The annual growth rate of the country’s wholesale prices slowed to 1.9 percent in August this year from 2.4 percent in July, mainly due to declining prices in mineral fuels and slower increases in food and manufactured goods.
According to the Philippine Statistics Authority (PSA), the growth rate in the General Wholesale Price Index (GWPI) is significantly lower than 5.0 percent a year ago.
This slowdown was mainly due to a 3.6-percent decline in mineral fuel prices in August, from a 6.6-percent increase in July.
Annual price increases also slowed for food (3.0 percent from 3.6 percent), beverages and tobacco (1.4 percent from 2.0 percent), and manufactured goods classified mainly by materials (0.8 percent from 1.0 percent), all down from previous months.
In contrast, except for fuels which slowed to 17.3 percent from 8.2 percent in the previous month, annual price increases jumped for crude materials. It covers chemicals including animal and vegetable oils and fats (4.1 percent from 3.6 percent), and machinery and transport equipment (0.4 percent from 0.3 percent).
Regionally, the GWPI growth rates in Luzon and Visayas decreased to 1.8 percent and 3.1 percent in August 2024, respectively.
This decline is attributed to decreasing mineral fuel prices and slower growth in food and manufactured goods, mirroring the national trend.
On the contrary, Mindanao’s GWPI swelled to 2.4 percent in August 2024 from 1.6 percent in July, driven by higher food prices and increased costs in mineral fuels and chemicals.
Meanwhile, the annual growth rate of retail prices in the National Capital Region (NCR) slowed to 1.4 percent in August, from 1.9 percent in July 2024.
The PSA noted that this is also slower compared to a year-on-year growth rate of 3.9 percent recorded last year.
This was primarily driven by falling fuel prices and a slower increase in food costs, which implies a general easing of inflation pressures. (Derco Rosal)