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General Wholesale Price Index (1998=100) : June 2017

Reference Number: 2017-180
Release Date: 14 August 2017

GENERAL WHOLESALE PRICE INDEX (GWPI)
(1998=100)

Year-on-Year Growth Rates, All Items
June 2016 - June 2017

Year/Month
(1)
Philippines
(2)
Luzon
(3)
Visayas
(4)
Mindanao
(5)
 2017        
  June 1.6p 1.4p 3.7 0.8
  May 3.4 3.6 4.7 0.1
 April 5.1 5.6 5.0 1.3
 March 6.0 6.5 4.6 2.9
 February 7.5 8.1 5.8 3.4
 January 7.4 8.2 5.3 3.1
 2016 1.1 1.1 1.6 1.2
  December 5.5 6.1 3.6 2.5
  November 3.1 3.3 2.6 1.7
  October 3.0 3.2 3.0 1.1
  September 1.9 1.9 2.6 1.3
  August 0.8 0.4 2.9 1.8
  July 0.2 -0.1 2.5 0.8
  June 0.3 0.2 -0.1 0.9

                                                    p - preliminary
                              

 

 

 

 

• Year-on-Year
    
    The annual increase of the General Wholesale Price Index (GWPI) at the national level further slowed down to 1.6 percent in June 2017. In the previous month, it went up by 3.4 percent and in June 2016, 0.3 percent. The slowdown was primarily due to the 0.6 percent annual decline in the food index. In addition, slower annual gains were noted in the indices of the following commodity groups:

  • Crude materials, inedible except fuels (10.8%);
  • Mineral fuels, lubricants and related materials (2.9%);
  • Chemicals including animal and vegetable oils and fats (4.2%); and
  • Manufactured goods classified chiefly by materials (0.7%).

On the other hand, a higher annual increment of 8.4 percent was posted in beverages and tobacco index. The rest of the commodity groups retained their previous month’s rate (see Table 1.1).

• In Luzon, the annual growth in GWPI likewise eased to 1.4 percent in June 2017. The rate was recorded at 3.6 percent in May 2017 and 0.2 percent in June 2016. An annual drop of 1.4 percent was registered in the heavily-weighted food index. The indices of the following commodity groups exhibited slower annual rates during the month:

  • Crude materials, inedible except fuels (11.8%);
  • Mineral fuels, lubricants and related materials (3.2%);
  • Chemicals including animal and vegetable oils and fats (4.6%); and
  • Manufactured goods classified chiefly by materials (0.9%).

Meanwhile, annual adjustment of beverages and tobacco index moved up at a faster pace of 8.2 percent. Annual movements in the indices of other commodity groups remained at their previous month’s rates (see Table 2.1).

• Following the same trend of Luzon, the annual gain of GWPI in Visayas decelerated to 3.7 percent in June 2017. It picked up by 4.7 percent in May 2017 while it dropped by 0.1 percent in June 2016. Negative annual rates were still noted in the indices of manufactured goods classified chiefly by materials at -1.4 percent and miscellaneous manufactured articles, -0.6 percent. Moreover, lower annual mark-ups were seen in the indices of crude materials, inedible except fuels at 6.0 percent; mineral fuels, lubricants and related materials, 4.3 percent; and chemicals including animal and vegetable oils and fats, 4.2 percent. On the other hand, higher annual increases were posted in the indices of food at 5.3 percent; beverages and tobacco, 8.5 percent; and machinery and transport equipment, 2.8 percent (see Table 3.1).
 

• The annual change of GWPI in Mindanao rose by 0.8 percent in June 2017. In the previous month, the rate was pegged at 0.1 percent and in June 2016, 0.9 percent. Annual increments were higher in the indices of the following commodity groups:

  • Beverages and tobacco (10.0%);
  • Chemicals including animal and vegetable oils and fats (1.4%);
  • Machinery and transport equipment (0.7%); and
  • Miscellaneous manufactured articles (1.2%).

On the contrary, lower annual hikes were observed in the indices of crude materials, inedible except fuels at 0.5 percent and manufactured goods classified chiefly by materials, 1.0 percent. The index of mineral fuels, lubricants and related materials went down by 2.5 percent while the food index had zero growth during the month (see Table 4.1).

• By Commodity Group, Month-on-Month

   On a monthly basis, the GWPI in the Philippines further decreased by 1.0 percent in June 2017.  In May 2017, its rate was -0.7 percent. Declines were registered in the indices of mineral fuels, lubricants and related materials at -5.8 percent and manufactured goods classified chiefly by materials, -0.2 percent. In addition, a slower increment of 0.1 percent was noticed in crude materials, inedible except fuels index. Meanwhile, the food index inched up by 0.1 percent after it went down by 0.9 percent in the previous month and in beverages and tobacco index, 0.3 percent from zero growth. Movement in the index of chemicals including animal and vegetable oils and fats remained at 0.1 percent while the indices of the rest of the commodity groups exhibited flat growth during the month (see Table 1.2).

  • The general downward price adjustments in petroleum products pushed down the index of mineral fuels, lubricants and related materials in Luzon by 6.3 percent. Similarly, the group’s index in Visayas fell by 2.1 percent brought about by the decreases in the prices of diesel oil and kerosene. The group’s index in Mindanao also dropped by 0.7 percent as gasoline and LPG were priced lower in the area. For the Philippines, the group’s index declined by 5.8 percent.
     
  • In Luzon, lower prices were seen intires, inner tubes, lumber, selected paper products, cement, electrical metal tubing and fabricated wire products during the month. Thus, the index of manufactured goods classified chiefly by materials in the area dropped by 0.2 percent. Moreover, the group’s index in Mindanao fell by 0.1 percent due to the price reductions in steel and deformed bars. In Visayas, higher prices in pad paper, glass and glass products and glazed tile offset the downward adjustment in the price of cement. Hence, the group’s index in the area had zero growth during the period. The national index decreased by 0.2 percent.
     
  • The index of crude materials, inedible except fuels in Visayas climbed by 0.8 percent. This can be attributed to higher prices of copra during the month. Upward adjustments in the prices of charcoal likewise raised the group’s index in Mindanao by 0.2 percent. The group’s index in Luzon, however, had zero growth during the period. At the country level, the group’s index exhibited a growth of 0.1 percent this month.
     
  • The index of chemicals including animal and vegetable oils and fats in Luzon rose by 0.1 percent as paints, turpentine and toilet soap were priced higher in the area. In Visayas prices of paints, lacquer, insecticides and vulcanizing cement were on the uptrend. Thus, the group’s index in the area inched up by 0.1 percent. Similarly, the group’s index in Mindanao picked up by 0.2 percent brought about by add-ons in the prices of selected items for cleaning and medical and pharmaceutical preparations. The group’s index for the Philippines rose by 0.1 percent.
     
  • Higher prices of beer and cigarettes during the month effected the 0.4 percent growth in beverages and tobacco index in Luzon. Likewise, higher prices of liquors in Visayas and Mindanao correspondingly pushed up the group’s index by 0.2 percent and 0.1 percent. At the national level, the group’s index picked up by 0.3 percent.
     
  • Food index in Mindanao advanced by 1.4 percent after it recorded -1.4 percent in the previous month. Price mark-ups were observed in liveweight hogs, beef, pork, uncanned meat products, fish, unmilled corn, rice, vegetables and processed animal feeds. Meanwhile, lower prices of eggs, rice, fresh fruits, vegetables and sugar pushed down the food index in Visayas by 0.4 percent. In Luzon, upward adjustments in the prices of pork, vegetables and sugar were offset by the reductions in the prices of live weight chicken, fresh fruits and selected dairy products in the area. Hence, the group’s index in the area had zero growth during the month. The food index at the country level went up by 0.1 percent.
     
  • The machinery and transport equipment index in Visayas climbed by 0.1 percent. This was attributed to higher prices in battery and electrical bulb. On the other hand, a zero growth was posted in the group’s index in Luzon and Mindanao. At the country level, it had zero growth.
     
  • The index of miscellaneous manufactured articles in Luzon and Visayas registered zero growth in June 2017, while in Mindanao, the group’s index rose by 0.1 percent. At the national level, the group registered zero growth.

    Note: Data from other source agency was not yet available as of 11 August 2017.


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