General Wholesale Price Index (1998=100) : December 2018

Reference Number: 

2019-058

Release Date: 

Monday, February 11, 2019

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

Year-on-Year Changes in Percent of General Wholesale Price Index (GWPI) for
All Items by Area : December 2017 - December 2018

Year/Month
(1)
Philippines
(2)
Luzon
(3)
Visayas
(4)
Mindanao
(5)
 2018 7.1 7.3 6.5 6.5
 December 4.5p 4.7p 5.1 1.9
 November 5.7p 6.2p 4.2 3.2
 October 8.5 9.0 6.8 6.2
 September 9.6 10.0 7.6 8.2
 August 8.9 9.2 8.3 7.5
 July 9.0 9.3 6.8 7.8
 June 9.8 10.1 7.7 8.7
 May 8.4 8.4 7.4 8.9
 April 6.3 6.1 7.1 8.0
 March 5.4 5.2 5.8 6.4
 February 4.9 4.7 5.5 6.0
 January 4.8 4.8 5.6 5.2
 2017 4.4 4.6 4.3 2.7
  December 3.5 3.2 4.2 5.2

                                              
                                                p - preliminary

 

 

 

 

• YEAR-ON-YEAR
    

1. Annual increment of the GWPI at the national level in December 2018 continues to move at a slower pace

     The annual increase of GWPI at the national level slowed down further to 4.5 percent in December 2018. In the previous month, the annual rate was pegged at 5.7 percent and in December 2017, 3.5 percent. The annual movement in crude materials, inedible except fuels index was still in a downtrend as its rate dropped by 21.1 percent. Slower annual gains were also noted in the indices of the following commodity groups:

  • Beverages and tobacco, 14.6%;
  • Mineral fuels, lubricants and related materials, 11.6%;
  • Chemicals including animal and vegetables oils and fats, 0.2%; and
  • Miscellaneous manufactured articles, 1.3%.

     On the other hand, higher annual rates were posted in the indices of food at 4.0 percent; manufactured goods classified chiefly by materials, 3.0 percent; and machinery and transport equipment, 1.8 percent.

2. The average annual change of GWPI at the national level for the year 2018 moves upward

     The average annual rate of GWPI at the national level picked up by 7.1 percent in 2018 compared with the 4.4 percent annual increment in 2017. The average annual rate of the heavily-weighted food index rose by 2.9 percent. Moreover, higher average annual increments were registered in the indices of the following commodity groups:

  • Beverages and tobacco, 15.1%;
  • Mineral fuels, lubricants and related materials, 29.3%;
  • Manufactured goods classified chiefly by materials, 2.6%; and
  • Machinery and transport equipment; and miscellaneous manufactured articles, both at 1.3%.

     Meanwhile, the average annual rate of chemicals including animal and vegetable oils and fats index slowed down to 0.3 percent, while that for crude materials, inedible except fuels index exhibited an average annual decline of 18.1 percent (see Table 1.1).

3. Annual rate of GWPI in Luzon in December 2018 slowly picks up

     The annual growth of the GWPI in Luzon, likewise, eased further to 4.7 percent in December 2018. Its annual change in November 2018 was posted at 6.2 percent and in December 2017, 3.2 percent. Annual decreases were still registered in the indices of crude materials, inedible except fuels at 22.6 percent, and chemicals including animal and vegetable oils and fats at 0.9 percent. Moreover, annual hikes were lower in the indices of beverages and tobacco at 15.4 percent; mineral fuels, lubricants and related materials, 11.7 percent; and miscellaneous manufactured articles, 1.2 percent. Meanwhile, higher annual mark-ups were noted in the indices of food at 4.6 percent; manufactured goods classified chiefly by materials, 3.1 percent; and machinery and transport equipment, 2.2 percent.

4. GWPI in Luzon records higher average annual rate in 2018

     For the year 2018, the average annual change of GWPI in Luzon climbed by 7.3 percent from 4.6 percent in 2017. Higher average annual rates were registered in the indices of the following commodity groups:

  • Food, 2.2%;
  • Beverages and tobacco, 12.8%;
  • Mineral fuels, lubricants and related materials, 30.4%;
  • Manufactured goods classified chiefly by materials, 2.6%;
  • Machinery and transport equipment, 1.2%; and
  • Miscellaneous manufactured articles, 1.3%.

     However, the 2018 average annual rates in the indices of crude materials, inedible except fuels dropped by 19.4 percent, and chemicals including animal and vegetable oils and fats, 0.8 percent (see Table 2.1)

5. Year-on-Year change of GWPI in Visayas accelerates in December 2018

     The annual increment of GWPI in Visayas was higher at 5.1 percent in December 2018. Its annual rates in the previous month and in December 2017 were both posted at 4.2 percent. Annual uptick in the heavily-weighted food index was higher at 4.3 percent. Meanwhile, annual increases were slower in the indices of mineral fuels, lubricants and related materials at 15.6 percent; chemicals including animal and vegetable oils and fats, 7.1 percent; and manufactured goods classified chiefly by materials, 0.9 percent. The annual rate for crude materials, inedible except fuels index was still on the downtrend as it decreased by 15.0 percent. The rest of the commodity groups retained their previous month’s annual rates.

6. Average annual rate of GWPI in Visayas picks up in 2018

     The average annual change of GWPI in Visayas for the year 2018 advanced by 6.5 percent from 4.3 percent in 2017. Higher average annual rates were noted in the indices of the following commodity groups:

  • Food, 4.5%;
  • Beverages and tobacco, 20.8%;
  • Mineral fuels, lubricants and related materials, 23.9%; and
  • Chemicals including animal and vegetable oils and fats, 6.8%.

     In addition, from negative average annual rates in 2017, manufactured goods classified chiefly by materials index rose by 0.7 percent and miscellaneous manufactured articles by 0.2 percent. However, slower average annual mark-up was seen in machinery and transport equipment index at 1.2 percent. Moreover, the average annual change in crude materials, inedible except fuels index decreased by 12.5 percent (see Table 3.1).

7. Annual increment of GWPI in Mindanao in December 2018 is slower

     The annual increase of GWPI in Mindanao slid to 1.9 percent in December 2018. In the previous month, its annual rate was posted at 3.2 percent and in December 2017, 5.2 percent. Annual declines were posted in the indices of food at 0.2 percent; and crude materials, inedible except fuels, 2.0 percent. Compared with their annual rates in the previous month, slower hikes were observed in the indices of the following commodity groups:

  • • Beverages and tobacco, 8.0%;
  • • Mineral fuels, lubricants and related materials, 4.5%;
  • • Chemicals including animal and vegetable oils and fats, 2.4%; and
  • • Machinery and transport equipment, 0.8%.

     Meanwhile, higher annual gains were noted in the indices of manufactured goods classified chiefly by materials at 4.2 percent; and miscellaneous manufactured articles, 2.8 percent.

8. Average annual rate of GWPI in Mindanao picks up in 2018

     The average annual change of GWPI in Mindanao went up by 6.5 percent in 2018 from 2.7 percent in 2017. All the commodity groups exhibited higher average annual increases except for the index of crude materials, inedible except fuels which declined by 1.4 percent (see Table 4.1).
 

• MONTH-ON-MONTH

1. GWPI at the country level still on a downtrend

     Measured from a month ago level, the GWPI in the Philippines decreased by 0.9 percent in December 2018. In November 2018, its rate was at -1.7 percent. Declines were registered in the monthly indices of mineral fuels, lubricants and related materials at 7.8 percent; chemicals including animal and vegetable oils and fats, 0.3 percent; and miscellaneous manufactured articles, 0.2 percent. From zero growth in November 2018, the indices of food, and machinery and transport equipment correspondingly moved upward by 2.0 percent and 0.5 percent in December 2018. In addition, the index of beverages and tobacco inched up by 0.7 percent, from -0.1 percent and crude materials, inedible except fuels by 2.2 percent, from -4.3 percent. A higher gain of 0.5 percent was also posted in manufactured goods classified chiefly by materials index during the month (see Table 1.2).

2. Wholesale prices of petroleum products move downward

     Price decreases in petroleum products such as crude petroleum oil, gasoline, kerosene, diesel oil, bunker fuel oil, and LPG pushed down further the index of mineral fuels, lubricants and related materials in Luzon by 8.4 percent. Similarly, the group’s index in Visayas went down by 1.0 percent due to price decline in gasoline. Lower prices of gasoline, diesel oil, and LPG in Mindanao also resulted to 4.6 percent drop in its group’s index. For the Philippines, the group’s index fell by 7.8 percent.

3. Chemicals including animal and vegetable oils and fats index in Luzon drops further this month

     The index of chemicals including animal and vegetable oils and fats in Luzon shrank by 0.3 percent as prices of selected basic industrial chemicals and coconut oil were lower during the month. Moreover, paints and laundry soap were priced lower in Visayas. Thus, the group’s index in the area fell by 0.03 percent. Meanwhile, the group’s index in Mindanao had zero growth. At the national level, the group’s index declined by 0.3 percent.

4. Miscellaneous manufactured articles index in Luzon declines

     The index of miscellaneous manufactured articles in Luzon went down by 0.2 percent. This was brought about by lower prices of dining set and steel bed during the period. On the other hand, the increases in the prices of selected sanitary fixtures slightly raised its group’s index in Visayas by 0.001 percent. Moreover, the group’s index in Mindanao went up by 0.01 percent due to the increments in the prices of matches. For the Philippines, the group’s index dropped by 0.2 percent.

5. Higher prices of beverages push up beverages and tobacco index in Luzon

     The index of beverages and tobacco in Luzon rose by 0.9 percent as selected liquors and softdrinks were priced higher during the month. Meanwhile, the group’s index in Mindanao dropped by 0.01 percent due to price declines noted in selected liquors. Meanwhile, the group’s index in Visayas had zero growth. For the Philippines, the group’s index inched up by 0.7 percent.

6. Crude materials, inedible except fuels index moves up this month

     Higher prices of copra, abaca fiber, gravel, and pebbles resulted to a 2.5 percent growth in the index of crude materials, inedible except fuels in Luzon. In Visayas, prices of pebbles were higher during the period. Thus, the group’s index in the area increased by 0.3 percent. Meanwhile, the group’s index in Mindanao had zero growth. At the country level, the group’s index moved upward by 2.2 percent.

7. Machinery and transport equipment index picks up during the month

     The machinery and transport equipment index in Luzon inched up by 0.5 percent as prices of battery, convenient outlet, and selected electrical appliances were higher during the period.  Meanwhile, the group’s index in Visayas and Mindanao had zero growth. For the Philippines, the group’s index rose by 0.5 percent.

8. Manufactured goods classified chiefly by materials index generally moves upward

     A 0.6 percent mark-up in manufactured goods classified chiefly by materials index in Luzon can be attributed to higher prices of rubber tires, silicon nipples, selected paper products, selected concrete products, steel and flat bars, G.I. pipe, and lockset. In Mindanao, the group’s index, likewise, inched up by 0.1 percent. This was effected by the increments in the prices of luggage and selected paper products. On the other hand, lower prices of cement and glass products pushed down further the group’s index in Visayas by 0.2 percent. The group’s index at the country level recorded an increase of 0.5 percent.

9. Wholesale prices for food items generally increase during the month

     The food index in Luzon picked up by 2.3 percent in December 2018. This was brought about by higher prices of liveweight chicken, eggs, uncanned meat products, fish, unprocessed animal feeds, cocoa products, instant coffee and cooking oil. In Visayas, prices of pork, beef, butter, fish, fruits, vegetables, cocoa products and coffee beans went up during the month. Thus, the food index in the area rose by 3.0 percent. On the other hand, the group’s index in Mindanao plunged by 0.7 percent due to decreases in the prices of liveweight hogs, unmilled corn, rice, flour, vegetables, and sugar. The group’s index at the national level climbed by 2.0 percent (see Tables 1.2, 2.2, 3.2 and 4.2).

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