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
December 2023 - December 2024
(2012=100)

1. Annual growth rate of GWPI in the Philippines rose in December 2024

The year-on-year growth rate of GWPI at the national level went up to 2.7 percent in December 2024 from 2.3 percent in November 2024. Its annual growth rate in December 2023 was recorded at 4.3 percent. (Tables A, 1a, and 1c)

The faster annual increase of GWPI in the country was primarily brought by the higher annual increase in the index of chemicals including animal and vegetable oils and fats at 8.7 percent in December 2024 from 6.6 percent in the previous month.

In addition, faster annual increases were observed in the indices of beverages and tobacco at 2.1 percent in the current month from 1.3 percent in November 2024, crude materials, inedible except fuels at 50.8 percent in December 2024 from 33.1 percent in the previous month, and machinery and transport equipment at 1.0 percent in the current month from 0.6 percent in November 2024. Moreover, a slower annual decline was also observed in the index of mineral fuels, lubricants and related materials at 0.8 percent in December 2024 from 3.5 percent annual drop in the previous month.

On the contrary, slower annual increments were observed in the indices of food at 2.5 percent in the current month from 2.7 percent in November 2024, and miscellaneous manufactured articles at 0.1 percent in December 2024 from 0.2 percent in the previous month.

The index of manufactured goods classified chiefly by materials retained its November 2024 annual growth rate during the month. (Table 1a)

2. The annual average rate of GWPI at the national level slowed down in 2024

The annual average growth rate of GWPI at the national level was slower at 2.5 percent in 2024 from its annual average growth rate of 4.9 percent in 2023.

The deceleration in the annual average growth rate of GWPI was mainly caused by the slower annual increase of food index at 3.4 percent annual average growth rate in 2024 from 9.2 percent annual average growth rate in 2023.

In addition, compared with their respective annual average growth rates in 2023, slower annual average increments were observed in the indices of the following commodity groups in 2024:

a. Beverages and tobacco, 3.1 percent from 6.6 percent;
b. Manufactured goods classified chiefly by materials, 1.6 percent from 5.0 percent;
c. Machinery and transport equipment, 0.6 percent from 1.2 percent; and
d. Miscellaneous manufactured articles, 1.0 percent from 3.8 percent.

On the other hand, higher annual average increment was recorded in the index of chemicals including animal and vegetable oils and fats at 4.0 percent in 2024 from 0.2 percent in 2023. In addition, a faster annual average increase was recorded in the index of crude materials, inedible except fuels at 15.8 percent in 2024 from 19.3 percent annual average drop in 2023. Moreover, a slower annual  average decline was recorded in the index of mineral fuels, lubricants and related materials at 0.1 percent in 2024 from 7.3 percent annual average decrease in 2023. 

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

The year-on-year growth rate of GWPI in Luzon increased to 2.8 percent in December 2024 from 2.4 percent in November 2024. In December 2023, the annual rate of GWPI in Luzon was recorded at 4.2 percent. (Tables A, 2a, and 2c)

The annual increase of GWPI in Luzon was brought by the higher annual increase in the index of chemicals including animal and vegetable oils and fats at 9.4 percent in December 2024 from 7.1 percent in the previous month.

In addition, higher annual increments were observed in the indices of beverages and tobacco at 1.8 percent in the current month from 0.8 percent in November 2024, crude materials, inedible except fuels at 57.7 percent in December 2024 from 37.5 percent in the previous month, and machinery and transport equipment at 1.0 percent in the current month from 0.9 percent in November 2024. Moreover, slower annual decline was registrered in the index of mineral fuels, lubricants and related materials at 0.7 percent in December 2024 from 3.6 percent annual drop in the previous month.

On the other hand, slower annual increase was observed in the index of food at 2.6 percent in the current month from 2.8 percent in November 2024.

The indices for manufactured goods classified chiefly by materials and miscellaneous manufactured articles retained their respective November 2024 annual increases during the month.

The annual average growth rate of GWPI in Luzon slowed down at 2.4 percent in 2024 from 4.9 percent in 2023. (Table 2a)

4. Annual growth rate of GWPI in Visayas moved up in a slower rate in December 2024

The annual growth rate of GWPI in Visayas eased to 1.7 percent in December 2024 from 2.0 percent in November 2024. Its annual rate in December 2023 was noted at 5.7 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 1.9 percent in December 2024 from 4.1 percent in the previous month. Likewise, a slower annual increase was observed in the index of beverages and tobacco at 4.0 percent in December 2024 from 4.4 percent in the previous month.

On the other hand, higher annual increments were recorded in the indices of chemicals including animal and vegetable oils and fats at 2.1 percent in the current month from 1.6 percent in November 2024, and manufactured goods classified chiefly by materials at 2.4 percent in December 2024 from 2.3 percent in the previous month. Moreover, annual increase was registered in the index of machinery and transport equipment at 0.6 percent in the current month from 2.3 percent annual drop in November 2024. Furthermore, the index of mineral fuels, lubricants and related materials recorded a slower annual decline of 2.8 percent in December 2024 from 5.3 percent annual drop in the previous month.

The index of crude materials, inedible except fuels retained its November 2024 annual growth rate at 0.1 percent, while the index of miscellaneous manufactured articles still recorded zero percent annual growth rate during the month.

The annual average growth rate of GWPI in Visayas went up at a slower rate of 4.1 percent in 2024 from 4.6 percent in 2023. (Table 3a)

5. Annual growth rate of GWPI in Mindanao inched-up in December 2024

The annual rate of GWPI in Mindanao accelerated to 1.1 percent in December 2024 from 0.7 percent in November 2024. Its annual growth rate in December 2023 was recorded at 3.5 percent. 
(Tables A, 4a, and 4c)

The movement in the annual growth rate of GWPI in Mindanao was primarily brought about by the annual increase of food index at 0.6 percent in December 2024 from 0.4 percent annual drop in the previous month.

Likewise, higher annual increase was observed in the index of chemicals including animal and vegetable oils and fats at 3.2 percent in the current month from 2.9 percent in November 2024.

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

a. Beverages and tobacco, 4.6 percent from 4.9 percent;
b. Crude materials, inedible except fuels, 0.2 percent from 0.3 percent;
c. Manufactured goods classified chiefly by materials, 1.0 percent from 1.1 percent;
d. Machinery and transport equipment, 0.4 percent from 0.5 percent; and
e. Miscellaneous manufactured articles, 0.4 percent from 1.1 percent.

The index of mineral fuels, lubricants and related materials retained its previous month’s growth rate of 0.5 percent annual drop.

The annual average growth rate of GWPI in Mindanao slowed down at 1.7 percent in 2024 from 4.3 percent in 2023. (Table 4a)
 

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