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Manila Bulletin devider Business devider PH wholesale prices increase in July

PH wholesale prices increase in July

Published Sep 6, 2023 07:55 am

At A Glance

  • The Philippine General Wholesale Price Index (GWPI) rose to 4.5 percent in July from 4.0 percent in June. The growth rate, however, was slower compared to 8.0 percent in the same month last year.<br>From January to July, the average national GWPI was 5.2 percent, down from 7.3 percent in the same period last year.<br>The increase in prices was mainly attributed to higher costs of food inputs, animal and vegetable oils, fats, and manufactured goods. Some commodity groups experienced a decline in prices, including crude materials and mineral fuels.<br>Mindanao's GWPI increased to 4.3 percent in July, driven by the growth of manufactured goods classified by materials.<br>Luzon's GWPI accelerated to 4.6 percent in July, but it was weaker than the previous year.<br>Visayas' GWPI picked up to 3.9 percent in July but was lower than the previous year.

The Philippine Statistics Authority (PSA) reported that the prices of goods sold to wholesalers increased at a much faster pace in July due to higher costs of food inputs.

According to the PSA data, the General Wholesale Price Index (GWPI) in the country rose to 4.5 percent in July from 4.0 percent in June.

However, the latest reading is slower compared to the 8.0 percent growth in July last.

From January to July, the national GWPI averaged 5.2 percent, down from the 7.3 percent recorded in the same period last year.

The GWPI monitors price variations in goods sold to wholesalers. It offers an indication of inflation based on the prices of goods prior to reaching consumers.

The PSA attributed the uptick to faster price growth in animal, vegetable oils, and fats (0.5 percent from -0.6 percent in June), food (8.8 percent in from 8.5 percent); and manufactured goods classified chiefly by materials, and miscellaneous manufactured articles, (5.2 percent from 5.1 percent)

Meanwhile, other commodity groups eased during the month including indices of crude materials which recorded 13.6 percent in July from -23.5 percent in the previous month.

Prices of mineral fuels, lubricants and related materials also decreased from -20.5 percent in June to -18.3 percent in July. Beverages and tobacco also eased to 7.5 percent from 7.6 percent.

Mindanao’s GWPI also increased as it rose to 4.3 percent in July. This was faster than 3.4 percent in June and 5.1 percent in July 2022.

This was driven mainly by the higher growth rate of manufactured goods classified by materials at 4.4 percent from 2.3 percent.

In Luzon, the GWPI accelerated to 4.6 percent in July from 4.1 percent in the previous month. This was still weaker than the 8.2 percent recorded in July 2022.

As for Visayas, its GWPI picked up to 3.9 percent in July from 3.5 percent in June, but lower than 6.4 percent a year earlier. (Xander Dave G. Ceballos)

Related Tags

Philippine Statistics Authority (PSA) inflation rate
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