November 2008

Year-on-Year Inflation Rates, All Items
November 2007 - November 2008

p - pleminary
r - revised

Year-on-Year

NOTE :

• The annual growth rate of the General Wholesale Price Index (GWPI) at the national level continued to move at a slower pace of 4.4 percent in November from 9.1 percent in October. Negative annual growth rates in price adjustments were correspondingly recorded in crude materials, inedible except fuels and mineral fuels, lubricants and related materials index at -0.8 percent and -3.7 percent from their respective last month's rates of 1.9 percent and 16.5 percent. In addition, annual growth rates for chemicals, including animal and vegetable oils and fats and miscellaneous manufactured articles index further slowed down to 6.2 percent and 3.7 percent, respectively from their corresponding October rates of 7.3 percent and 3.9 percent. However, annual price increments for food and machinery and transport equipment index were higher at 9.6 percent and 3.9 percent, respectively from their corresponding last month's rates of 9.3 percent and 3.4 percent. Price increases in beverages and tobacco and manufactured goods classified chiefly by materials remained at their respective previous month's rates of 6.7 percent and 7.4 percent.
  

• On an annual basis, wholesale prices in Luzon also decelerated to 4.7 percent in November from 9.8 percent in October due to the negative annual growth rates posted in crude, materials, inedible except fuels and mineral fuels, lubricants and related materials index at -0.4 percent and -5.2 percent, respectively. Lower annual price hike was also observed in chemicals, including animal vegetable oils and fats at 4.9 percent from 5.6 percent. On the other hand, higher annual price increases were correspondingly registered in manufactured goods classified chiefly by materials and machinery and transport equipment index at 7.4 percent and 4.7 percent from their respective October rates of 7.3 percent and 4.2 percent. The indexes for beverages and tobacco and miscellaneous manufactured articles were still at their respective last month's rates of 7.4 percent and 3.8 percent.
  

• Likewise, the annual rate of price gain based on the GWPI in Visayas eased to 1.1 percent in November from 5.0 percent in October. The annual growth rate in the food index further dropped to -6.1 percent from -3.8 percent. Likewise, crude materials, inedible except fuels index still posted a negative growth rate of 6.5 percent from -8.1 percent. Slower annual price increments were noticed in the following commodity groups: mineral fuels, lubricants and related materials, 2.0 percent from 20.3 percent; chemicals, including animal and vegetable oils and fats, 16.7 percent from 18.0 percent; and miscellaneous manufactured articles, 5.3 percent from 8.3 percent. Meanwhile, higher annual price hike was recorded in manufactured goods classified chiefly by materials index at 12.8 percent from 11.9 percent. The annual growth rates for beverages and tobacco and machinery and transport equipment were at their corresponding October rates of 6.0 percent and -0.1 percent.
  

• The annual movements of wholesale prices in Mindanao also improved by 0.8 percentage point to 6.1 percent in November from 6.9 percent in October. This can be attributed to lower annual price gains in the following commodity groups: food items (6.1% from 6.7%); crude materials, inedible except fuels (3.7% from 5.2%); mineral fuels, lubricants and related materials (19.4% from 21.7%); chemicals, including animal and vegetable oils and fats (6.2% from 9.8%); manufactured goods classified chiefly by materials (4.8% from 4.9%); machinery and transport equipment (1.8% from 2.0%); and miscellaneous manufactured articles (0.6% from 1.5%). However, the rate was higher in beverages and tobacco index at 3.0 percent from 2.7 percent.
  

By Commodity Group, Month-on-Month

The wholesale prices of commodities in the Philippines also continued to post a negative growth rate at 3.0 percent in November from -3.9 percent in October. Downward movements in the prices of food items, mineral fuels, lubricants and related materials and miscellaneous manufactured articles were correspondingly posted at -0.1 percent, -12.2 percent and -0.2 percent. Meanwhile, higher price increments were recorded in crude materials, inedible except fuels at 0.4 percent from -11.8 percent; manufactured goods classified chiefly by materials, 0.1 percent from -0.3 percent; and machinery and transport equipment, 0.4 percent from -0.1 percent. The monthly price change in chemicals, including animal and vegetable oils and fats was still at its October rate of -0.7 percent while those for beverages and tobacco remained stable as its group's index posted a zero growth during the month.

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.

• The mineral fuels, lubricants and related materials index in the Philippines went down by -12.2 percent in November from -13.5 percent in October; Luzon, -12.8 percent from -14.7 percent; Visayas, -12.7 percent from -4.1 percent; and Mindanao, -0.6 percent from -0.3 percent. This was brought about by the continuous price cuts in gasoline, LPG and other petroleum products nationwide.
  

• Lower prices of coconut oil in Luzon pushed down the index for chemicals, including animal and vegetable oils and fats by -0.2 percent. The decline in the prices of fertilizer in Visayas and Mindanao correspondingly brought down the group's index by -1.1 percent and -3.3 percent, respectively. Likewise, decreases in the prices of selected chemical products in Mindanao contributed to the downtrend. All these factors resulted to a 0.7 percent drop in the overall index.
  

• The food index at the national level went down by -0.1 percent in November from 0.1 percent in October. This was brought about by the 2.9 percent reduction in the prices of selected food items in Visayas such as rice, fish species, sugar, fruits and vegetables. Downward movements in the prices of these same commodities along with the price decrease in processed animal feeds also caused the group's index in Mindanao to go down by -0.5 percent. However, add-ons in the prices of meat, eggs, selected fish species, milk and milk products, wheat flour, bread and other bakery products, noodles, margarine and coffee raised the group's index in Luzon by 0.4 percent.
  

• Downward adjustments in the prices of selected furniture and fixtures and photographic goods pulled down the miscellaneous manufactured articles index in Visayas by -2.8 percent. Similarly, the group's index in Mindanao fell by -0.7 percent as prices of selected furniture and fixtures, wristwatch and some office supplies went down during the month. Thus, the group's index in the Philippines dropped by -0.2 percent from 0.7 percent. On the other hand, a 0.1 percent increase in the group's index in Luzon was observed during the period due to price hikes in selected newspapers.
  

• Meanwhile, upward movements in the prices of some construction materials caused a 0.8 percent growth in the manufactured goods classified chiefly by materials index in Visayas. In Luzon, the group's index advanced by 0.1 percent as prices of selected rubber and paper products were higher during the month while prices of manufactured goods classified chiefly by materials in Mindanao remained stable as the group's index had a zero growth during the month. At the national level, movement in the group's index was at 0.1 percent.
  

• Prices of copra were up in Visayas thus, the crude materials, inedible except fuels index in the area accelerated by 9.8 percent. On the contrary, a 0.3 percent drop was seen in the group's index in Luzon as prices of copra and abaca were lower during the month. The group's index in Mindanao also posted a negative rate of 0.4 percent due to the decline in the price of pebbles in the area. In the Philippines, the group's index gained 0.4 percent from -11.8 percent in October.
  

• The index for machinery and transport equipment in Luzon and in the Philippines rose to 0.5 percent and 0.4 percent, respectively as prices of selected office equipment went up during the month. On the other hand, reductions in the prices of some electrical appliances were observed in Mindanao thereby causing a drop in its group's index by -0.2 percent. The group's index in Visayas had a zero growth in November.
  

• Higher prices of softdrinks raised the beverages and tobacco index in Mindanao by 0.3 percent while prices of beverages and tobacco items in the three areas generally appeared stable as they posted a zero growth during the month.
  

Source: National Statistics Office
Manila, Philippines

Page last revised: February 10, 2009