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Philippines: Wholesale prices growth eases in May
MANILA, Philippines — Wholesale prices of goods moved up at a slower pace in May from the previous month as four commodity groups registered lower increases, the Philippine Statistics Authority (PSA) said.
Data from the PSA showed growth in the general wholesale price index (GWPI) at the national level slowed to 7.9 percent in May from the 8.3 percent in April.
The May reading, however, was higher than the 2.9 percent in the same month last year.
The GWPI, which measures the changes in prices in wholesale trade, can be used as a basis for price adjustments in business contracts and projects.
Among the commodity groups that posted slower annual growth were crude materials, inedible except fuels, at 9.2 percent in May compared to the 29 percent in April.
Growth in the wholesale prices of food also eased to 8.8 percent in May from nine percent in April.
Chemicals including animal and vegetable oils and fats posted a slower annual increase of 6.6 percent in May from 8.4 percent in April.
Machinery and transport equipment likewise posted a slower uptick of 1.4 percent from 1.7 percent.
On the other hand, higher annual growth was seen in the following: beverages and tobacco; mineral fuels, lubricants and related materials; and manufactured goods classified chiefly by materials.
Annual growth rate for miscellaneous manufactured articles was unchanged at 1.7 percent.
Similar to the national level, GWPI in Luzon registered a slower annual growth rate of 8.4 percent compared to 8.8 percent in April.
Annual growth eased in the following commodity groups: food; crude materials, inedible except fuels; chemicals including animal and vegetable oils and fats; and machinery and transport equipment.
Meanwhile, higher upticks were seen in mineral fuels, lubricants and related materials and manufactured goods classified chiefly by materials.
Those which retained their April annual growth rates in May were crude materials, inedible except fuels, as well as miscellaneous manufactured articles.
In the Visayas, the GWPI picked up further at an annual rate of 4.4 percent in May from 4.3 percent in April.
Those which registered higher annual increases in May from the previous month are beverages and tobacco and manufactured goods classified chiefly by materials.
The only commodity group with a slower annual uptick in May was mineral fuels, lubricants and related materials, while the others were unchanged from the previous month.
As for Mindanao, the annual growth rate in GWPI rose to 3.6 percent from 3.3 percent.
Source: https://www.philstar.com/business/2022/07/12/2194675/wholesale-prices-growth-eases-may