General Wholesale Price Index (1998=100) : April and May 2004
Release Date: 04 September 2004
April and May 2004
Year-on-Year Inflation Rates, All Items
May 2003 - May 2004
Based on the General Wholesale Price Index (GWPI), year-on-year inflation rate at the national level went up by 0.6 percentage point to 8.3 percent in May from 7.7 percent in April
Annual price increments were noted in beverages and tobacco, 5.7 percent in May from 5.3 percent in April; mineral fuels, lubricants and related materials, 24.0 percent from 15.9 percent; chemicals, including animal and vegetable oils and fats, 10.0 percent from 8.8 percent; and manufactured goods classified chiefly by materials, 5.2 percent from 5.1 percent. On the other hand, inflation rate for food slowed to 6.3 percent from 7.6 percent; crude materials, inedible except fuels, 30.2 percent from 40.8 percent; and miscellaneous manufactured articles, 1.4 percent from 1.6 percent. Inflation rate for machinery and transport equipment remained at 2.4 percent.
Similarly, inflation rate in Luzon advanced to 8.5 percent in May from 7.7 percent in April. Double-digit inflation rates were correspondingly posted in mineral fuels, lubricants and related materials and chemicals, including animal and vegetable oils and fats at 25.8 percent and 11.5 percent from their respective last month's rates of 16.4 percent and 10.9 percent. Moreover, inflation rates for beverages and tobacco and manufactured goods classified chiefly by materials at 4.5 percent and 4.8 percent were respectively higher than their previous month's rates of 4.1 percent and 4.5 percent. Annual growths were also noted however slower in the prices of food items, 5.4 percent from 7.0 percent; crude materials, inedible except fuels, 33.2 percent from 45.8 percent; and miscellaneous manufactured articles, 0.7 percent from 1.0 percent. Machinery and transport equipment retained its April inflation rate of 2.3 percent.
Inflation rate in Visayas slightly increased to 3.4 percent in May from 3.3 percent in April. Higher rates were seen in the prices of mineral fuels, lubricants and related materials, 14.0 percent from 13.2 percent; and chemicals, including animal and vegetable oils and fats, 2.7 percent from zero growth. Inflation rates for food and manufactured goods classified chiefly by materials correspondingly eased to 2.7 percent and 0.7 percent from 3.3 percent and 1.0 percent. The rest of the commodity groups moved at their last month's rates.
In Mindanao, inflation rate went up by 11.7 percent in May, the same rate registered in April. The annual rates in the prices of beverages and tobacco grew to 8.8 percent from 8.1 percent; crude materials, inedible except fuels, 19.5 percent from 18.1 percent; mineral fuels, lubricants and related materials, 10.4 percent from 9.9 percent; chemicals, including animal and vegetable oils and fats, 8.3 percent from 4.5 percent; manufactured goods classified chiefly by materials, 11.8 percent from 11.6 percent; and miscellaneous manufactured articles, 8.5 percent from 8.2 percent. Inflation rates for food items and machinery transport equipment correspondingly slowed to 16.5 percent and 5.7 percent from 17.5 percent and 6.4 percent.
By Commodity Group, Month-on- Month
The month-on-month inflation picked up by 0.3 percentage point to 0.9 percent in May from 0.6 percent in April.
Increments in the prices of fish, biscuits, milk, rice, and selected fruits and vegetables raised the food index in Luzon by 0.2 percent. Likewise, the food index in Visayas went up by 0.8 percent resulting from the upward adjustments in the prices of beef, pork, fresh and frozen fish, and tubers and rootcrops. In contrast, prices of food items in Mindanao were generally stable as the group's index recorded zero growth. Thus, the national index moved up by 0.3 percent.
Add-ons in the prices of selected liquors and cigarettes in Luzon along with the higher prices of selected brewery products and softdrinks in Mindanao pushed up the index for beverages and tobacco in the Philippines and Luzon by 0.4 percent and Mindanao, 0.7 percent.
Uptick in the price of charcoal caused the index of crude materials, inedible except fuels in Mindanao to grow by 0.6 percent. On the other hand, lower prices of copra mainly effected the 5.2 percent drop in its index for Luzon. Thus, the national index declined by 4.6 percent.
The continued upward movements in the prices of petroleum products and LPG pushed up the index for mineral fuels, lubricants and related materials in the Philippines by 5.5 percent; Luzon, 6.3 percent; and Mindanao, 0.5 percent. Prices of mineral fuels, lubricants and related materials in Visayas generally remained stable during the month.
Higher prices of fertilizers and selected medicines in Luzon and Mindanao respectively raised their corresponding index for chemicals, including animal and vegetable oils and fats index by 0.3 percent and 1.5 percent. Likewise, the group's index in Visayas jumped by 2.7 percent due to the acceleration in the prices of paints, selected medicines and insecticides. At the national level, the group's index picked up by 0.7 percent.
The manufactured goods classified chiefly by materials index rose by 0.2 percent due to add-ons in the prices of fabricated wire products in Luzon. Similarly, the group's index in Visayas increased by 0.8 percent due to the higher price of rubber tire and rubber tubes. On the contrary, lower prices of plywood, fabricated wire products and bars and angles in Mindanao pushed down the group' index by 0.5 percent. On the national level, the group's index increased by 0.2 percent.
Lower prices of electrical equipment were noted in Mindanao. These pulled down the machinery and transport equipment index in the area by 0.1 percent. However, prices of machinery and transport equipment in Luzon and Visayas remained stable as they posted zero growth during the month. Thus, the overall index also registered a zero growth.
Increments in the prices of clothing items in Mindanao effected the 2.8 percent and 0.3 percent monthly growth in the miscellaneous manufactured articles index in the area and in the Philippines, respectively. Meanwhile, the group's index in Luzon and Visayas recorded zero growth this month.
Source: National Statistics Office
Page last revised: September 04, 2004
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