percent in the Philippines. Meanwhile, the group's index in Visayas and Mindanao recorded a zero growth in March.
      

    • With the higher prices of abaca and rattan in Luzon, the index for crude materials, inedible except fuels in the area increased by 0.2 percent. On the other hand, reduced prices of copra in Visayas pushed down the group's index in the area by -1.1 percent. Prices of crude materials, inedible except fuels in Mindanao remained stable as the group's index registered zero growth during the month. In the Philippines, the group's index moved at a slower rate of 0.1 percent from 0.4 percent
      

    • The general upward price adjustments in gasoline, kerosene and diesel oil correspondingly raised the index for mineral fuels, lubricants and related materials in the Philippines and Luzon by 1.3 percent and 1.9 percent, respectively from -0.8 percent; and Visayas, 2.4 percent from -0.2 percent. However, movements in the prices of mineral fuels, lubricants and related materials in Mindanao were lower during the month as the group's index registered a negative growth of -9.4 percent due to the price cuts observed in LPG.
      

    • Price hikes in coconut oil, fertilizer, paints, vitamins and selected antibiotics in Luzon resulted to a 0.5 percent uptick in the index of chemicals, including animal and vegetable oils and fats in the area and in the Philippines by 0.6 percent. Likewise, higher prices of these items raised the group's index in Visayas and Mindanao by 0.8 percent and 2.0 percent, respectively. Price additions in other pharmaceutical products and laundry soap also contributed to the uptrend.
      

    • The manufactured goods classified chiefly by materials index inched up by 0.1 percent in Visayas and 0.9 percent in Mindanao as prices of tires, cement, G.I. sheets, fabricated wire products and paper products were higher in March. Meanwhile, the increments in the group's index in Luzon and in the Philippines at 0.4 percent were slower than their last month's rates of 0.7 percent and 0.6 percent, respectively.
      

    • The gain of 0.1 percent in the index for machinery and transport equipment in the Philippines and Visayas and 0.8 percent in Mindanao were caused by the upward adjustments in the prices of selected electrical appliances and electrical lamps and fixtures in the three areas. On the contrary, reduced prices of these commodities in Luzon effected a 0.1 percent drop in its group's index.
      

    • Higher prices of selected ready-made apparels, undergarments and footwear were noted in Mindanao. Thus, its index for miscellaneous manufactured articles grew by 1.2 percent from -0.1 percent. Likewise, increased prices in selected school supplies were seen in Visayas causing its index to move at 0.2 percent. This was however slower than its 0.9 percent growth last month. Meanwhile, prices of miscellaneous manufactured articles in Luzon generally remained stable during the month as the group's index posted a zero growth. The national index moved at its February rate of 0.1 percent.

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    Source: National Statistics Office
    Manila, Philippines
    
    Page last revised: June 17, 2007