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

Reference Number: 

2017-062

Release Date: 

Wednesday, March 15, 2017

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

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

         Month             Philippines            Luzon               Visayas           Mindanao    
 2017        
 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
  September 1.9 1.9 2.6 1.3
  August 0.8 0.4 2.9 1.8
  July 0.2 -0.1 2.5 0.8
  June 0.3 0.2 -0.1 0.9
  May 0.3 0.3 -0.8 0.8
 April -0.3 -0.6 -0.5 1.4
 March -0.5 -0.8 1.0 0.6
 February -0.8 -1.1 1.0 0.4
 January 0.4 0.1 1.4 1.6

                              
                              

 

 

 

 

• Year-on-Year
    
    The year-on-year growth of the General Wholesale Price Index (GWPI) at the national level further moved upward by 7.4 percent in January 2017. It went up by 5.5 percent in the previous month and 0.4 percent in January 2016. Higher annual increments were noticed in the indices of the following commodity groups:   

  • Food (2.9%)
  • Beverages and Tobacco (3.7%)
  • Crude Materials, Inedible Except Fuels (28.4%)
  • Mineral Fuels, Lubricants and Related Materials (31.4%)
  • Manufactured Goods Classified Chiefly by Materials (1.0%)
  • Machinery and Transport Equipment (0.6%)

Slower annual gains were, however, noticed in the indices of chemicals including animals and vegetable oils and fats at 6.0 percent and miscellaneous manufactured articles, 0.7 percent (Table 1.2)

• The annual growth of the GWPI in Luzon accelerated by 8.2 percent in January 2017. In December 2016, the rate was 6.1 percent and in the same month in 2016, 0.1 percent. Annual add-ons were higher in the indices of the following commodity groups:

  • Food (2.5%)
  • Beverages and Tobacco (3.6%)
  • Crude Materials, Inedible Except Fuels (29.0%)
  • Mineral Fuels, Lubricants and related Materials (33.7%)
  • Manufactured Goods Classified Chiefly by Materials (1.2%)
  • Machinery and Transport Equipment (0.7%)

However, slowdowns in the annual increases were correspondingly observed in the indices of chemicals including animal and vegetable oils and fats and miscellaneous manufactured articles at 7.3 percent and 0.8 percent (Table 2.2).

• In Visayas, the annual growth of the GWPI rose by 5.3 percent in January 2017. It was pegged at 3.6 percent in December 2016 and 1.4 percent in January 2016. Higher annual upticks were posted in the indices of the following commodity groups:

  • Food (4.7%)
  • Crude Materials, Inedible Except Fuels (33.6%)
  • Mineral Fuels, Lubricants and Related Materials (24.6%)
  • Chemicals Including Animal and Vegetable Oils and Fats (1.0%)

Meanwhile, negative annual rates were still noted in the indices of manufactured goods classified chiefly by materials at -1.5 percent and miscellaneous manufactured articles,  -1.0 percent. The rest of the commodity groups retained their previous month’s rate (Table 3.2).

• The annual increment of GWPI in Mindanao was higher at 3.1 percent in January 2017. In the previous month, it rose by 2.5 percent and in January 2016, 1.6 percent. Annual mark-ups were higher in the indices of food at 4.4 percent; mineral fuels, lubricants and related materials, 6.4 percent and chemicals including animal and vegetable oils and fats, 1.0 percent. Moreover, from zero growth in the previous month, the indices of beverages and tobacco increased by 7.1 percent and machinery and transport equipment, 0.1 percent. On the other hand, the annual gains in the indices of crude materials, inedible except fuels were slower at 7.0 percent and manufactured goods classified chiefly by materials, 0.8 percent. That for miscellaneous manufactured articles index moved at its previous month’s rate of 1.3 percent (Table 4.2).
 

• By Commodity Group, Month-on-Month

    On a monthly basis, the growth of GWPI at the national level decelerated to 0.6 percent in January 2017. In December 2016, it gained by 1.1 percent. Declines were noted in the indices of food at -0.3 percent and chemicals including animal and vegetable oils and fats, -3.3 percent. Moreover, upticks in the indices of crude materials, inedible except fuels eased to 4.7 percent and mineral fuels, lubricants and related materials, 3.6 percent. From zero growth in the previous month, the index of beverages and tobacco inched up by 2.7 percent. Movement in the index of machinery and transport equipment remained at its previous month’s rate of 0.1 percent while the rest of the commodity groups had zero growth (Table 1.1).

  •     Price hikes in gasoline, diesel oil, LPG, bunker fuel and crude petroleum oil pushed up the index for mineral fuels, lubricants and related materials in Luzon by 4.0 percent. The group’s index in Visayas likewise, rose by 0.4 percent due to upward adjustments in the prices of gasoline and diesel oil. The group’s index in Mindanao picked up by 0.6 percent as gasoline, diesel oil, lubricating oil and LPG were priced higher in the area during the month. For the Philippines, the group’s index moved upward by 3.6 percent.
     
  •     Add-ons in the prices of cigarettes during the month effected the 2.5 percent growth in beverages and tobacco index in Luzon. In Mindanao, prices of liquor, beer, cigarettes and softdrinks were on the uptrend. Hence, the group’s index in the area advanced by 7.0 percent. Meanwhile, the group’s index in Visayas had a flat growth. The national index inched up  by 2.7 percent.
     
  •     The index of crude materials, inedible except fuels in Luzon accelerated by 4.2 percent. This can be attributed to higher prices of copra, abaca fiber, sand and gravel during the month. Similarly, the group’s index in Visayas soared by 12.7 percent brought about by the increment in the price of copra. Lower prices of sand, gravel, pebbles and charcoal in Mindanao, however, pushed down its group’s index by 0.3 percent. The group’s index at the country level climbed by 4.7 percent.
     
  •     A 0.1 percent growth in machinery and transport equipment index in Luzon was brought about by higher prices of television set, selected electrical appliances and motor vehicle. On the other hand, the group’s index in Visayas and Mindanao posted zero growth. The group’s index at the national level inched up by 0.1 percent.
     
  •     The food index in Luzon went down by 0.6 percent as prices of food items such as chicken, eggs, dairy products, canned fish, dried fish, corn grain, rice, fresh vegetables and sugar were lower during the month. On the other hand, the group’s index in Visayas gained by 0.1 percent. Prices of eggs, beef, pork and fresh fruits in the area went up during the month. Similarly, higher prices of uncanned meat products, milk, processed fish, corn grain, bakery products, fresh fruits, vegetables and coffee raised the group’s index in Mindanao by 1.2 percent. The food index at the country level dropped by 0.3 percent.
     
  •     The index of chemicals including animal and vegetable oils and fats in Luzon fell by 4.1 percent. The downtrend was brought about by lower prices of coconut oil, fertilizers, varnishes, laundry soap and industrial alcohol during the month. Meanwhile, varnishes and lacquer, plastic sheet, soap and caustic soda were priced higher in Mindanao. Thus, its group’s index inched up by 0.4 percent. In Visayas, the group’s index had a flat growth. For the Philippines, the group’s index decreased by 3.3 percent.
     
  •     Prices of inner tubes, lumber, doors, windows, selected paper products, fabricated wire products, selected hardware products and tiles in Luzon were higher during the month. Thus, the index of manufactured goods classified chiefly by materials in the area inched up by 0.1 percent. On the contrary, lower prices of cement, lumber, selected paper products and pushed down the group’s index in Mindanao by 0.3 percent. The group’s index in Visayas, however, had zero growth during the period. At the national level, the group’s index recorded zero growth.
     
  • The index of miscellaneous manufactured articles in the four areas registered zero growth in January 2017.

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