March 2006

r - revised
p - preliminary

• Year-on-Year

  Year-on-year inflation rate of the General Wholesale Price Index (GWPI) at the national level went up at a slower pace of 9.7 percent in March from 11.2 percent in February. Annual inflation for crude materials inedible except fuels further dropped to -0.8 percent in March from -0.5 percent in February. Moreover, annual price increases for food items decelerated to 6.1 percent from 6.3 percent; beverages and tobacco, 5.5 percent from 5.7 percent; mineral fuels, lubricants and related materials, 26.2 percent from 35.5 percent; manufactured goods classified chiefly by materials and miscellaneous manufactured articles, 6.0 percent and 6.3 percent, respectively from 6.6 percent. Annual inflation for chemicals, including animal and vegetable oils and fats and machinery and transport equipment were correspondingly higher at 11.2 percent and 3.4 percent from their respective last month's rates of 10.1 percent and 3.3 percent.

  • Similarly, inflation rate in Luzon slowed down to 10.3 percent in March from 12.1 percent in February. This was primarily due to the 10.3 percentage points (26.8% from 37.1%) slowing down in the inflation rate of mineral fuels, lubricants and related materials. A decline of 2.1 percent in the annual price movements of crude materials inedible except fuels also contributed to the downtrend. Slower annual price gains were similarly noticed in the following commodity groups: food items, 6.4 percent in March from 6.6 percent in February; beverages and tobacco, 5.4 percent from 5.6 percent; manufactured goods classified chiefly by materials, 6.0 percent from 6.3 percent; and miscellaneous manufactured articles, 6.9 percent from 7.1 percent. On the other hand, annual increments in the prices of chemicals, including animal and vegetable oils and fats and machinery and transport equipment were correspondingly higher at 13.0 percent and 2.8 percent from 11.6 percent and 2.7 percent, respectively.
    

  • Inflation rate in Visayas eased to 9.5 percent in March from 9.9 percent in February. Annual price increases slipped in food items, 5.3 percent in March from 5.4 percent in February; mineral fuels, lubricants and related materials, 30.5 percent from 33.3 percent; chemicals, including animal and vegetable oils and fats, 5.4 percent from 5.8 percent and miscellaneous manufactured articles, 5.5 percent from 6.0 percent. Higher annual growth rates were however observed in the prices of beverages and tobacco at 10.1 percent from 9.2 percent. Inflation for crude materials, inedible except fuels, manufactured goods classified chiefly by materials, and machinery and transport equipment correspondingly remained at 4.6 percent, 8.1 percent and 9.8 percent.
    

  • Inflation rate in Mindanao decelerated by 0.6 percentage point to 4.4 percent in March from 5.0 percent in February. Lower annual price additions in the following commodity groups were noted during the month: food items, 4.9 percent in March from 5.1 percent in February; beverages and tobacco, 2.1 percent from 2.4 percent; crude materials, inedible except fuels, 12.8 percent from 17.6 percent; mineral fuels, lubricants and related materials, 11.0 percent from 12.7 percent; chemicals, including animal and vegetable oils and fats, 4.5 percent from 4.8 percent; manufactured goods classified chiefly by materials, 2.3 percent from 4.2 percent; and miscellaneous manufactured articles, 2.3 percent from 2.4 percent. Meanwhile, inflation rate for machinery and transport equipment was higher at 1.8 percent from 1.6 percent.

• By Commodity Group, Month-on-Month

  The general level of wholesale prices at the national level moved up by 0.2 percent in March, slower than the 0.8 percent growth in February.

  • Upward adjustments in the prices of milled rice, tubers and root crops, meat products, fish, milled and refined sugar, processed animal feeds and selected fruits and vegetables contributed to the 0.3 percent growth in the index for food items in the Philippines and in Mindanao. Likewise, increases in the prices of the same food items raised the index in Luzon by 0.4 percent, slower than the 0.6 percent growth last month. Prices of food items in Visayas however remained stable as its group's index still recorded a zero growth during the month.
    

  • Add-ons in the prices of selected liquors and cigarettes effected a 0.5 percent uptick in the index of beverages and tobacco in the Philippines and by 0.6 percent in Luzon. On the other hand, the 1.1 percent growth in the group's index in Visayas was brought about by the price additions in beer and malt products. Prices of beverages and tobacco items in Mindanao generally remained stable as its index registered a zero growth this month.
    

  • The overall index for crude materials, inedible except fuels went up by 0.2 percent in March compared to 1.5 percent increase in February. The group's index in Luzon also moved up slowly at 0.3 percent from 2.0 percent as the prices of copra improved during the month. The low price of bamboo pulled down the group's index in Mindanao by -0.3 percent. Prices of crude materials, inedible except fuels generally remained stable in Visayas as the group's index posted a zero growth from -2.0 percent.
    

  • The general downward price adjustments in petroleum products, LPG and kerosene pulled down the index for mineral fuels, lubricants and related materials in the four areas: Philippines and Luzon, -0.1 percent; Visayas, -0.2 percent; and Mindanao, -0.4 percent.
    

  • Price hikes in coconut oil, paints, vitamins, laundry soap and other chemical products contributed to the 1.5 percent gains in the group's index for chemicals including animal and vegetable oils and fats in Luzon and 1.2 percent in the Philippines. Likewise, the group's index in Mindanao advanced by 0.1 percent due to the upward adjustments in the prices of fertilizers. However, lower prices of insecticides in Visayas primarily brought down the group's index in the area by -0.2 percent.
    

  • Prices of manufactured goods classified chiefly by materials in the four areas generally remained stable as their indices registered zero growth in March.
    

  • Prices of transport vehicles, storage battery and electrical wire and equipment were generally up in Luzon during the month. These pushed the index for machinery and transport equipment in the Philippines and Luzon by 0.1 percent. Meanwhile, prices of machinery and transport equipment in Visayas generally remained stable as they recorded a zero growth during the month. Movements of prices in Mindanao still remained at 0.2 percent.
    

  • The miscellaneous manufactured articles index slightly rose by 0.1 percent in the Philippines and in Luzon as prices of UPVC water pipes and photofilm in Luzon were higher during the month. This was however slower than their last month's respective rates of 1.4 percent and 1.6 percent. Likewise, increased prices of selected ready-made apparel, and footwear in Mindanao resulted to a 0.4 percent increment in its group's index. However, prices of the miscellaneous manufactured articles generally remained stable in Visayas as its group's index posted a zero growth during the month.

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  Source: National Statistics Office
  Manila, Philippines