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Philippines: Wholesale prices pick up further
MANILA, Philippines — Wholesale prices of consumer goods in the entire country continue to pick up, increasing to an over two-year high in September, the Philippine Statistics Authority (PSA) said.
The General Wholesale Price Index (GWPI) in the Philippines in August grew by 3.3 percent, faster than the 3.2 percent growth rate in August.
This is also much quicker than the growth of 2.2 percent in September 2020.
The index of mineral fuels, lubricants and related materials registered the highest increase at 22.8 percent.
This was followed by the index of crude materials at 21.6 percent. While crude prices remain at a double-digit increase, they already went down for the fourth consecutive month.
Wholesale prices for food also picked up 1.3 percent from one percent.
Mark-ups were also higher in the indexes of beverages and tobacco, manufactured goods classified chiefly by materials, machinery and transport equipment and miscellaneous manufactured articles.
Chemicals, including animal and vegetable oils and fats, on the other hand, slowed to 4.3 percent.
Following the trend at the national level, the GWPI in Luzon also spiked to 3.4 percent from 3.2 percent. Mineral fuels, lubricants and related materials, are now the cause of upticks at 24.7 percent.
Meanwhile, Visayas saw its wholesale prices move down to 0.4 percent while Mindanao registered a decrease to 4.9 percent.
Source: https://www.philstar.com/business/2021/12/12/2147316/wholesale-prices-pick-further