Wholesale price growth eased in October

MANILA, Philippines — Wholesale prices of goods in the country grew at a slower pace in October compared to the previous month due to the movement in fuel prices, the Philippine Statistics Authority (PSA) reported.

Data from the PSA showed the annual increase of the General Wholesale Price Index (GWPI) nationwide slowed to 7.6 percent in October 2022 from 8.2 percent in September.

This was faster, however, compared to the 3.9 percent increase in October 2021.

The GWPI tracks the changes in prices in wholesale trade and serves as a basis for price adjustments in business contracts and projects.

“The lower annual growth was primarily brought about by the downtrend in the index for mineral fuels, lubricants and related materials at 28.6 percent in October 2022,” the PSA said.

Also posting lower growth rates are chemicals, including animal and vegetable oils and fats from 5.1 percent in October to 3.4 percent in September; and manufactured goods classified chiefly by materials from 4.3 percent in October to 4.2 percent in September.

Moreover, the crude materials, inedible except fuels index further declined in October from September.

In the January to October period, the average growth in the GWPI at the national level was at 7.4 percent.

Similar to the national level, the year-on-year growth of GWPI in Luzon eased to 7.8 percent in October from 8.5 percent in September.

“The lower annual increment in GWPI in Luzon was primarily brought about by the downtrend in mineral fuels, lubricants and related materials at 29.7 percent in October 2022,” the PSA said.

Slower annual increments were also seen in beverages and tobacco; and chemicals including animal and vegetable oils and fats, while the inedible except fuels index continued to decline in October from September.

In the Visayas, the GWPI posted a slower growth of 6.6 percent in October from 6.9 percent in September.

The PSA attributed the decline to the slower annual increase in the mineral fuels, lubricants and related materials at 21.9 percent in October 2022.

It said the growth in the food index eased, while miscellaneous manufactured articles contracted in October.

As for Mindanao, the growth in GWPI rose to 4.9 percent in October from four percent in September.

The PSA said this was driven primarily by the increase in the food index.

Other commodity groups which saw increases in Mindanao in October are beverages and tobacco; manufactured goods classified chiefly by materials; machinery and transport equipment; and miscellaneous manufactured articles.