Table A. Year-on-Year Growth Rates of the GWPI by Area, All Items
in Percent
(2012=100)

                                                        _{* Year-on-year change of average GWPI for January to October, 2023 vs. 2022        
                                                        Source: Philippine Statistics Authority        
                                                                    Survey of Wholesale Prices of Commoditiies for the Generation of GWPI}        

                                               

Figure 1. Annual Growth Rates of the GWPI by Area, All Items        
October 2022 - October 2023        
(2012=100)

1. GWPI at the national level retained its September 2023 annual rate in October 2023

In October 2023, the year-on-year growth rate of GWPI at the national level retained its September 2023 annual growth rate of 4.4 percent. Its annual growth rate in October 2022 was noted at 7.6 percent. (Tables A, 1a, and 1c)

Compared with their respective annual growth rates in September 2023, annual increments were higher in October 2023 in the indices of beverages and tobacco at 6.0 percent from 5.9 percent, chemicals including animal and vegetable oils and fats at 1.8 percent from 1.3 percent, and machinery and transport equipment at 1.5 percent from 1.4 percent.

In addition, slower annual declines were recorded in the indices of crude materials, inedible except fuels at 3.5 percent in October 2023 from 5.3 percent annual decline in the previous month, and mineral fuels, lubricants and related materials with 3.7 percent annual drop during the month from 4.7 percent annual decrease in September 2023.

On the contrary, slower annual upticks were observed in the indices of food at 7.0 percent in October 2023 from 7.3 percent in the previous month, and manufactured goods classified chiefly by materials at 4.6 percent during the month from 4.7 percent in September 2023.

Meanwhile, the index of miscellaneous manufactured articles retained its September 2023 annual growth rate of 3.6 percent. (Table 1a)       

2. GWPI in Luzon went up at a slower rate during the month

The year-on-year growth rate of GWPI in Luzon slowed down to 4.4 percent in October 2023 from an annual increase of 4.6 percent in September 2023. In October 2022, the annual rate of GWPI in Luzon was higher at 7.8 percent. (Tables A, 2a, and 2c)

The downtrend of the GWPI in Luzon was primarily caused by the slower annual increase in the heavily-weighted food index at 6.8 percent in October 2023 from 7.3 percent in September 2023. In addition, slower annual increment was posted in the index of manufactured goods classified chiefly by materials at 4.9 percent during the month from 5.1 percent in the previous month.

On the other hand, annual increases were higher in the indices of chemicals including animal and vegetable oils and fats at 2.3 percent in October 2023 from 1.8 percent in the previous month, and machinery and transport equipment at 1.6 percent in October 2023 from 1.5 percent in September 2023. Moreover, slower annual decreases were registered in the indices of crude materials, inedible except fuels, and mineral fuels, lubricants and related materials, both at 4.0 percent during the month from their respective annual declines of 6.0 percent and 5.2 percent in September 2023.

Meanwhile, the indices of beverages and tobacco, and miscellaneous manufactured articles retained their September 2023 annual rates of 5.5 percent and 4.2 percent, respectively. (Table 2a)

3. GWPI in Visayas recorded a higher annual increment in October 2023

The annual growth rate of GWPI in Visayas picked up by 5.3 percent in October 2023 from 4.6 percent in September 2023. Its annual rate in October 2022 was noted at 6.6 percent. (Tables A, 3a, and 3c)

The higher annual growth of food index at 11.2 percent during the month from 9.1 percent in the previous month primarily caused the uptrend in the annual rate of GWPI in Visayas. In addition, higher annual uptick was recorded in the index of beverages and tobacco at 10.6 percent in October 2023 from 10.5 percent in September 2023.

On the contrary, annual drop was noted in the index of mineral fuels, lubricants and related materials at 1.3 percent in October 2023 from an annual increment of 0.3 percent in September 2023. Furthermore, the annual rate of chemicals including animal and vegetable oils and fats index dropped further to 2.0 percent in October 2023 from 1.7 percent annual decrease in the previous month.

The indices of the rest of the commodity groups either retained their respective September 2023 annual rates or had zero percent annual rates during the month. (Table 3a)

4. GWPI in Mindanao expanded during the month

The annual rate of GWPI in Mindanao increased to 3.3 percent in October 2023 from its recorded annual rate of 3.2 percent in September 2023. Its annual change in October 2022 was recorded at 4.9 percent. (Tables A, 4a, and 4c)

The uptrend of the GWPI in Mindanao was primarily brought about by the higher annual increment of food index at 6.6 percent in October 2023 from 5.8 percent in the previous month. In addition, slower annual decline was noted in the index of chemicals including animal and vegetable oils and fats at 1.7 percent in October 2023 from 2.2 percent annual decrease in the previous month.

Moreover, higher annual uptick was recorded in the index of beverages and tobacco at 7.8 percent in October 2023 from 7.6 percent in September 2023, while a slower annual decline was observed in the index of crude materials, inedible except fuels at 0.2 percent during the month from 1.1 percent annual drop in September 2023.

On the other hand, slower annual increases were observed in the indices of manufactured goods classified chiefly by materials at 1.5 percent in October 2023 from 2.3 percent in September 2023, and machinery and transport equipment at 0.5 percent during the month from 0.7 percent in September 2023.

Furthermore, the index of mineral fuels, lubricants and related materials recorded an annual drop of 0.1 percent during the month from 1.5 percent annual increase in September 2023. Meanwhile, the index of miscellaneous manufactured articles recorded an annual decline of 0.2 percent in October 2023 from zero percent annual rate in the previous month. (Table 4a)

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