Table A. Year-on-Year Growth Rates of the GWPI by Area, All Items      
in Percent
(2012=100)

                                                        _{* Year-on-year change of average GWPI for January to August, 2023 vs. 2022      
                                                        Source: Philippine Statistics Authority      
                                                                    Survey of Wholesale Prices of Commoditiies for the Generation of GWPI}      

                                               

Figure 1. Annual Growth Rates of the GWPI by Area, All Items      
August 2022 - August 2023      
(2012=100)

1. GWPI in the Philippines increased further in August 2023

The year-on-year growth rate of GWPI at the national level went up to 5.0 percent in August 2023 from 4.5 percent in July 2023. Its annual change in August 2022 was recorded at 7.6 percent. (Tables A, 1a, and 1c)

The annual increase of the GWPI in the Philippines was primarily brought about by the slower annual decline recorded in the index of mineral fuels, lubricants and related materials at 6.8 percent in August 2023 from 18.3 percent in the previous month. In addition, annual increments were higher in the indices of chemicals including animal and vegetable oils and fats at 3.4 percent in August 2023 from 0.5 percent in July 2023, and manufactured goods classified chiefly by materials at 5.3 percent during the month from 5.2 percent in July 2023. Moreover, slower annual decline was recorded in the index of crude materials, inedible except fuels at 4.9 percent in August 2023 from   13.6 percent in July 2023.      

On the other hand, slower annual increases were observed in the indices of food at 7.9 percent in August 2023 from 8.8 percent in July 2023, beverages and tobacco at 6.2 percent during the month from 7.5 percent in the previous month, and miscellaneous manufactured articles at 4.4 percent in August 2023 from 5.2 percent in the previous month. Meanwhile, the index of machinery and transport equipment retained its July 2023 annual growth rate at 1.6 percent. (Table 1a)     

2. GWPI in Luzon also expanded during the month

Similar to the trend at the national level, the year-on-year growth rate of GWPI in Luzon increased to 5.0 percent in August 2023 from an annual increment of 4.6 percent in July 2023. In August 2022, the annual rate of GWPI in Luzon was higher at 8.0 percent. (Tables A, 2a, and 2c)

The uptrend of the GWPI in Luzon was primarily caused by the slower annual decline recorded in mineral fuels, lubricants and related materials index at 7.2 percent in August 2023 from 19.3 percent in the previous month. In addition, higher annual upticks were recorded in the indices of chemicals including animal and vegetable oils and fats at    4.0 percent in August 2023 from 0.9 percent in July 2023, and manufactured goods classified chiefly by materials at 5.7 percent during the month from 5.4 percent in July 2023. Moreover, slower annual decline was noted in the index of crude materials, inedible except fuels at 5.4 percent in August 2023 from 15.3 percent in July 2023.     

On the other hand, slower annual increases were observed in the indices of food at 7.9 percent in August 2023 from 8.9 percent in July 2023, beverages and tobacco at 5.9 percent during the month from 7.3 percent in the previous month, and miscellaneous manufactured articles at 4.9 percent in August 2023 from 5.8 percent in the previous month. Meanwhile, the index of machinery and transport equipment retained its previous month’s annual growth rate at 1.8 percent. (Table 2a)     

3. GWPI in Visayas recorded a higher annual increment in August 2023

The annual growth rate of GWPI in Visayas also picked up to 4.2 percent in August 2023 from 3.9 percent in July 2023. Its annual rate in August 2022 was noted at 6.2 percent. (Tables A, 3a, and 3c)

The slower annual decline of mineral fuels, lubricants and related materials index at 3.8 percent in August 2023 from 11.1 percent in the previous month primarily caused the uptrend in the annual rate of GWPI in Visayas. In addition, higher annual upticks were recorded in the indices of food at 8.3 percent in August 2023 from 8.1 percent in July 2023, and manufactured goods classified chiefly by materials at 2.5 percent in August 2023 from 2.2 percent in the previous month.

On the contrary, slower annual increment was noted in the index of beverages and tobacco at 9.9 percent in August 2023 from 11.8 percent in July 2023. Furthermore, the index of chemicals including animal and vegetable oils and fats retained its July 2023 annual decline of 1.6 percent during the month.

Meanwhile, the index of crude materials, inedible except fuels retained its July 2023 annual rate at 0.2 percent, while zero percent annual growth rates were still observed in the indices of machinery and transport equipment, and miscellaneous manufactured articles in August 2023. (Table 3a)      

4. GWPI in Mindanao picked up at a slower rate during the month

The annual hike of GWPI in Mindanao eased to 3.4 percent in August 2023 from its recorded annual rate of 4.3 percent in both July 2023 and August 2022. (Tables A, 4a, and 4c)

The lower annual growth of GWPI in Mindanao was primarily brought about by the slower annual increment in food at 6.7 percent in August 2023 from 7.9 percent in July 2023. In addition, slower annual increment was observed in the index of manufactured goods classified chiefly by materials at 2.3 percent in August 2023 from 4.4 percent in July 2023. Furthermore, the annual decreases were faster in the indices of crude materials, inedible except fuels at 1.0 percent in August 2023 from 0.9 percent in the previous month, and chemicals including animal and vegetable oils and fats at 2.1 percent in August 2023 from 1.3 percent in July 2023.

Meanwhile, annual increases were higher in the indices of beverages and tobacco at 6.7 percent during the month from 5.0 percent in the previous month, and miscellaneous manufactured articles at 0.5 percent in August 2023 from 0.4 percent in July 2023. Moreover, slower annual decrement was registered in the mineral fuels, lubricants and related materials index at 0.9 percent in August 2023 from the  annual drop of 1.3 percent in July 2023.

The index of machinery and transport equipment retained its July 2023 annual growth rate at 0.7 percent. (Table 4a)

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