Wholesale prices hold steady in October
At A Glance
- The Philippines' rate of prices of goods sold to wholesalers remained unchanged in October at 4.4 percent, lower than the 7.6 percent in October 2022.<br>Year-to-date, the country's GWPI averaged 5.1 percent, which is lower compared to the 7.4 percent recorded in the same period last year.<br>Fast increases were noted in the indices of beverages and tobacco, chemicals including animal and vegetable oils and fats, and machinery and transport equipment.<br>Meanwhile, slower upticks were seen in the indices of food and manufactured goods classified chiefly by materials.<br>Mindanao and Visayas' GWPI recorded an increase while Luzon's slowed down to 4.4 percent from 4.6 percent
The rate of prices of goods sold to wholesalers remained the same in October, the Philippine Statistics Authority reported Thursday, Dec. 14.
According to the PSA data, the general wholesale price index (GWPI) during the month remained at 4.4 percent. This was lower than the 7.6 percent recorded in October 2022.
From January to October, the GWPI averaged 5.1 percent, which is lower compared to the 7.4 percent recorded in the same period last year.
The GWPI monitors price variations in goods sold to wholesalers and offers an indication of inflation based on the prices of goods before reaching consumers.
The PSA noted fast increases in the indices of beverages and tobacco (6.0 percent from 5.9 percent), chemicals including animal and vegetable oils and fats (1.8 percent from 1.3 percent), and machinery and transport equipment (1.5 percent from 1.4 percent).
Slower upticks were observed in the indices of food (7.0 percent from 7.3 percent) and manufactured goods classified chiefly by materials (4.6 percent from 4.7 percent).
The index of miscellaneous manufactured articles retained its annual growth rate of 3.6 percent.
Meanwhile, the prices of goods in Visayas swelled to 5.3 percent in October from 4.6 percent in the previous month.
This was mainly driven by the faster increase in the food index to 11.2 percent from 9.1 percent. The index of beverages and tobacco also saw a minimal increase to 10.6 percent from 10.5 percent.
Mindanao’s GWPI also inched up to 3.3 percent from 3.2 percent in September 2023. Likewise, a higher increment was noted in the food index at 6.6 percent from 5.8 percent but a decline was seen in the index of chemicals including animal and vegetable oils and fats at 1.7 percent.
As for Luzon, its growth rate on prices of goods slowed down to 4.4 percent in October from 4.6 percent in the previous month on the back of a decline in the heavily weighted food index.