Wholesale prices rise at faster pace in August

MANILA, Philippines — Wholesale prices of goods in the country picked up at a faster pace in August from the previous month, driven primarily by higher fuel prices, according to the Philippine Statistics Authority (PSA).

Data released by the PSA showed the General Wholesale Price Index (GWPI) growth at the national level went up to five percent in August from 4.5 percent in July.

Compared to the 7.6 percent uptick in August last year, the latest GWPI reading, however, is lower.

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

“The annual increase of the GWPI in the Philippines was primarily brought about by the slower annual decline recorded in the index of mineral fuels, lubricants and related materials at 6.8 percent in August 2023 from 18.3 percent in the previous month,” the PSA said.

Also contributing to the higher GWPI growth were faster increases in chemicals including animal and vegetable oils and fats at 3.4 percent in August from 0.5 percent in July, and manufactured goods classified chiefly by materials at 5.3 percent during the month from the previous month’s 5.2 percent.

In addition, crude materials registered a slower decline of 4.9 percent in August from 13.6 percent in July.

In the January to August period, GWPI growth averaged 5.1 percent.

GWPI growth in Luzon also increased to five percent in August from 4.6 percent in July.

“The uptrend of the GWPI in Luzon was primarily caused by the slower annual decline recorded in mineral fuels, lubricants and related materials index at 7.2 percent in August 2023 from 19.3 percent in the previous month,” the PSA said.

Similar to the national level and Luzon, GWPI growth in the Visayas also picked up to 4.2 percent in August from July’s 3.9 percent.

This was due mainly to the slower decline in mineral fuels, lubricants and related materials at 3.8 percent in August from 11.1 percent in the previous month.

In Mindanao, the GWPI posted slower growth of 3.4 percent in August from 4.3 percent in July.

The PSA said the lower GWPI growth in Mindanao was primarily brought about by the slower uptick in food at 6.7 percent in August from 7.9 percent in July.