March 2010

Year-on-Year Inflation Rates, All Items
March 2009 - March 2010

p - pleminary
r - revised

Year-on-Year

• The annual movement of the General Wholesale Price Index (GWPI) in the Philippines accelerated to 9.5 percent in March from 8.8 percent in February. Higher price adjustments were observed in the indexes of the following commodity groups: food, 5.4 percent in March from 4.8 percent in February; beverages and tobacco, 1.2 percent from 0.5 percent; mineral fuels, lubricants and related materials, 42.1 percent from 40.7 percent; chemicals, including animal and vegetable oils and fats, 1.9 percent from 0.2 percent; and machinery and transport equipment, 0.7 percent from 0.4 percent. On the other hand, the annual price hike in crude materials, inedible except fuels index went down to 5.7 percent from 7.7 percent. Moreover, annual price reductions were correspondingly recorded in the indexes of manufactured goods classified chiefly by materials and miscellaneous manufactured articles at -0.1 percent and -0.3 percent from their respective last month's rates of -0.9 percent and 0.3 percent.
  

• The annual growth rate of the GWPI in Luzon also went up to 10.7 percent in March from 10.0 percent in February. This can be attributed to the annual price increment noted in food index at 5.5 percent in March from 5.0 percent in February; beverages and tobacco, 2.2 percent from 1.3 percent; mineral fuels, lubricants and related materials, 46.1 percent from 44.8 percent; chemicals, including animal and vegetable oils and fats, 2.2 percent from 0.1 percent; and machinery and transport equipment, 0.6 percent from 0.3 percent. However, a slower annual price movement was registered in the index of crude materials, inedible except fuels at 6.9 percent from 9.1 percent. Negative annual rates were correspondingly noted in the indexes of manufactured goods classified chiefly by materials and miscellaneous manufactured articles at -0.2 percent and -0.7 percent from -1.1 percent and 0.1 percent, respectively.
  

• The annual gain in the wholesale prices of commodities in Visayas further advanced to 3.7 percent in March from 3.3 percent in February. This was mainly due to the corresponding upward annual price movements in the indexes of mineral fuels, lubricants and related materials and manufactured goods classified chiefly by materials at 23.9 percent and 0.7 percent from 20.5 percent and 0.5 percent, respectively. Meanwhile, the index for miscellaneous manufactured articles dropped by -0.1 percent from zero growth. The annual growth for the indexes of food, beverages and tobacco, crude materials, inedible except fuels, chemicals, including animal and vegetable oils and fats and machinery and transport equipment remained at their last month's rates.
  

• Similarly, the annual movement of the GWPI in Mindanao rose to 4.7 percent in March from 3.9 percent in February. It resulted from the increase in the annual growth rate of the food index at 7.5 percent in March from 5.4 percent in February; chemicals, including animal and vegetable oils and fats, 1.0 percent from 0.6 percent; and miscellaneous manufactured articles, 2.5 percent from 2.4 percent. Slower annual price changes were however seen in the corresponding indexes of mineral fuels, lubricants and related material and machinery and transport equipment at 11.9 percent and 2.2 percent from their respective previous month's rates of 12.0 percent and 2.3 percent. Moreover, a negative annual rate was still posted in the index of crude materials, inedible except fuels at -1.8 percent from -2.5 percent. The annual growth rate for beverages and tobacco and manufactured goods classified chiefly by materials indexes remained at 1.8 percent and -0.5 percent, respectively.
  

• By Commodity Group, Month-on-Month

  The monthly growth rate of the GWPI at the national level picked up to 0.2 percent in March from zero growth in February as upward price movements were noted in the indexes of beverages and tobacco and mineral fuels, lubricants and related materials at 0.3 percent and 1.1 percent from their corresponding last month's rates of 0.1 percent and -2.1 percent. A slower price movement was however seen in chemicals, including animal and vegetable oils and fats index at 0.3 percent from 0.6 percent and in machinery and transport equipment index at 0.1 percent from 0.2 percent. Likewise, price reductions were noticed in the indexes of crude materials, inedible except fuels and miscellaneous manufactured articles at -6.1 percent and -0.5 percent, respectively. The monthly price change in the food index remained at its last month's rate of 0.4 percent while that for manufactured goods classified chiefly was stable as its group's index had a zero growth.
  

  • Higher prices of crude petroleum were noted in Luzon. It resulted to a 0.9 percent growth in the mineral fuels, lubricants and related materials index in the area. Likewise, an upward adjustment in the prices of gasoline, kerosene and diesel oil raised the group's index in Visayas by 2.9 percent. Hence, the national index to jumped by 1.1 percent from -2.1 percent. Meanwhile, a downward movement in the prices of LPG in Mindanao pushed down its group's index by -0.1 percent.
    

  • A 1.9 percent price gain in the food index was observed in Mindanao as higher prices of selected food items such as eggs, pork, sugar, fruits and vegetables were registered during the month. Moreover, price additions in chicken, some fish species and fruits and vegetables pulled up the group's index in Luzon by 0.3 percent. This was however slower than the 0.4 percent growth last month. Meanwhile, prices of food items in Visayas generally remained stable as its index had a zero growth. The month-on month movement of the group's index at the national level remained at its last month's rate of 0.4 percent.
    

  • Prices of selected paints in Visayas were on the uptrend in March. Thus, the chemicals, including animal and vegetable oils and fats index in the area inched up by 0.1 percent. Higher prices of these same items in Luzon raised the group's index in the area by 0.4 percent, but it was slower than the 0.7 percent growth last month. The group's index in Mindanao also went up by 0.3 percent as price add-ons on selected cleaning compounds were observed in the area. At the national level, the group's index moved up at a slower rate of 0.3 percent from 0.6 percent.
    

  • The movement in beverages and tobacco index at 0.4 percent in Luzon was effected by price increases in selected softdrinks during the month. Thus, the national index rose by 0.3 percent from 0.1 percent. Meanwhile, prices of beverages and tobacco in Visayas and Mindanao generally remained stable as their group's index had a zero growth.
    

  • A 0.2 percent growth posted in the machinery and transport index in Luzon was brought about by price gains in selected electrical wires. On the other hand, price declines were noted in some electrical appliances in Mindanao thus, the group's index moved at a negative rate of 0.1 percent. In Visayas, the index was stable. This mixed price trends slowed down the group's index in the Philippines to 0.1 percent.
    

  • Price hike in some plumbing fixtures pushed up the miscellaneous manufactured articles index in Visayas by 0.1 percent. The growth posted in the group's index in Mindanao at 0.1 percent was due to the increment in the prices of selected footwear during the period. Meanwhile, a decrease of -0.7 percent in the group's index in Luzon was effected by a price reduction in selected ready made apparel in the area. All these factors resulted to a negative rate of 0.5 percent in the group's national index.
    

  • Upward adjustment in the prices of firewood and charcoal contributed to a 0.7 percent increase in the index for crude materials, inedible except fuels in Mindanao. On the contrary, a -7.0 percent drop in the group's index in Luzon was a result of price declines in copra and abaca during the month. Thus, the monthly price change in the group's index in the Philippines went down to -6.1 percent in March. Meanwhile, no adjustments were recorded in the prices of crude materials, inedible except fuels in Visayas as its index had a zero growth.
    

  • The manufactured goods classified chiefly by materials index in the three areas generally remained stable during the month.
    

    _______________________________________________________________

    NOTE :

    Revisions of the series from January to July 2007 were made due to the updated price reports on asphalt and the implementation of new rental rates on machinery and transport equipment provided by the official sources.

  ---

  Source: National Statistics Office
  Manila, Philippines
  
  Page last revised: June 16, 2010