Year-on-Year Growth Rates, All Items
December 2011 - December 2012

Year-on-Year

The year-on-year movement in the General Wholesale Price Index (GWPI) at the national level continued at its negative rate of 0.5 percent in December from -0.6 percent in November. The annual adjustment in crude materials, inedible except fuels index declined by 27.9 percent in December from -26.1 percent in November; mineral fuels, lubricants and related materials index, -3.0 percent from -3.1 percent; and chemicals including animal and vegetable oils and fats index, -3.5 percent from -2.9 percent. Moreover, slower annual increments were noted in the corresponding indices of manufactured goods classified chiefly by materials and miscellaneous manufactured articles at 1.0 percent and 1.2 percent from 1.4 percent last month. However, a higher annual uptick was seen in the food index at 2.2 percent from 1.5 percent and machinery and transport equipment index, 2.5 percent from 2.4 percent. That for beverages and tobacco index moved at its last month’s rate of 1.5 percent.

The annual average growth rate of the GWPI for the year 2012 decelerated to 1.1 percent from 8.7 percent in 2011. Reductions were correspondingly noted in the annual average movements in the indices in crude materials, inedible except fuels and chemicals including animal and vegetable oils and fats at -21.8 percent and -2.7 percent from 31.3 percent and 6.6 percent, respectively. In addition, slower annual average increases were observed in the indices of the following commodity groups: food (2.4% from 4.5%); beverages and tobacco (2.5% from 6.2%); mineral fuels, lubricants and related materials (1.9% from 21.7%); manufactured goods classified chiefly by materials (2.4% from 3.0%); and miscellaneous manufactured articles (1.8% from 3.8%). On the other hand, the annual average rate for machinery and transport index gained 1.9 percent from 1.6 percent.
 

• The annual change of the GWPI in Luzon was pegged at -0.9 percent in December, the same rate recorded in November. Negative annual rate was seen in the crude materials, inedible except fuels index at 31.3 percent from -29.8 percent; mineral fuels, lubricants and related materials index, -3.3 percent from -3.5 percent; and chemicals including animal and vegetable oils and fats index, -4.8 percent from -4.1 percent. Likewise, slowdowns in the annual hikes were noticed in the indices of manufactured goods classified chiefly by materials at 0.6 percent from 1.1 percent and miscellaneous manufactured articles, 1.2 percent from 1.4 percent. On the contrary, higher annual uptick was posted in the food index at 2.3 percent from 1.9 percent while the indices for beverages and tobacco and machinery and transport equipment retained their previous month’s rates of 1.1 percent and 3.1 percent, respectively.

  The annual average growth rate in the GWPI in Luzon eased to 1.2 percent in 2012 from 9.6 percent last year. Negative annual average rates were recorded in the index of crude materials, inedible except fuels at 23.7 percent from 33.1 percent and chemicals including animal and vegetable oils and fats index, -4.0 percent from 7.8 percent. In addition, slower annual average growths were observed in the indices of the following commodity groups during the year: food, 3.0 percent from 4.9 percent; beverages and tobacco, 2.3 percent from 6.7 percent; mineral fuels, lubricants and related materials, 2.0 percent from 23.2 percent; manufactured goods classified chiefly by materials, 2.4 percent from 3.0 percent; and miscellaneous manufactured articles, 1.9 percent from 3.9 percent. Meanwhile, the annual average rate in the machinery and transport equipment index rose 2.4 percent from 1.0 percent.
   

• In Visayas, the annual increase in the GWPI continued to move at a slower pace of 0.4 percent in December from 0.5 percent in November. The annual movement in crude materials, inedible except fuels index declined by 2.3 percent from 1.6 percent; mineral fuels, lubricants and related materials index, -1.7 percent from -1.2 percent; and chemicals including animal and vegetable oils and fats index, -0.1 percent from 0.7 percent. The annual adjustment in the food index however advanced 1.8 percent from 1.6 percent; machinery and transport equipment index, 0.1 percent from zero growth; and miscellaneous manufactured articles index, 0.2 percent from 0.1 percent. Those for the rest of the commodity groups remained at their last month’s rate.

  The annual average growth rate of the GWPI in Visayas followed the same trend in Luzon as it slowed down to 0.1 percent in 2012 from 6.4 percent in 2011. It resulted from negative annual average rates correspondingly posted in the indices of crude materials, inedible except fuels and mineral fuels, lubricants and related materials at -8.9 percent and -0.6 percent from 26.8 percent and 18.1 percent, respectively. The annual average growths of the food index decelerated to 0.3 percent from 3.6 percent; beverages and tobacco index, 2.0 percent from 6.6 percent; manufactured goods classified chiefly by materials index, 0.8 percent from 3.1 percent; machinery and transport equipment index, 0.2 percent from 5.0 percent; and miscellaneous manufactured articles index, 0.1 percent from 1.9 percent. That for chemicals including animal and vegetable oils and fats index was however higher at 1.6 percent from 1.4 percent.

• The annual growth of GWPI in Mindanao climbed 2.2 percent in December from 1.1 percent in November. A higher annual change was seen in the heavily-weighted food index at 1.7 percent in December from -1.3 percent in November; chemicals including animal and vegetable oils and fats index, 3.2 percent from 3.1 percent; manufactured goods classified chiefly by materials index, 5.0 percent from 4.4 percent; and machinery and transport equipment index, 0.4 percent from 0.3 percent. Meanwhile, the annual increment in mineral fuels, lubricants and related materials index improved to 1.5 percent from 2.5 percent and miscellaneous manufactured articles index, 1.3 percent from 1.9 percent. The beverages and tobacco index retained its last month’s rate of 3.5 percent while that for crude materials, inedible except fuels index had a zero growth.

  The annual average growth of the GWPI in Mindanao slowed to 1.7 percent in 2012 from 2.7 percent in 2011. This was effected by -1.6 percent annual movement in the crude materials, inedible except fuels index from 0.7 percent last year. Likewise, lower annual average increment were noted in the food index at 0.1 percent from 2.2 percent growth last year; mineral fuels, lubricants and related materials index, 2.1 percent from 3.2 percent; machinery and transport equipment index, 0.7 percent from 2.3 percent; and miscellaneous manufactured articles index, 2.3 percent from 4.8 percent. Higher annual average growths were however seen in the indices of manufactured goods classified chiefly by materials at 4.3 percent from 2.9 percent and beverages and tobacco and chemicals including animal and vegetable oils and fats at 3.5 percent from 2.7 percent and 3.0 percent, respectively.

• By Commodity Group, Month-on-Month

  Compared to last month, wholesale prices of commodities in the country decreased by 0.1 percent in December from -0.4 percent. The crude materials, inedible except fuels index went down by 0.5 percent from -4.6 percent; mineral fuels, lubricants and related materials index, -0.8 percent from -1.7 percent; and chemicals including animal and vegetable oils and fats index, -0.1 percent from -0.6 percent. A slowdown in the monthly growth posted in the food index at 0.2 percent from 0.3 percent also contributed to the downtrend. The other commodity groups registered higher growths or had a zero percent change.
   

   

  Price rollbacks in petroleum products and lower prices of crude oil pushed down the mineral fuels, lubricants and related materials index in Luzon by 1.1 percent; Mindanao, -0.1 percent; and Philippines, -0.8 percent. On the other hand, price mark-ups in LPG raised the group’s index in Visayas by 1.0 percent.
   

  The crude materials, inedible except fuels index in Visayas went down by 3.8 percent from -3.6 percent and in Luzon, -0.1 percent from -5.0 percent. This was brought about by the downward adjustment in the prices of copra in the two areas. Moreover, the 0.4 percent drop in the group’s index in Mindanao was triggered by price cuts in firewood and charcoal during the month. At the national level, the group’s index dropped by 0.5 percent.
   

  The downward price trend in coconut oil resulted to a 0.2 percent decline in chemicals including animal and vegetable oils and fats index in Luzon. Meanwhile, higher prices of other medical and pharmaceutical products in Visayas effected a 0.2 percent rise in its group’s index. In Mindanao, price add-ons in selected insecticides generally pushed up the group’s index by 0.1 percent. The monthly change in the group’s national index was recorded at -0.1 percent.
   

  Price increments in beef products, some fish species, spices and condiments, milk and milk products and selected fruits and vegetables caused a 1.7 percent increase in the food index in Mindanao. However, prices of some vegetables and selected fish species in Luzon and in Visayas went down during the period. This pulled down the group’s index in the two areas by -0.1 percent and -0.2 percent, respectively. Reduction in the price of desiccated coconut in Luzon was also noted during the period. These mixed price movements resulted to a slower monthly rate registered in the national index at 0.2 percent from 0.3 percent.
   

  A 0.7 percent gain in the manufactured goods classified chiefly by materials index in Mindanao was attributed to upward price movements in paper products, cotton yarn, tiles, and other hardware items. Similarly, price additions in cement, plywood, tiles, door jambs and other basic ferrous metals in Luzon pulled up the group’s index in the area by 0.1 percent. The same growth was also recorded in the group’s index in Visayas as higher price adjustments were seen in selected rubber tires. Thus, the national index inched up 0.2 percent.
   

  While the month-on-month change in machinery and transport equipment index in Visayas grew by 0.1 percent due to higher prices of some electrical fixtures, no movement was seen in the group’s index in Luzon and Mindanao. From zero growth, the group’s index in the Philippines moved up by 0.1 percent.
   

  Price hikes in selected office supplies in Visayas and Mindanao contributed to the 0.1 percent gain in the miscellaneous manufactured articles index in the two areas and at the national level. In Luzon, prices of miscellaneous manufactured articles generally remained stable as its group’s index had a zero growth.
   

  A zero percent change was recorded in beverages and tobacco index in the four areas.
   

  Notes:

GWPI by sub-group for Luzon, Visayas, Mindanao and at the national level are also available upon request at NSO, Industry and Trade Statistics Department, Economic and Indicators Division (Telephone Numbers: 716-39-35 and 715-33-47).