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
October 2023 - October 2024
(2012=100)

1. GWPI in the Philippines recorded higher annual increase in October 2024

The year-on-year growth rate of GWPI at the national level went up to 2.1 percent in October 2024 from 2.0 percent in September 2024. Its annual growth rate in October 2023 was recorded at 4.4 percent. (Tables A, 1a, and 1c)

The faster annual increase of GWPI in the country was primarily brought by the slower annual decline in the index of mineral fuels, lubricants and related materials at 7.7 percent in October 2024 from 9.4 percent year-on-year drop in September 2024.

In addition, faster annual increases were observed in the indices of the following commodity groups in October 2024:

          a. Food, 3.1 percent from 3.0 percent;
          b. Beverages and tobacco, 1.3 percent from 1.2 percent;
          c. Crude materials, inedible except fuels, 29.8 percent from 24.2 percent; and
          d. Chemicals including animal and vegetable oils and fats, 6.1 percent from 5.7 percent.

On the contrary, slower annual increments were observed in the indices of manufactured goods classified chiefly by materials at 1.1 percent in October 2024 from 1.2 percent in the previous month, and  machinery and transport equipment at 0.6 percent in the current month from 0.8 percent in September 2024.

The index of miscellaneous manufactured articles retained its September 2024 annual rate of 0.3 percent during the month. (Table 1a)

2. GWPI in Luzon increased at a faster rate during the month

Similar to the trend at the national level, the year-on-year growth rate of GWPI in Luzon increased to 2.3 percent in October 2024 from an annual increase of 2.0 percent in September 2024. In October 2023, the annual rate of GWPI in Luzon was higher at 4.4 percent. (Tables A, 2a, and 2c)

The uptrend in the annual rate of GWPI in Luzon was primarily caused by the higher annual increase in food index at 3.1 percent in October 2024 from 2.8 percent annual increment in the previous month.

In addition, faster annual increments were posted in the indices of crude materials, inedible except fuels at 34.0 percent during the month from 27.6 percent in September 2024 and chemicals including animal and vegetable oils and fats at 6.7 percent in October 2024 from 6.1 percent in the previous month.

Moreover, a slower annual drop of 7.9 percent was registered in the index of mineral fuels, lubricants and related materials in October 2024 from an annual decline of 9.6 percent in the previous month.

On the other hand, slower annual increases were observed in the indices of manufactured goods classified chiefly by materials at 1.0 percent in the current month from 1.1 percent in September 2024, and machinery and transport equipment at 0.9 percent in October 2024 from 1.0 percent in the previous month.

The indices of beverages and tobacco, and miscellaneous manufactured articles retained their September 2024 annual increases of 0.8 percent and 0.2 percent, respectively, during the month. (Table 2a)

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

The annual growth rate of GWPI in Visayas eased to 2.1 percent in October 2024 from 2.4 percent in September 2024. Its annual rate in October 2023 was noted at 5.3 percent. (Tables A, 3a, and 3c)

The lower annual growth rate of GWPI in Visayas was primarily brought about by the slower annual increase of food index at 4.6 percent in October 2024 from 5.9 percent in the previous month.

On the other hand, higher annual increments were recorded in the indices of beverages and tobacco at 4.5 percent in October 2024 from 3.4 percent in the previous month and manufactured goods classified chiefly by materials at 2.4 percent in the current month from 2.2 percent in September 2024. Moreover, the index of mineral fuels, lubricants and related materials recorded a slower annual decline of 10.0 percent in October 2024 from 11.3 percent annual drop in September 2024.

An annual decline of 2.2 percent was still observed in the index of machinery and transport equipment in October 2024. Similarly, the indices for the rest of the commodity groups retained their respective September 2024 annual increases during the month. (Table 3a) 

4. Annual increase of GWPI in Mindanao slowed down in October 2024

The annual rate of GWPI in Mindanao eased to 1.2 percent in October 2024 from 1.6 percent in September 2024. Its annual growth rate in October 2023 was higher at 3.3 percent. (Tables A, 4a, and 4c)

The slowdown in the annual growth rate of GWPI in Mindanao was primarily brought about by the slower annual increment of food index at 0.9 percent in October 2024 from 2.1 percent in the previous month.

Likewise, slower annual increase was observed in the index of beverages and tobacco at 4.8 percent in October 2024 from 5.0 percent in the previous month.

On the other hand, faster annual increments were registered in the indices of the following commodity groups during the month:

          a. Manufactured goods classified chiefly by materials, 1.0 percent from 0.9 percent;
          b. Machinery and transport equipment, 0.4 percent from 0.1 percent; and
          c. Miscellaneous manufactured articles, 1.1 percent from 0.8 percent.

In addition, an annual increase was noted in the index of crude materials, inedible except fuels at 0.2 percent during the month from a zero percent annual rate in September 2024. Moreover, a slower annual decline was registered in the index of mineral fuels, lubricants and related materials at 0.4 percent in October 2024 from 1.0 percent annual drop in the previous month.

The index of chemicals including animal and vegetable oils and fats retained its September 2024 annual increase of 2.9 percent during the month. (Table 4a)

See more at the General Wholesale Price Index Main page.