Year-on-Year Growth Rates, All Items
January 2014 - January 2015

p - preliminary
r - revised

Year-on-Year

The year-on-year movement of the General Wholesale Price Index (GWPI) at the national level continued to drop in January 2015 as it recorded a negative rate of 6.6 percent. Last month, it went down by 4.1 percent while in January 2014, it increased by 4.6 percent. Annual declines were still posted in crude materials, inedible except fuels index at -2.7 percent and mineral fuels, lubricants and related materials index, -38.0 percent. In addition, the annual uptick in beverages and tobacco index slowed to 6.3 percent; chemicals including animal and vegetable oils and fats index, 3.0 percent; and manufactured goods classified chiefly by materials index, 1.8 percent. On the other hand, the heavily-weighted food index grew by 5.6 percent and machinery and transport equipment index, 3.1 percent. The annual movement in the miscellaneous manufactured articles index remained at 1.4 percent.

• In Luzon, the GWPI further decreased by 7.5 percent in January of 2015 as the crude materials, inedible except fuels index fell by 4.4 percent and mineral fuels, lubricants and related materials, -39.0 percent. Slower annual rates were likewise observed in the indices of chemicals, including animal and vegetable oils and fats at 3.3 percent and manufactured goods classified chiefly by materials, 1.9 percent. Meanwhile, upward adjustments were noted in the food index at 6.7 percent; beverages and tobacco index, 7.8 percent; machinery and transport equipment index, 3.8 percent; and miscellaneous manufactured articles index, 1.7 percent.

• A similar trend was seen in the GWPI in Visayas as it went down by 3.0 percent in January. This was effected by the continuous reduction in the annual rate of mineral fuels, lubricants and related materials index at -29.9 percent. Contributing also to the downtrend were the slowing down movements in the food index (3.3%) and in crude materials, inedible except fuels index (11.4%). The rest of the commodity groups moved at their respective last month’s rate.

• In Mindanao, the annual growth of the GWPI was also posted at -3.0 percent in January as the mineral fuels, lubricants and related materials index further dropped by 28.5 percent and miscellaneous manufactured articles index, -0.2 percent. Slow-paced growths were likewise seen in the food index at 0.3 percent and beverages and tobacco index, 0.2 percent. On the contrary, annual movements in crude materials, inedible except fuels index went up by 4.2 percent and chemicals including animal and vegetable oils and fats index, 1.3 percent. The indices of manufactured goods classified chiefly by materials and machinery and transport equipment retained their last month’s rates of 1.4 percent and 0.2 percent, respectively.

• By Commodity Group, Month-on-Month

  At the national level, the month-on-month change of the GWPI was at -2.5 percent in January 2015. It resulted from the decline in the mineral fuels, lubricants and related materials index at -14.7 percent. Higher monthly gains were however, observed in the food index at 0.6 percent and in crude materials, inedible except fuels; chemicals including animal and vegetable oils and fats; manufactured goods classified chiefly by materials; machinery and transport equipment; and miscellaneous manufactured articles indices, 0.1 percent. The beverages and tobacco index moved at its last month’s rate of 0.1 percent.

  Prices of gasoline, diesel oil, kerosene and LPG were generally lower during the month. Hence the mineral fuels, lubricants and related materials index in the Philippines declined by 14.7 percent; Luzon, -15.2 percent; Visayas; -12.9 percent; and Mindanao, -7.6 percent.

  The 1.2 percent growth in the food index in Luzon resulted from price mark-ups in selected food items such as fish, canned meat, sugar, cocoa products, fruits and some vegetables. Prices of eggs, some fish species, fruits, vegetables, and desiccated coconut were higher in Visayas. Thus, its group’s index rose 0.3 percent. However, in Mindanao, lower prices of rice, hogs and some fruits and vegetables pushed down its group’s index by 3.1 percent. In the Philippines, the group’s index inched up by 0.6 percent.

  Upward adjustments in the prices of firewood and charcoal raised the crude materials, inedible except fuels index in Mindanao by 3.2 percent. On the other hand, a 0.2 percent decrease in the group’s index in Visayas was brought about by price cuts in pebbles in the area while in Luzon, prices of crude materials, inedible except fuels items generally remained stable as its group’s index had a zero growth. These mixed price trends caused a 0.1 percent uptick in the group’s national index.

  A 0.2 percent gain in the beverages and tobacco index in Luzon was due to price additions in selected liquors in the area. On the other hand, reduction in the prices of cigarettes pushed down its index in Mindanao by 0.1 percent. In Visayas, prices of beverages and tobacco remained unchanged during the month. In the Philippines, the monthly uptick in the group’s index was posted at 0.1 percent.

  In Mindanao, add-ons in the prices of vitamins and other pharmaceutical preparations pushed up the chemicals including animal and vegetable oils and fats index by 0.4 percent. Paints, antibiotics, selected washing compounds and detergents were priced higher in Luzon. Hence, the group’s index in the area inched up by 0.1 percent. While the group’s index in Visayas had a zero growth, at the national level, the group’s index moved up by 0.1 percent.

  With increased prices of abaca rope, glass products such as drinking glasses, and tiles in Mindanao, the manufactured goods classified chiefly by materials index grew by 0.1 percent. In Luzon, add-ons in the prices of rubber tires, plywood, door jambs, cement boards, tiles and other non-metallic products were offset by the decline in the prices of lumber, cement, G.I. pipes and fabricated wire products. Hence, a zero growth was recorded in the group’s index in the area. A zero growth was also observed in the group’s index in Visayas as prices of manufactured goods classified chiefly by materials remained stable during the month. These factors effected a 0.1 percent increment in the national index.

  A 0.1 percent growth in the miscellaneous manufactured articles index in Luzon was due to price hikes in sanitary fixtures and other miscellaneous manufactures. On the other hand, reduction in the prices of photo films in Mindanao pushed down its index by 0.1 percent. In Visayas, prices of miscellaneous manufactured articles generally remained stable during the month, thereby, registering a zero growth in the group’s index. At the national level, movement in the group’s index was recorded at 0.1 percent.

  In Luzon, prices of dry cells were on the uptrend. Thus, the machinery and transport equipment index in the area grew by 0.1 percent. In Visayas and Mindanao, the group’s index had a zero growth while the national index gained 0.1 percent.
  

  Note:

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