Year-on-Year Growth Rates, All Items
February 2014 - February 2015

p - preliminary
r - revised

Year-on-Year

The General Wholesale Price Index (GWPI) at the national level continued to decline as it recorded a negative rate of 5.1 percent in February. In January, it decreased by 6.6 percent and in February last year it had a positive growth of 3.9 percent. The drop was mainly attributed to the decreases in the annual rates of crude materials, inedible except fuels index at -6.8 percent and mineral fuels, lubricants and related materials, -33.8 percent. Slower annual gains were likewise noted in chemicals including animal and vegetable oils and fats index at 2.2 percent and machinery and transport equipment index, 2.7 percent. On the other hand, higher growths were seen in heavily-weighted food index at 7.6 percent; beverages and tobacco index, 6.8 percent; manufactured goods classified chiefly by materials index, 2.0 percent; and miscellaneous manufactured articles index, 1.9 percent.

• In Luzon, the GWPI went down by 5.6 percent in February. It resulted from the reduction in the annual rates of crude materias, inedible except fuels index at -8.9 percent and in mineral fuels, lubricants and related materials index, -34.9 percent. The annual growth of the chemicals including animal and vegetable oils and fats index eased to 2.4 percent and machinery and transport equipment index, 3.5 percent. Meanwhile, higher upticks were seen in the food index at 9.4 percent; beverages and tobacco index, 8.2 percent; and indices of manufactured goods classified chiefly by materials and miscellaneous manufactured articles, 2.2 percent.

   

• Similarly, the GWPI in Visayas declined by 2.4 percent in February as the mineral fuels, lubricants and related materials index still posted a negative rate of 24.8 percent. In addition, slower annual hikes were noticed in the food index at 2.7 percent; crude materials, inedible except fuels index, 11.2 percent; and machinery and transport equipment index, 0.4 percent. While the beverages and tobacco index had a higher annual mark-up of 3.7 percent, the rest of the commodity groups retained their last month’s rate.

   

• The same trend was noted in the GWPI in Mindanao as it continued to decrease by 2.1 percent in February. This was brought about by the negative annual adjustments in the mineral fuels, lubricants and related materials index at -23.8 percent and in miscellaneous manufactured articles index, -0.2 percent. Slower annual increases were also observed in crude materials, inedible except fuels index at 4.1 percent and chemicals including animal and vegetable oils and fats index, 0.6 percent. The food index had a faster annual gain of 1.1 percent; beverages and tobacco index, 0.3 percent; and manufactured goods classified chiefly by materials index, 1.5 percent. The machinery and transport equipment index moved at its last month’s rate of 0.2 percent.

   

   

• By Commodity Group, Month-on-Month

  On a monthly basis, the GWPI at the national level advanced by 1.8 percent in February. This was effected by upward adjustments in the indices of food at 1.9 percent; beverages and tobacco, 0.7 percent; mineral fuels, lubricants and related materials, 6.6 percent; chemicals including animal and vegetable oils and fats, 0.6 percent; and miscellaneous manufactured articles, 0.4 percent. The manufactured goods classified chiefly by materials index moved at its last month’s rate of 0.1 percent while the indices of crude materials, inedible except fuels and machinery and transport equipment remained stable as they recorded a zero growth.

   

  Price hikes in gasoline, diesel oil, kerosene and LPG pushed up the mineral fuels, lubricants and related materials index in the Philippines by 6.6 percent; Luzon, 6.4 percent; Visayas, 7.7 percent; and Mindanao, 7.5 percent.

  The food index in Luzon moved up at a faster rate of 2.3 percent as selected food items such as beef, canned meat products, milk, cereal preparations, bakery products and some fruits were priced higher during the month. Price add-ons on wheat flour, bread, sugar and some vegetables were seen in Mindanao. These resulted to a 1.0 percent increase in its group’s index in the area. On the contrary, the 0.5 percent decrease in the group’s index in Visayas was due to lower prices of dairy products, selected fish species and some fruits and vegetables during the month. Movement in the group’s national index was registered at 1.9 percent.

  Price mark-ups were observed on liquors and brewery products in Luzon and Visayas. Prices of selected softdrinks in Visayas were also on the uptrend. Thus, the beverages and tobacco index in the two areas rose 0.7 percent and 1.1 percent, respectively. In Mindanao, a 0.1 percent growth in the group’s index was due to price upticks in some cigarettes. These factors contributed to a 0.7 percent increment in the national index.

  A 0.8 percent gain in chemicals including animal and vegetable oils and fats index in Luzon was brought about by price additions in selected paints, plastic colored sheets, laundry soaps, and other medical and pharmaceutical preparations. On the other hand, lower prices of fertilizers and other cosmetic preparations were noticed in Mindanao. Thus, the group’s index dropped by 0.4 percent. Meanwhile, prices of chemicals including animal and vegetable oils and fats items in Visayas generally remained stable during the period. These mixed price trends caused a 0.6 percent increase in the group’s national index.

  Uptick in the prices of some sanitary fixtures, furniture and photographic supplies raised the miscellaneous manufactured articles index in Luzon by 0.4 percent. While higher prices of photographic supplies and other office supplies pushed up its index in Mindanao by 0.1 percent, the group’s index in Visayas had a zero growth. At the national level, the group’s index went up by 0.4 percent.

  With increased prices of rubber tires, plywood, door jambs, cement, hollow blocks, marble chips, ceramic tiles and fabricated wire products in Luzon, the manufactured goods classified chiefly by materials index in the area grew by 0.1 percent. In Mindanao, add-ons in the prices of luggage and travelling bags, rope, cement, and steel bars effected 0.2 percent tick in the group’s index. In Visayas, a zero growth was observed in its group’s index as prices of manufactured goods classified chiefly by materials remained stable during the month. These factors resulted to a 0.1 percent increase in the national index.

  A 0.1 percent growth in the crude materials, inedible except fuels index in Mindanao was due to price hikes in sand and gravel. On the other hand, reduction in the prices charcoal in Visayas pulled down its index by 0.2 percent. In Luzon, prices of items under crude materials, inedible except fuels generally remained stable during the month, thereby, registering a zero growth in the group’s index. At the national level, there was no movement in the group’s index.

  In Luzon, prices of electrical appliances and insulated electrical wires were higher during the month. Hence, the machinery and transport equipment index in the area inched up by 0.1 percent. In Visayas, Mindanao and in the Philippines, the group’s index had a zero growth.
   

  Note:

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