Philippines: Wholesale price growth picks up in September
MANILA, Philippines — Wholesale prices of goods in the country rose at a much faster pace in September from the previous month as food, fuel and three other commodity groups registered higher increases, the Philippine Statistics Authority (PSA) said.
Data from the PSA showed the annual growth of the General Wholesale Price Index (GWPI) nationwide increased to 8.2 percent in September from 7.6 percent in August.
It was also higher than the 3.3 percent growth in September last year.
The GWPI, which tracks the changes in prices in wholesale trade, serves as a basis for price adjustments in business contracts and projects. It increased as food prices posted a higher uptick of 12.9 percent in September from 12.4 percent in August.
Growth in mineral fuels, lubricants and related materials’ prices also rose to 38.9 in September from 38.5 percent in the previous month.
Other commodity groups with higher annual increments in September were chemicals, including animal and vegetable oils and fats at 5.1 percent from 2.7 percent in August; manufactured goods classified chiefly by materials at 4.3 percent from the previous month’s 3.9 percent; and miscellaneous manufactured articles at 3.3 percent from 2.8 percent in the prior month.
Meanwhile, crude materials, inedible except fuels registered a lower annual contraction of 4.8 percent compared to the 5.8 percent drop in August.
Commodity groups that saw price growth ease in September were beverages and tobacco at 8.4 percent from 8.9 percent in August; and machinery and transport equipment at 1.1 percent from 1.3 percent in the previous month.
From January to September, the average growth of the GWPI at the national level was 7.4 percent.
In Luzon, the annual growth rate of GWPI climbed to 8.5 percent in September from eight percent in August.
The uptrend in Luzon’s GWPI was due to the higher annual upticks in food; mineral fuels, lubricants and related materials; chemicals, including animal and vegetable oils and fats; manufactured goods classified chiefly by materials; and miscellaneous manufactured articles.
The GWPI in the Visayas also grew at a faster rate of 6.9 percent in September from 6.2 percent in August.
Driving the increase in the Visayas’ GWPI were the higher increases in food; beverages and tobacco, chemicals, including animal and vegetable oils and fats; and manufactured goods classified chiefly by materials.
In Mindanao, the growth in GWPI eased to four percent in September from 4.3 percent.
“The lower annual growth in GWPI in Mindanao was primarily brought about by the downtrend in food index at 4.7 percent in September 2022,” the PSA said.
In addition, commodity groups such as crude materials, inedible except fuels; and mineral fuels, lubricants and related materials registered slower annual increments in September compared to the previous month.