Growth in the bulk prices of general goods slowed in September this year as food price growth eased, the Philippine Statistics Authority (PSA) reported.

Based on the PSA data, the General Wholesale Price Index (GWPI) in the country dropped to 4.4 percent from 5.0 percent in August. It is also lower than the 8.2 percent recorded in September a year earlier.

GWPI measures how the prices of goods businesses buy in bulk change over time. When wholesale prices go up, it can contribute to inflation by increasing the cost of production and leading to higher prices for consumers.

The index helps track price changes and understand their impact on inflation..

The PSA attributed the downtrend to slower price growth in heavily weighted food (7.3 percent from 7.9 percent in August), chemicals including animal and vegetable oils and fats (1.3 percent from 3.4 percent).

Meanwhile, other commodity groups eased during the month including beverages and tobacco which recorded 5.9 percent in September from 6.2 percent in the previous month.

Prices of manufactured goods classified by materials also decreased from 5.3 percent in August to 4.7 percent in September, and machinery and transport equipment from 1.6 percent to 1.4. Miscellaneous manufactured articles also eased to 3.6 percent from 4.4 percent.

Mindanao’s GWPI also decreased as it swelled to 3.2 percent in September. This was slightly slower than 3.4 percent in August and 4 percent in September 2022.

This was driven mainly by the slower growth rate of food at 5.8 percent from 6.7 percent in the previous month.

Likewise, Luzon’s GWPI also decreased to 4.6 percent in September from 5 percent in the previous month and 8.5 percent in September a year earlier.

Meanwhile, Visayas’ GWPI picked up at 4.6 percent in September, higher than the 4.2 percent recorded in August but lower than the 6.9 percent in September 2022.