Year-on-Year Growth Rates, All Items
February 2013 - February 2014

p - preliminary

Year-on-Year

The year-on-year growth of the General Wholesale Price Index (GWPI) at the national level further decelerated to 4.0 percent in February from 4.8 percent in January. This can be attributed to a slowdown posted in the annual rate of the heavily-weighted food index at 3.2 percent in February from 4.0 percent in January; beverages and tobacco index, 6.2 percent from 10.1 percent; mineral fuels, lubricants and related materials index, 4.0 percent from 6.5 percent; manufactured goods classified chiefly by materials index, 1.3 percent from 1.6 percent; and miscellaneous manufactured articles index, 1.4 percent from 1.5 percent. On the other hand, higher annual increases were seen in the indices of crude materials, inedible except fuels at 38.1 percent from 32.4 percent; chemicals including animal and vegetable oils and fats, 7.6 percent from 6.2 percent and machinery and transport equipment, 1.9 percent from 1.8 percent.

• In Luzon, the annual hike of GWPI eased to 3.8 percent in February from 4.6 percent in January. A slower annual gain was recorded in the food index at 1.7 percent in February from 2.3 percent in January; beverages and tobacco index, 6.5 percent from 11.5 percent; mineral fuels, lubricants and related materials index, 4.3 percent from 6.9 percent; manufactured goods classified chiefly by materials and miscellaneous manufactured articles indices, 0.9 percent from 1.3 percent and 1.1 percent, respectively. Meanwhile, a higher annual increment was seen in crude materials, inedible except fuels index at 43.3 percent from 36.8 percent; chemicals including animal and vegetable oils and fats index, 9.2 percent from 7.4 percent; and machinery and transport equipment index, 1.9 percent from 1.5 percent.

• Similarly, the annual uptick in the GWPI in Visayas improved to 3.1 percent in Feruary from 3.7 percent in January. A negative annual growth was observed in mineral fuels, lubricants and related materials index at -0.1 percent in February from 2.1 percent last month. In addition, slow-paced annual growths were noticed in the indices of beverages and tobacco at 1.7 percent from 2.2 percent ; machinery and transport equipment, 1.8 percent from 1.9 percent; and miscellaneous manufactured articles, 1.2 percent from 1.8 percent. On the contrary, annual rates in crude materials, inedible except fuels and manufactured goods classified chiefly by materials indices correspondingly went up to 8.4 percent and 3.8 percent from 6.1 percent and 3.7 percent, respectively. The indices for food and chemicals including animal and vegetable oils and fats moved at their respective last month’s rates of 5.8 percent and 2.3 percent.

   

  

   

   

• The GWPI in Mindanao posted a slower annual growth of 6.7 percent in February from 7.6 percent in January. The annual increment in the heavily-weighted food index eased to 11.6 percent in February from 14.2 percent in January; crude materials, inedible except fuels index, 7.9 percent from 10.9 percent; manufactured goods classified chiefly by materials index, 2.6 percent from 2.7 percent; machinery and transport equipment index, 2.0 percent from 3.1 percent; and miscellaneous manufactured articles index, 5.1 percent from 5.3 percent. However, the annual change in mineral fuels, lubricants and related materials index advanced to 4.9 percent from 3.8 percent while the rest of the commodity groups retained their last month’s rate.
   

  

   

   

• By Commodity Group, Month-on-Month

  Measured from a month ago level, wholesale prices at the national level went up at a slower rate of 0.1 percent in February from 0.3 percent in January. The heavily-weighted food index decreased by 0.1 percent in February from 0.2 percent growth in January; mineral fuels, lubricants and related materials index, -0.3 percent from 0.5 percent; and manufactured goods classified chiefly by materials and miscellaneous manufactured articles indices, -0.1 percent from 0.2 percent and 0.1 percent, respectively. Moreover, the increase in beverages and tobacco index decelerated to 0.2 percent from 0.4 percent. Faster monthly rates were however noticed in the indices of crude materials, inedible except fuels at 4.4 percent from 2.3 percent; chemicals including animal and vegetable oils and fats, 1.4 percent from 0.5 percent; and machinery and transport equipment, 0.3 percent from zero growth.

   

  Price rollbacks in LPG along with the downward price adjustments in crude petroleum oil during the month pulled down the mineral fuels, lubricants and related materials index in Luzon by 0.4 percent. However, price hikes in gasoline and diesel raised the group’s index in Visayas and Mindanao by 0.3 percent and 0.8 percent, respectively. At the national level, the group’s index was registered at -0.3 percent.

  The food index in Luzon fell by 0.2 percent as vegetables, in-season fruits and some fish species were priced lower during the month. Reductions in the prices of copra meal in Luzon also contributed to the downtrend. Meanwhile, higher prices of selected vegetables, powdered milk and some condiments, spices and seasonings pushed up the group’s index in Mindanao by 0.2 percent. In Visayas, a zero growth was noted in the group’s index as higher prices of eggs, meat, selected vegetables, powdered milk and some condiments, spices and seasonings were offsetted by the decreases in the prices of selected fruits, wheat flour and rice bran in the area. The group’s index in the Philippines dropped by 0.1 percent from 0.2 percent last month.

  The 0.2 percent decline in manufactured goods classified chiefly by materials index in Luzon was due to price-cuts in deformed bars, flat bars, angle bars, door casements and fabricated wire products. Meanwhile, a 0.1 percent increment in the group’s index in Visayas was attributed to upward adjustments in the prices of knitted products. In Mindanao, prices of manufactured goods classified chiefly by materials generally remained stable during the month as its group’s index had a zero growth. The national index went down by 0.1 percent.

  Lower prices of some sanitary and plumbing fixtures pushed down the miscellaneous manufactured articles index in Luzon by 0.1 percent. On the contrary, the group’s index in Mindanao inched up 0.1 percent due to price gains in some photographic supplies in the area while in Visayas, the group’s index had a zero growth. In the Philippines, the group’s index dropped by 0.1 percent.

  A 0.3 percent add-on in beverages and tobacco index in Luzon was due to higher prices of softdrinks. However, the group’s index in Visayas and Mindanao posted a zero growth while at the national level, it advanced 0.2 percent.

  Price upticks in copra, gravel, sand, stones and pebbles resulted to 4.9 percent growth in the index for crude materials, inedible except fuels in Luzon. The group’s index in Mindanao likewise picked up to 0.2 percent due to price mark-ups in charcoal. On the other hand, lower prices of charcoal and firewood pushed down its group’s index in Visayas by -0.1 percent. In the Philippines, the group’s index accelerated to 4.4 percent from 2.3 percent.

  In Luzon, higher prices of coconut oil, fertilizers, pharmaceutical products, soap and other washing compounds effected the 1.7 percent growth in the chemicals including animal and vegetable oils and fats index. Likewise, prices of fertilizers, vitamins and other medical preparations in Mindanao were on the uptrend. Thus, its group’s index grew by 0.3 percent. Meanwhile, that for Visayas recorded a zero growth. At the national level, the group’s index climbed 1.4 percent from 0.5 percent last month.

  A 0.4 percent gain in the machinery and transport equipment index in Luzon was due to increments in the prices of insulated electrical wires, and selected electrical apparatus and appliances in the area. Similarly, the group’s index in Visayas inched up 0.1 percent as prices of electrical lamps and fixtures and insulated electrical wires went up during the month. In Mindanao, no change was noticed in its group’s index. From a zero growth, the group’s national index rose 0.3 percent.
   

  Notes:

GWPI by sub-group for Luzon, Visayas, Mindanao and at the national level are also available upon request at NSO, Industry and Trade Statistics Department, Economic and Indicators Division (Telephone Numbers: 716-39-35 and 715-33-47).