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

Figure 1. Annual Growth Rates of the GWPI by Area, All Items
August 2023 - August 2024
(2012=100)

1. GWPI at the national level increased at a slower rate in August 2024

The annual increase of GWPI at the national level eased to 1.9 percent in August 2024 from 2.4 percent in July 2024. Its annual growth rate in August 2023 was recorded at 5.0 percent. (Tables A, 1a, and 1c)

The deceleration in the annual rate of GWPI in the country was primarily caused by the year-on-year decline in the index of mineral fuels, lubricants and related materials at 3.6 percent in August 2024 from 6.6 percent annual increase in July 2024.

In addition, slower annual increases were observed in the indices of food at 3.0 percent in August 2024 from 3.6 percent in the previous month, beverages and tobacco at 1.4 percent in August 2024 from 2.0 percent in July 2024, and manufactured goods classified chiefly by materials at 0.8 percent in the current month from 1.0 percent in July 2024.

On the contrary, annual increments were higher in the indices of crude materials, inedible except fuels at 17.3 percent in August 2024 from 8.2 percent in the previous month, chemicals including animal and vegetable oils and fats at 4.1 percent in August 2024 from 3.6 percent in July 2024, and machinery and transport equipment at 0.4 percent in the current month from 0.3 percent in July 2024.

The index of miscellaneous manufactured articles retained its July 2024 annual drop of 0.2 percent during the month. (Table 1a)

2. GWPI in Luzon recorded lower annual increase during the month

Similar to the trend at the national level, the year-on-year growth rate of GWPI in Luzon slowed down to 1.8 percent in August 2024 from an annual increase of 2.3 percent in July 2024. In August 2023, the annual rate of GWPI in Luzon was higher at 5.0 percent. (Tables A, 2a, and 2c)

The deceleration in the annual rate of GWPI in Luzon was primarily caused by the annual decrease in mineral fuels, lubricants and related materials index at 3.7 percent in August 2024 from 7.0 percent annual increment in the previous month.

In addition, slower annual increments were posted in the indices of food at 2.6 percent in August 2024 from 3.2 percent in the previous month, beverages and tobacco at 0.9 percent in August 2024 from 1.7 percent in July 2024, and manufactured goods classified chiefly by materials at 0.8 percent in the current month from 1.1 percent in July 2024.

On the other hand, higher annual increases were observed in the indices of crude materials, inedible except fuels at 19.6 percent in August 2024 from 9.4 percent in July 2024, chemicals including animal and vegetable oils and fats at 4.5 percent in August 2024 from 3.8 percent in the previous month, and machinery and transport equipment at 0.7 percent in August 2024 from 0.5 percent in July 2024.

The index of miscellaneous manufactured articles retained its July 2024 annual drop of 0.2 percent in August 2024. (Table 2a)

3. Lower annual growth rate was observed in the GWPI in Visayas

The annual growth rate of GWPI in Visayas eased to 3.1 percent in August 2024 from 3.3 percent in July 2024. Its annual rate in August 2023 was noted at 4.2 percent. (Tables A, 3a, and 3c)

The lower annual growth rate of GWPI in Visayas was primarily brought about by the annual decline of mineral fuels, lubricants and related materials index at 6.1 percent in August 2024 from 4.4 percent annual increase in the previous month.

In addition, slower annual increases were observed in the indices of food at 7.1 percent during the month from 7.3 percent in July 2024, chemicals including animal and vegetable oils and fats at 0.6 percent in August 2024 from 0.8 percent in the previous month, and manufactured goods classified chiefly by materials at 1.7 percent in August 2024 from 2.0 percent in July 2024.

On the other hand, higher annual increment was recorded in the index of beverages and tobacco at 3.5 percent in August 2024 from 1.9 percent in July 2024. Moreover, slower annual decrease was registered in the index of machinery and transport equipment at 2.2 percent in August 2024 from a 2.7 percent annual drop in the previous month.

The index of the miscellaneous manufactured articles retained its July 2024 annual rate at 0.1 percent, while crude materials, inedible except fuels still registered zero percent annual rate during the month. (Table 3a)

4. GWPI in Mindanao recorded higher annual growth rate in August 2024

The annual rate of GWPI in Mindanao increased to 2.4 percent in August 2024 from 1.6 percent in July 2024. Its annual growth rate in August 2023 was higher at 3.4 percent. (Tables A, 4a, and 4c)

The uptrend in the annual growth rate of GWPI in Mindanao was primarily brought about by the higher annual increment of food index at 4.2 percent in August 2024 from 3.2 percent in the previous month.

Likewise, higher annual increases were observed in the indices of mineral fuels, lubricants and related materials at 2.0 percent in August 2024 from 1.8 percent in the previous month, and chemicals including animal and vegetable oils and fats at 2.4 percent in August 2024 from 1.0 percent in July 2024.

Moreover, an annual increment of 0.1 percent was registered in the index of manufactured goods classified chiefly by materials in August 2024 from an annual decline of 1.4 percent in the previous month. Furthermore, a slower annual decrease was registered in the index of crude materials, inedible except fuels at 0.1 percent in August 2024 from a 0.2 percent annual drop in the previous month.

On the other hand, slower annual increases were registered in the indices of beverages and tobacco at 5.7 percent in August 2024 from 6.8 percent in July 2024, and miscellaneous manufactured articles at 0.3 percent in August 2024 from 0.5 percent in the previous month.

The index of machinery and transport equipment retained its July 2024 annual increase at 0.1 percent during the month. (Table 4a)

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