General Wholesale Price Index (1998=100) : December 2017

Reference Number: 

2018-047

Release Date: 

Tuesday, February 13, 2018

GENERAL WHOLESALE PRICE INDEX (GWPI)
(1998=100)

Year-on-Year Growth Rates, All Items
December 2016 - December 2017

Year/Month
(1)
Philippines
(2)
Luzon
(3)
Visayas
(4)
Mindanao
(5)
 2017 4.4 4.6 4.3 2.6
  December 3.4 3.2 4.2 4.3
  November 4.4 4.2 5.3 5.2
  October 3.6 3.6 3.9 4.1
  September 3.9 3.9 4.1 3.1
  August 3.8 4.1 3.3 1.9
  July 2.7 2.9 2.3 1.5
  June 1.6 1.5 3.7 0.8
  May 3.4 3.6 4.7 0.1
 April 5.1 5.6 5.0 1.3
 March 6.0 6.5 4.6 2.9
 February 7.5 8.1 5.8 3.4
 January 7.4 8.2 5.3 3.1
 2016 1.1 1.1 1.6 1.2
  December 5.5 6.1 3.6 2.5

                                                  
 

 

 

 

 

• Year-on-Year
    

     The annual increase of General Wholesale Price Index (GWPI) at the national level slowed down to 3.4 percent in December 2017. In the previous month, its annual rate was pegged at 4.4 percent and in December 2016, 5.5 percent. The slowdown was due to the annual declines in the indices of crude materials, inedible except fuels at -2.6 percent and chemicals including animal and vegetable oils and fats, -2.9 percent. Moreover, slower annual gains were noted in the indices of mineral fuels, lubricants and related materials at 14.9 percent; manufactured goods classified chiefly by materials, 0.6 percent; and machinery and transport equipment, 1.2 percent. Meanwhile, annual increments were higher in the indices of food at 1.0 percent; beverages and tobacco, 11.1 percent; and miscellaneous manufactured articles, 0.3 percent.

     The annual average growth of GWPI at the national level picked up by 4.4 percent in 2017 compared to 1.1 percent in 2016. Annual average rate of mineral fuels, lubricants and related materials index likewise accelerated by 18.2 percent in 2017 from -7.3 percent in 2016. In addition, the annual average growth of beverages and tobacco index during the year was higher at 8.3 percent; manufactured goods classified chiefly by materials index, 0.9 percent; and machinery and transport equipment index, 0.8 percent. On the other hand, slower annual average increments were posted in the indices of the following commodity groups:

  • Food (0.9%);
  • Crude Materials, Inedible Except Fuels (10.0%);
  • Chemicals Including Animal and Vegetable Oils and Fats (2.4%); and
  • Miscellaneous Manufactured Articles (0.7%) (see Table 1.1).

     > The annual growth of GWPI in Luzon decelerated to 3.2 percent in December 2017. The rate was recorded at 4.2 percent in November 2017 and 6.1 percent in December 2016. An annual drop of 0.1 percent was registered in food index. Similarly, annual adjustment in crude materials, inedible except fuels index declined by 3.0 percent and chemicals including animal and vegetable oils fats index, -4.5 percent. Slower annual mark-ups were recorded in the indices of mineral fuels, lubricants and related materials at 16.0 percent; manufactured goods classified chiefly by materials, 0.6 percent; and machinery and transport equipment, 0.7 percent. Meanwhile, higher annual increments were posted in the indices of beverages and tobacco at 10.5 percent and miscellaneous manufactured articles, 0.3 percent.

  • For the year 2017, the annual average change of GWPI in Luzon gained by 4.6 percent from 1.1 percent in 2016. Likewise, the annual average rate of mineral fuels, lubricants and related materials index picked up by 19.4 percent compared from -7.3 percent in the previous year. In addition, faster annual average growths were seen in the indices of beverages and tobacco at 8.0 percent; manufactured goods classified chiefly by materials, 1.1 percent; and machinery and transport equipment, 0.5 percent. However, annual average increases were slower in the indices of the following commodity groups:

                                                     ο Food (0.1%);
                                                     ο Crude Materials, Inedible Except Fuels (10.6%);
                                                     ο Chemicals Including Animal and Vegetable Oils and Fats (2.3%); and
                                                     ο Miscellaneous Manufactured Articles (0.8%) (see Table 2.1).

The miscellaneous manufactured articles index rose by 0.1 percent from zero growth in the previous month. Meanwhile, negative annual rates were observed in the indices of food at -0.6 percent and chemicals including animal and vegetable oils and fats, -4.1 percent (see Table 2.1).

     > The annual adjustment of GWPI in Visayas increased by 5.3 percent in November 2017. In the previous month, its annual change was recorded at 3.9 percent and in November 2016, 2.6 percent. Higher annual upticks were posted in the indices of the following commodity groups:

  • Food (4.5%);
  • Beverages and Tobacco (13.4%);
  • Mineral Fuels, Lubricants and Related Materials (15.9%); and
  • Chemicals Including Animal and Vegetable Oils and Fats (4.6%).

     > The annual hike of GWPI in Visayas eased to 4.2 percent in December 2017. Its annual growth in the previous month was pegged at 5.3 percent and in December 2016, 3.6 percent. Higher annual upticks were posted in the indices of chemicals including animal and vegetable oils and fats at 5.5 percent and manufactured goods classified chiefly by materials, 0.4 percent. The rest of the commodity groups moved at their previous month’s rates.

  • The annual average change of GWPI in Visayas for the year 2017 advanced by 4.3 percent from 1.6 percent in 2016. The index of mineral fuels, lubricants and related materials posted double-digit annual average growth of 12.7 percent during the year from -5.2 percent in 2016. Higher annual average rates were also noted in the indices of beverages and tobacco at 8.5 percent; chemicals including animal and vegetable oils and fats, 3.5 percent; and machinery and transport equipment, 2.8 percent. However, slower annual average mark-ups were seen in the indices of food at 4.0 percent and crude materials, inedible except fuels, 7.4 percent. Moreover, the annual average adjustments in the indices of manufactured goods classified chiefly by materials decreased by 0.6 percent and miscellaneous manufactured articles -0.2 percent (see Table 3.1).

     > The year-on-year growth of GWPI in Mindanao slowed down to 4.3 percent in December 2017. In the previous month, the rate was pegged at 5.2 percent and in December 2016, 2.5 percent. The annual rate in food index decelerated to 6.4 percent; mineral fuels, lubricants and related materials index, 4.1 percent; and miscellaneous manufactured articles index, 0.3 percent. However, the index of chemicals including animal and vegetable oils and fats moved up at a faster pace of 2.2 percent. Movements in the rest of the commodity groups remained at their previous month’s rate.

  • The annual average change of the GWPI in Mindanao went up by 2.6 percent in 2017 from 1.2 percent in 2016. A double-digit annual average gain was observed in beverages and tobacco index at 10.4 percent. Higher annual average increases were also noticed in the indices of chemicals including animal and vegetable oils and fats at 1.5 percent and manufactured goods classified chiefly by materials, 0.9 percent. Moreover, the annual average growth of mineral fuels, lubricants and related materials index picked up by 4.3 percent compared from -8.9 percent in the previous year. Similarly, the annual average change of machinery and transport equipment index moved up by 0.9 percent from zero growth. Meanwhile, the annual average increments of the indices of food slowed down to 3.0 percent; crude materials, inedible except fuels, 1.6 percent; and miscellaneous manufactured articles, 0.9 percent (see Table 4.1).

• By Commodity Group, Month-on-Month
  
     The month-on-month growth of GWPI in the Philippines slid to 0.1 percent in December 2017. Its rate in the previous month was noted at 1.0 percent. The food index dropped by 0.1 percent and crude materials, inedible except fuels, -2.6 percent. Moreover, increments in the indices of mineral fuels, lubricants and related materials eased to 0.6 percent and chemicals including animal and vegetable oils and fats, 0.2 percent. On the other hand, the index of beverages and tobacco advanced by 1.6 percent and manufactured goods classified chiefly by materials index, 0.2 percent. From a zero growth in the previous month, the index of miscellaneous manufactured articles likewise, inched up by 0.1 percent. That for machinery and transport equipment index had zero growth (see Table 1.2).

  • The soaring prices of cigarettes during the month effected the 2.1 percent mark-up in beverages and tobacco index in Luzon. On the contrary, the group’s index in Visayas and Mindanao posted zero growth during the month. At the country level, the group’s index climbed by 1.6 percent.
     
  • Price hikes in petroleum products and LPG pushed up the index of mineral fuels, lubricants and related materials in Luzon and Visayas by 0.6 percent. In Mindanao, the group’s index moved up by 0.7 percent as gasoline was priced higher in the area. For the Philippines, the group’s index picked up by 0.6 percent.
     
  • The index of chemicals including animal and vegetable oils and fats in Luzon increased by 0.1 percent as prices of medical and pharmaceutical preparations and toilet soap were higher in the area. Meanwhile, fertilizers and some medical and pharmaceutical preparations went up in Visayas. Thus, the group’s index in the area advanced by 0.8 percent. In Mindanao, the group’s index in the area rose by 0.4 percent due to upward price adjustments noted in fertilizers and insecticides. For the Philippines, the group’s index inched up by 0.2 percent.
     
  • The index of manufactured goods classified chiefly by materials in Luzon rose by 0.1 percent. This can be attributed to the upward adjustments in the prices of luggage, inner tubes, lumber, plywood, door jamb, cement, G.I. sheets, machine nuts and bolts during the month. Meanwhile, higher prices of plywood, glass and glass products in Visayas resulted to a 0.1 percent increase in its group’s index. The group’s index in Mindanao, however, had zero growth during the month. At the country level, the group index rose by 0.2 percent.
     
  • A 0.2 percent growth recorded in miscellaneous manufactured articles index in Luzon was due to higher prices of toothbrush, steel bed, mattress, columnar pad and selected office supplies. On the other hand, the group’s index in Mindanao dropped by 0.1 percent. This was brought about by the downward adjustments in the prices of rubber tires, selected paper products, fish net, cement and aluminum foil. The group’s index in Visayas, however, had zero growth. At the national level, the group’s index inched up by 0.1 percent.
     
  • The food index in Mindanao declined by 0.9 percent as prices of eggs, beef, pork, bakery products, fresh fruits and vegetables and cocoa and chocolate products were lower during the period. In Luzon, prices of eggs, uncanned meat products, milk, selected bakery products, sugar, unprocessed animal feeds, selected cocoa and chocolate products, ground coffee, desiccated coconut, monosodium glutamate and vinegar went up during the month. Thus, the food index in the area picked up by 0.1 percent. In Visayas, upward adjustments in the prices of eggs, beef, pork, canned meat products, selected dairy products, cooking oil and desiccated coconut were offset by the reductions in the prices of fish, fresh fruits, vegetables, sugar and coffee in the area. Hence, the group’s index in the area had zero growth during the month. The food index for the Philippines went down by 0.1 percent.
     
  • Lower price of copra pushed down the index of crude materials, inedible except fuels in Luzon by 2.9 percent. Meanwhile, the group’s index in Visayas and Mindanao had zero growth. At the country level, the group’s index went down by 2.6 percent.
     
  • The machinery and transport equipment index in Mindanao rose by 0.1 percent as electrical wire was priced higher during the period. The group’s index in Luzon and Visayas, however, had zero growth during the month.  For the Philippines, the group’s index had zero growth.

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