Year-on-Year Inflation Rates, All Items
January 2011 - January 2012

p - preliminary
r - revised

Year-on-Year

The year-on-year movement in the General Wholesale Price Index (GWPI) at the national level further slowed down to 4.0 percent in January from 5.8 percent in December. Negative annual rates were correspondingly noted in the indexes of crude materials, inedible except fuels and chemicals, including animal and vegetable oils and fats at -13.9 percent and -1.8 percent in January from -5.1 percent and 0.9 percent, respectively. Moreover, the annual gain in the indices of the following commodity groups eased during the month: food, 2.4 percent from 2.5 percent; mineral fuels, lubricants and related materials, 11.6 percent from 17.4 percent; and manufactured goods classified chiefly by materials, 4.0 percent from 4.4 percent. While the index for machinery and transport equipment grew by 1.8 percent from 1.2 percent, the indices of beverages and tobacco and miscellaneous manufactured articles were still at their respective last month's rates of 5.7 percent and 2.5 percent.

• The same trend was observed in Luzon as the annual movement slid to 4.6 percent in January from 6.6 percent in December. The annual movement in the crude materials, inedible except fuels index further dropped to -13.7 percent from -3.9 percent, and chemicals, including animal and vegetable oils and fats, -3.1 percent from zero growth. In addition, a slower annual hike was registered in the food index at 3.0 percent from 3.3 percent; mineral fuels, lubricants and related materials, 12.8 percent from 19.0 percent; and manufactured goods classified chiefly by materials, 4.2 percent from 4.6 percent. However, the annual change in the beverages and tobacco index rose 6.4 percent from 6.1 percent; machinery and transport equipment, 1.9 percent from 1.1 percent; and miscellaneous manufactured articles, 2.5 percent from 2.3 percent.
  

• Similarly, the annual gain in the wholesale prices of commodities in Visayas improved at 0.2 percent in January from 1.3 percent in December. This was due mainly to the declines in the heavily weighted food index at -0.9 percent and crude materials, inedible except fuels index at -20.1. Slower annual rates were also observed in the following indices: beverages and tobacco (2.4% from 4.8%); mineral fuels, lubricants and related materials (2.0% from 8.2%); chemicals, including animal and vegetable oils and fats (3.6% from 4.5%); manufactured goods classified chiefly by materials (3.0% from 3.8%); machinery and transport equipment (0.7% from 1.1%); and miscellaneous manufactured articles (0.5% from 0.9%).
  

• The annual increase in the GWPI in Mindanao also decelerated to 2.3 percent in January from 2.9 percent last month. This can be attributed to a slowdown in the food index at 0.8 percent in January from 1.4 percent in December; crude materials, inedible except fuels, 0.3 percent from 2.4 percent; chemicals, including animal and vegetable oils and fats, 3.1 percent from 4.2 percent; manufactured goods classified chiefly by materials, 3.5 percent from 4.2 percent; machinery and transport equipment, 2.0 percent from 2.1 percent; and miscellaneous manufactured articles, 4.6 percent from 5.7 percent. However, the annual growth in the beverages and tobacco index advanced to 4.1 percent from 3.4 percent. The mineral fuels, lubricants and related materials index moved at its last month's rate of 3.4 percent.

• By Commodity Group, Month-on-Month

  The month-on-month increment in the GWPI at the national level jumped to 0.5 percent in January from -0.2 percent in December. It resulted from an upward movement in the food index at 0.8 percent in January from -0.6 percent in December; mineral fuels, lubricants and related materials, 0.4 percent from -0.9 percent; chemicals, including animal and vegetable oils and fats, 0.7 percent from 0.6 percent; and miscellaneous manufactured articles, 0.4 percent from 0.2 percent. From zero growth, higher monthly rates were also posted in the corresponding indices of beverages and tobacco and machinery and transport equipment at 0.7 percent and 0.3 percent, respectively. On the other hand, a negative monthly rate was seen in the manufactured goods classified chiefly by materials index at -0.1 percent. The monthly change in crude materials, inedible except fuels index was recorded at 0.6 percent from 1.9 percent.

  • Higher prices of some food items such as selected fish species, fruits, milk and milk products, eggs and some spices and seasonings raised the food index in the three areas: Luzon, 0.9 percent; Visayas, 1.0 percent; and Mindanao, 0.4 percent. Upward adjustments in the prices of copra meal and poultry feeds also contributed to the increase in Luzon. At the national level, the group's index gained 0.8 percent.
    

  • Price hikes on kerosene, gasoline and asphalt in Luzon pushed up the mineral fuels, lubricants and related materials index by 0.6 percent. On the other hand, lower prices of LPG and some petroleum products effected a negative monthly rate of -2.5 percent in Visayas and -0.1 percent in Mindanao. In the Philippines, the group's index accelerated by 0.4 percent from -0.9 percent.
    

  • The growth in the index of chemicals, including animal and vegetable oils and fats in Luzon at 0.9 percent and in Mindanao at 0.3 percent were due to price increases in selected fertilizers and pharmaceutical preparations. Price add-ons in coconut oil were also observed in Luzon during the month. Meanwhile, lower prices of some fertilizers and other chemical products in Visayas resulted to a -0.4 percent decrement in its group's index. The national index inched up by 0.7 percent from 0.6 percent.

  • Movements in the beverages and tobacco index in Luzon and Mindanao were posted at 0.8 percent and 0.7 percent, respectively. It resulted from price upticks in selected cigarettes in the two areas. Meanwhile, the group's index in Visayas remained stable during the month. From zero growth, the group's index at the national level rose 0.7 percent.

  • In Luzon, the machinery and transport equipment index grew by 0.3 percent as price additions were observed in some electrical wires and circuit breakers. However, reduction in the prices of some electrical apparatus in Mindanao further pulled down its group's index by -0.2 percent. In Visayas, the monthly change in the group's index was zero while at the national level, the group's index moved at 0.3 percent.
    

  • The miscellaneous manufactured articles index in Luzon went up by 0.4 percent due to higher prices of UPVC pipes, undergarments and some office supplies. Meanwhile, downward adjustment in the prices of selected sanitary and plumbing fixtures, furniture and fixtures contributed a negative monthly rate of -0.2 percent in the group's index in Mindanao. Prices of miscellaneous manufactured articles in Visayas generally remained stable as its group's index had a zero growth. At the national level, the group's index advanced 0.4 percent.
    

  • The 0.7 percent rise in crude materials, inedible except fuels index in Luzon was brought about by the upward adjustment in the prices of copra and sand. In Mindanao, the group's index fell by -0.9 percent as prices of charcoal, bamboo and firewood were lower during the period. In Visayas, price reductions in pebbles and other crude materials pushed down the group's index by -0.2 percent. These mixed price trends resulted to a 0.6 increase in the group's national index.
    

  • In Visayas, a 0.4 percent decline in the manufactured goods classified chiefly by materials index was attributed to lower prices of cotton threads and textile yarns. The same negative monthly rate was noted in the group's index in Mindanao as price reductions were seen in G.I. sheets, woven fabrics and some metal products. Meanwhile, prices of manufactured goods classified chiefly by materials in Luzon remained stable during the month. At the national level, the group's index moved at -0.1 percent.