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

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

• Year-on-Year
 

The annual rate of change of the General Wholesale Price Index (GWPI) at the national level further accelerated to 10.0 percent in June 2018. In the previous month, the annual rate was recorded at 8.4 percent and in June 2017, 1.6 percent. Compared with the annual rates in May 2018, the year-on-year increases in June 2018 were higher in the indices of food at 3.7 percent; mineral fuels, lubricants and related materials, 47.9 percent; and manufactured goods classified chiefly by materials, 3.0 percent. A slower annual increment was however, posted in the index of beverages and tobacco at 14.0 percent in June from 14.3 percent in the previous month. Moreover, negative annual rates were noted in the indices of crude materials inedible except fuels at -19.8 percent and chemicals including animal and vegetable oils and fats, -0.2 percent. The rest of the commodity groups retained their previous month’s annual rate (see Table 1.1).

> In Luzon, the annual adjustment of the GWPI moved up at a faster pace of 10.4 percent in June 2018. Its annual rate in May 2018 was recorded at 8.4 percent and in June 2017, 1.5 percent. Annual add-ons in the indices of the following commodity groups during the month were higher compared from their annual rates in May 2018:

• Food (2.7%);

• Mineral Fuels, Lubricants and Related Materials (50.4%);

• Manufactured Goods Classified Chiefly by Materials (3.0%);

• Machinery and Transport Equipment (0.8%); and

• Miscellaneous Manufactured Articles (1.4%).

Annual increment was however, slower in beverages and tobacco index at 10.8 percent in June 2018 from 11.3 percent annual growth in the previous month. Meanwhile, annual rates dropped in the indices of crude materials, inedible except fuels by 21.1 percent and chemicals including animal and vegetable oils and fats by 1.6 percent (see Table 2.1).

> In Visayas, the annual rate of the GWPI picked up by 7.7 percent in June 2018. The annual change in May 2018 was recorded at 7.4 percent and in June 2017, 3.7 percent. Compared from the previous month’s annual increases, year-on-year mark-ups were higher in the indices of food at 5.0 percent and mineral fuels, lubricants and related materials, 32.2 percent. Annual gains were, however, slower in the indices of beverages and tobacco at 21.5 percent; chemicals including animal and vegetable oils and fats, 7.9 percent; and machinery and transport equipment, 1.2 percent. The index of crude materials, inedible except fuels continued to move downward as its annual rate further decreased by 13.3 percent. Movement in the index of manufactured goods classified chiefly by materials was constant at 0.8 percent and in miscellaneous manufactured articles index at 0.1 percent (see Table 3.1).

> The annual increase of the GWPI in Mindanao decelerated to 8.7 percent in June 2018. In the previous month, its annual rate was posted at 8.9 percent and in June 2017, 0.8 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 9.0 percent; beverages and tobacco, 29.3 percent; and mineral fuels, lubricants and related materials, 23.9 percent. The annual gains in the indices of chemicals including animal and vegetable oils and fats were however, higher at 3.1 percent and manufactured goods classified chiefly by materials, 4.0 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 eased to 0.5 percent in June 2018. In May 2018, its rate was recorded at 1.3 percent. The index of crude materials, inedible except fuels declined by 0.2 percent. Moreover, upticks in the indices of food slowed down to 0.5 percent and mineral fuels, lubricants and related materials, 1.4 percent. From a zero growth in the previous month, the index of machinery and transport equipment inched up by 0.1 percent. In addition, minimal growths were noted in the indices of chemicals including animal and vegetable oils and fats (0.044%); manufactured goods classified chiefly by materials (0.043%) and miscellaneous manufactured articles (0.001%). A zero growth was observed in the index of beverages and tobacco (see Table 1.2).

• The food index in Luzon increased by 0.5 percent in June 2018. Prices of eggs, selected milk products, rice, vegetables, cocoa products and coffee beans were higher in the area during the month. Similarly, the group’s index in Visayas rose by 0.2 percent. This was brought about by the upward adjustments in the prices of beef, pork, selected milk products, fish, bakery products, vegetables, sugar, unprocessed animal feeds, cocoa products, coffee and margarine in the area. In Mindanao, the group’s index in the area went up by 0.8 percent due to higher prices in fresh meat products, milk, fish, unmilled corn, rice, sugar, processed animal feeds, cocoa products, margarine, desiccated coconut, starch and monosodium glutamate. For the Philippines, the group’s index inched up by 0.5 percent.
   

• Price hikes in petroleum products such as gasoline, diesel oil, kerosene, bunker fuel, crude petroleum oil and LPG pushed up the index of mineral fuels, lubricants and related materials in Luzon by 1.7 percent. On the other hand, the group’s index in Visayas fell by 0.4 percent due to the decrease in the price of gasoline. Reductions in the prices of gasoline and diesel oil in Mindanao also pushed down its group’s index by 0.8 percent. For the Philippines, the group’s index gained by 1.4 percent during the period.
   

• The index for machinery and transport equipment in Luzon inched up by 0.1 percent as electrical outlet was priced higher during the period. On the other hand, decreases in the prices of electrical wires in Mindanao pushed down its group’s index by 0.04 percent. Meanwhile, movement of the group’s index in Visayas did not change during the month. At the country level, the group’s index rose by 0.1 percent.
   

• The index of chemicals including animal and vegetable oils and fats in Mindanao went up by 0.5 percent as plastic sheet and selected cosmetics and toilet preparations were priced higher during the month. In Luzon, a higher price in floorwax resulted to a minimal growth (0.04%) in its group’s index. In Visayas, the index had zero growth. At the national level, the group’s index recorded a low growth of 0.04 percent.
   

• The index of manufactured goods classified chiefly by materials in Mindanao went up by 0.3 percent due to price increments in plywood, paper products. G.I. sheets, G.I. pipes and selected fabricated wire products. For Luzon, prices of bond paper and G.I. sheets went down during the month. Thus, the group’s index in the area dropped slightly by 0.02 percent. The group’s index in Visayas had zero growth during the period. The group’s index at the country level recorded a minimal increase of 0.04 percent.
   

• A slight (0.02%) uptick in miscellaneous manufactured articles index in Visayas can be attributed to higher prices in PVC water pipe and PVC electrical pipe. Similarly, the group’s index in Mindanao inched up by 0.02 percent brought about by the increases in the prices of water closet, PVC water pipe, PVC electrical pipe and columnar pad. On the other hand, lower prices of PVC water pipes in Luzon pushed down the group’s index in the area by 0.01 percent. At the national level, the group’s index slightly went up by 0.001 percent.
   

• The index of crude materials, inedible except fuels in Luzon decreased by 0.1 percent due to lower price of abaca fiber. Decrease in the price of copra in Visayas pushed down the group’s index in the area by 2.1 percent. The group’s index in Mindanao, however, did not change during the period. At the country level, the group’s index fell by 0.2 percent.
   

• Upward price adjustments in liquors during the month resulted to a 0.01 percent gain in beverages and tobacco index in Luzon. Meanwhile, no movement was seen in the group’s index in Visayas and Mindanao. At the national level, the group’s index recorded zero growth during the period (see Tables 1.2, 2.2, 3.2 and 4.2).