Wholesale prices rise to 2-yr high

MANILA, Philippines — Wholesale prices of consumer goods in the country went up to more than two-year high in August, the Philippine Statistics Authority (PSA) said.

The General Wholesale Price Index (GWPI) in the Philippines in August grew to 3.2 percent, faster than the 2.9 percent rate in July.

This is also much quicker than the growth of 2.4 percent in August 2020.

While the index of crude materials is still at a double-digit increase, it went down to 29.6 percent from the 38.5 percent in July.

However, mineral fuels, lubricants and related materials registered a faster 19.4 percent hike.

Wholesale prices for food, on other hand, decreased to one percent from 1.2 percent.

Mark-ups were also higher in the indexes of beverages and tobacco, manufactured goods classified chiefly by materials, machinery and transport equipment.

Chemicals, including animal and vegetable oils and fats, and miscellaneous manufactured articles retained their 5.3 percent and 0.3 increase, respectively.

Following the trend at the national level, the GWPI in Luzon also spiked to 3.2 percent from three percent. Crude materials and fuels remained the cause of upticks, but at a much softer pace.

Visayas also saw its wholesale prices move up to 1.1 percent while Mindanao registered an increase to 5.2 percent.