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

Reference Number: 

2017-323

Release Date: 

Friday, December 22, 2017

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

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

Year/Month
(1)
Philippines
(2)
Luzon
(3)
Visayas
(4)
Mindanao
(5)
 2017        
  October 3.4p 3.3p 3.9 4.1
  September 4.0 4.0 4.1 3.1
  August 3.9 4.2 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
  November 3.1 3.3 2.6 1.7
  October 3.0 3.2 3.0 1.1

                                                   p - preliminary

 

 

 

 

• Year-on-Year
    

     The annual increase of the General Wholesale Price Index (GWPI) at the national level decelerated to 3.4 percent in October 2017. In the previous month, its annual rate was registered at 4.0 percent and in October 2016, 3.0 percent. The slowdown was primarily due to the 3.4 percent annual decline in chemicals including animal and vegetable oils and fats index. In addition, slower annual gains were noted in the indices of the following commodity groups:

  • Crude Materials, Inedible Except Fuels (5.9%);
  • Mineral fuels, Lubricants and Related Materials (15.3%);
  • Machinery and Transport Equipment (0.8%); and
  • Miscellaneous Manufactured Articles (0.1%).

On the other hand, a higher annual increment of 9.3 percent was posted in beverages and tobacco index. Moreover, the food index likewise went up by 0.9 percent from a zero growth in the previous month. That for manufactured goods classified chiefly by materials index moved at its previous month’s rate of 0.8 percent (see Table 1.1).

• In Luzon, the annual growth in GWPI likewise eased to 3.3 percent in October 2017. The annual rate in September 2017 was pegged at 4.0 percent and during the same month in the previous year, 3.2 percent. An annual drop of 4.7 percent was registered in chemicals including animal and vegetable oils and fats. In addition, annual increases were slower in the indices of crude materials, inedible except fuels at 6.6 percent; mineral fuels, lubricants and related materials, 16.1 percent; and machinery and transport equipment, 0.3 percent. Annual adjustment for the rest of the commodity groups either remained at their previous month’s rates or had zero growth (see Table 2.1).
 

• The year-on-year growth of GWPI in Visayas was slower at 3.9 percent in October 2017. In the previous month, its annual change was recorded at 4.1 percent and in October 2016, 3.0 percent. The annual gain in crude materials, inedible except fuels index decelerated to 1.3 percent and mineral fuels, lubricants and related materials index, 8.5 percent. Meanwhile, faster annual increments were posted in the indices of food at 3.3 percent; beverages and tobacco, 13.3 percent; and miscellaneous manufactured articles, 0.6 percent. Those for the rest of the commodity groups moved at their previous month’s rates (see Table 3.1).
 

• The annual hike of GWPI in Mindanao was higher at 4.1 percent in October 2017. In the previous month, its annual growth was posted at 3.1 percent and in October 2016, 1.1 percent. Faster annual mark-ups were noted in the indices of the following commodity groups:

  • Food (5.1%);
  • Beverages and Tobacco (12.9%);
  • Mineral Fuels, Lubricants and Related Materials (10.0%); and
  • Chemicals Including Animal and Vegetable Oils and  Fats (1.6%).

However, lower annual growths were observed in the indices of manufactured goods classified chiefly by materials at 0.8 percent and machinery and transport equipment, 1.4 percent. The rest of the commodity groups retained their previous month’s rates (see Table 4.1).

• By Commodity Group, Month-on-Month
 

   On a monthly basis, the GWPI at the national level increased by 0.9 percent in October 2017. In September 2017, its growth was registered at 0.7 percent. Higher upward adjustments were seen in the indices of food at 1.7 percent and beverages and tobacco, 0.3 percent. Meanwhile, the index of mineral fuels, lubricants and related materials moved up at a slower pace of 2.1 percent. Moreover, the index of crude materials, inedible except fuels dropped by 1.3 percent and chemicals including animal and vegetable oils and fats, 0.4 percent. The month-on-month growth of manufactured goods classified chiefly by materials index remained at 0.1 percent while those for the rest of the commodity groups had zero growth (see Table 1.2).

  • The food index in Luzon picked up by 1.6 percent in October 2017 as liveweight chicken, eggs, selected canned meat products and fish, milk, bakery products, copra meal and coffee were priced higher during the period. In Visayas, prices of eggs, beef, pork, fresh and frozen fish, canned fish, fresh fruits and processed animal feeds went up during the month. Thus, the food index in the area went up by 1.4 percent. Similarly, the group’s index in Mindanao gained by 2.1 percent brought about by the increments in the prices of eggs, milk, fresh and frozen fish, canned fish, unmilled corn, rice, instant noodles, bakery products, fresh fruits, fresh vegetables, rice bran and table salt. For the Philippines, the group’s index escalated by 1.7 percent.
     
  • Price hikes in petroleum products such as gasoline, kerosene, diesel oil, bunker fuel, crude petroleum oil and LPG pushed up the index of mineral fuels, lubricants and related materials in Luzon by 2.3 percent. The group’s index in Visayas likewise, rose by 1.1 percent due to upward adjustments in the prices of gasoline, kerosene and diesel oil. In Mindanao, the group’s index moved up by 0.2 percent as gasoline and LPG were priced higher in the area. For the Philippines, the group’s index picked up by 2.1 percent.
     
  • In Luzon, prices of plywood, hollow blocks, concrete pipe, jalousie glass, flat bar, G.I. sheets, G.I. pipe and fabricated wire products were higher during the month. Hence, the index of manufactured goods classified chiefly by materials in the area inched up by 0.1 percent. On the other hand, lower prices of lumber, plywood, cement, selected glass products, G.I. sheets and G.I. pipe in Mindanao resulted to a 0.1 percent declined in its group’s index. The group’s index in Visayas, however, had zero growth during the period. The group’s index at the country level rose by 0.1 percent.
     
  • Upward price adjustments in selected liquors and cigarettes during the month effected the 0.1 percent growth in beverages and tobacco index in Luzon. In Visayas, prices of cigarettes were also higher this month. Thus, the group’s index in the area advanced by 1.5 percent. Similarly, a 1.0 percent growth in its group’s index in Mindanao was brought about by the increases in the prices of beer and selected liquors. The national index exhibited a 0.3 percent growth during the month.
     
  • The index of crude materials, inedible except fuels in Luzon decreased by 1.1 percent brought about by lower prices of copra, abaca fiber and gravel. Decline in the price of copra also pushed down the group’s index in Visayas by 4.4 percent. Similarly, the group’s index in Mindanao fell by 0.1 percent due to a price cut in charcoal. At the country level, the group’s index went down by 1.3 percent.
     
  • The index of chemicals including animal and vegetable oils and fats in Luzon dropped by 0.5 percent. The downtrend was brought about by the decreases in the prices of industrial alcohol and selected medical and pharmaceutical preparations. On the other hand, selected medical and pharmaceutical preparations were priced higher in Visayas. This factor pushed up the group’s index in the area by 0.1 percent. In Mindanao, upward price adjustments were noted in fertilizers, paints, vitamins, toilet soap and insecticides. Thus, the group’s index in the area rose by 0.1 percent. For the Philippines, the group’s index decreased by 0.4 percent.
     
  • A 0.1 percent growth in miscellaneous manufactured articles index in Mindanao was due to higher prices of handkerchief and selected magazines. The group’s index in Luzon and Visayas, however, had zero growth during the period. At the national level, it had zero growth during the month.
     
  • The index for machinery and transport equipment in the four areas registered zero growth this month.

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