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

Year-on-Year Changes in Percent, All Items (July 2017 - July 2018)

• Year-on-Year
 

The annual increase of General Wholesale Price Index (GWPI) at the national level slowed down to 9.0 percent in July 2018. In the previous month, the annual rate was pegged at 9.8 percent and in July 2017, 2.7 percent. Compared with the annual rates in June 2018, the annual movements in the indices of crude materials, inedible except fuels dropped by 20.8 percent and chemicals including animal and vegetable oils and fats, 0.8 percent. Moreover, annual gains noted in the indices of the following commodity groups during the month were slower compared from their annual rates in June 2018:

• Food (3.5%);

• Beverages and Tobacco (13.8%);

• Mineral Fuels, Lubricants and Related Materials (41.2%); and

• Manufactured Goods Classified Chiefly by Materials (2.9%).

Meanwhile, annual increments were higher in the indices of machinery and transport equipment at 1.1 percent and miscellaneous manufactured articles, 1.4 percent (see Table 1.1).

> The annual rate of GWPI in Luzon decelerated to 9.4 percent in July 2018. The annual change was recorded at 10.1 percent in June 2018 and 2.9 percent in July 2017. Annual decreases were registered in the indices of crude materials, inedible except fuels at -22.6 percent and chemicals including animal and vegetable oils and fats, -2.2 percent. In addition, annual mark-ups recorded in the indices of mineral fuels, lubricants and related materials were slower at 42.9 percent and manufactured goods classified chiefly by materials, 2.9 percent. Meanwhile, higher annual increments were posted in the indices of food at 3.0 percent and machinery and transport equipment, 1.0 percent. Annual movements in the indices of beverages and tobacco remained at 10.8 percent and miscellaneous manufactured articles, 1.4 percent (see Table 2.1).

> The annual hike of GWPI in Visayas eased to 6.8 percent in July 2018. Its annual growth in the previous month was pegged at 7.7 percent and in July 2017, 2.3 percent. The slowdown was primarily due to the 9.9 percent decline in crude materials, inedible except fuels index. Moreover, compared from the previous month’s annual rates, year-on-year increases were slower in the indices of the following commodity groups:

• Food, (3.2%);

• Beverages and Tobacco, (19.6%);

• Mineral Fuels, Lubricants and Related Materials, (31.3%);

• Chemicals Including Animal and Vegetable Oils and Fats, (7.7%); and

• Machinery and Transport Equipment, (0.6%).

On the other hand, a higher annual uptick of 0.9 percent was posted in manufactured goods classified chiefly by materials index with miscellaneous manufactured articles index retaining its previous month’s annual rate of 0.1 percent (see Table 3.1).

> The annual increase of the GWPI in Mindanao decelerated to 7.8 percent in July 2018. In the previous month, its annual rate was posted at 8.7 percent and in July 2017, 1.5 percent. An annual drop of 1.9 percent was registered in the index of crude materials, inedible except fuels. Compared to the annual rates in the previous month, slower annual increments were noted in the indices of food at 7.1 percent and mineral fuels, lubricants and related materials, 21.8 percent. The annual gains in the indices of chemicals including animal and vegetable oils and fats were however, higher at 3.3 percent and miscellaneous manufactured articles, 1.9 percent. Other commodity groups retained their previous month’s rate (see Table 4.1).

• By Commodity Group, Month-on-Month

On a monthly basis, the growth of GWPI at the national level slowed down to 0.1 percent in July 2018. In June 2018, its monthly rate was recorded at 0.3 percent. The index of mineral fuels, lubricants and related materials went down by 0.2 percent. Moreover, the uptick in the index of food at 0.3 percent was lower from its previous month’s rate of 0.4 percent. On the other hand, the index of crude materials, inedible except fuels rose by 1.0 percent. The index of manufactured goods classified chiefly by materials also inched up by 0.1 percent from 0.043 percent growth in the previous month. Meanwhile, minimal growths were noted in the indices of beverages and tobacco (0.028%); chemicals including animal and vegetable oils and fats (0.044%); and miscellaneous manufactured articles (0.047%). Movement in machinery and transport equipment index was constant at 0.1 percent (see Table 1.2).

• Food index in Luzon picked up by 0.8 percent in July 2018 as liveweight chicken, eggs, beef, pork, selected dairy products, canned and processed fish, vegetables, sugar, cocoa products and vinegar were priced higher during the period. On the other hand, prices of fish, margarine, desiccated coconut and starch pushed down the food index in Visayas by 1.1 percent. In Mindanao, the group’s index also decreased by 1.5 percent due to downward price movements in eggs, pork, uncanned meat products, fruits and sugar.The food index for the Philippines picked up by 0.3 percent.
   

• Higher prices of copra and gravel pushed up the index of crude materials, inedible except fuels in Luzon by 1.3 percent. In Mindanao, prices of sand and gravel were higher during the period. Thus, its group’s index in the area increased by 0.1 percent. Meanwhile, a decrease in the price of copra pushed down the group’s index in Visayas by 1.8 percent. At the country level, the group’s index moved up by 1.0 percent.
   

• The index of manufactured goods classified chiefly by materials in Visayas went up by 0.1 percent due to increment in the price of plywood. In Mindanao, prices of plywood, selected paper products, abaca rope, fish net, hollow blocks and glass and glass products went up during the month. Thus, the group’s index in the area gained by 0.2 percent. In Luzon, higher prices in tires and inner tubes, bond paper, G.I. sheets, G.I. pipe and fabricated wire products resulted to a minimal growth (0.003%) in its group’s index. The group’s index at the country level recorded an increase of 0.1 percent.
   

• The index for machinery and transport equipment in Luzon inched up by 0.1 percent as electrical convenient outlet was priced higher during the period. Meanwhile, movement of the group’s index in Visayas and Mindanao did not change during the month. At the country level, the group’s index rose by 0.1 percent.
   

• A 0.1 percent uptick in miscellaneous manufactured articles index in Mindanao can be attributed to higher prices in selected ready-made clothing items and printed matters. Similarly, the group’s index in Luzon inched up by 0.01 percent brought about by the increases in the prices of selected sanitary fixtures. In Visayas, the index had zero growth. At the national level, the group’s index went up by 0.048 percent.
   

• The index of chemicals including animal and vegetable oils and fats in Visayas rose by 0.1 percent as fertilizers and selected cosmetics and toilet preparations were priced higher during the month. In Mindanao, upward price adjustments in fertilizers and selected medical and pharmaceutical preparations resulted to a 0.1 percent growth in its group’s index. Upticks in the prices of paints and selected medical and pharmaceutical also pushed up its group’s index in Luzon by
  0.043 percent. At the national level, the group’s index recorded a low growth of 0.045 percent.
   

• The beverages and tobacco index in Visayas advanced by 0.3 percent brought about by the upward movements in the prices of beer and softdrinks during the month. Meanwhile, no movement was seen in the group’s index in Luzon and Mindanao. The group’s index at the country level recorded a minimal increase of 0.028 percent.
   

• Declines in the prices of petroleum products such as gasoline, diesel oil and crude petroleum oil pushed down the index of mineral fuels, lubricants and related materials in Luzon by 0.2 percent. On the other hand, the group’s index in Mindanao rose by 0.6 percent. This was attributed to higher prices in gasoline and diesel oil. Similarly, the group’s index in Visayas slightly moved up by 0.029 percent due to add-ons in the prices of diesel oil and LPG. For the Philippines, the group’s index fell by 0.2 percent (see Tables 1.2, 2.2, 3.2 and 4.2).

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