Wholesale prices continue downward trend

MANILA, Philippines – The Philippine Statistics Authority (PSA) has reported that prices continued its downward trend, influenced mainly by declining fuel prices.

The general wholesale price index (GWPI) at the national level continued its downtrend as its year-on-year change was registered at -4.1 percent in August.

Last month, it went down 3.7 percent compared to the 3.1 percent growth registered in August 2014.

The drop was mainly due to the continuous decline in mineral fuels, lubricants and related materials index by 28.3 percent.

The PSA reported that food indices fell 3.8 percent; beverages and tobacco by 8.5 percent; crude materials, inedible except fuels by 3.3 percent; chemicals including animal and vegetable oils and fats by 3.4 percent; and manufactured goods classified chiefly by materials by 2.4 percent.

On the other hand, the annual increase of miscellaneous manufactured articles index was higher at 2.5 percent while the machinery and transport equipment index retained its last month’s rate of 0.8 percent.

By commodity group, the GWPI at the national level further sank 0.9 percent in August.

“This can be attributed to the decreases in the indices of the following commodity groups:  crude materials, inedible except fuels by two percent; mineral fuels, lubricants and related materials by 4.5 percent; and chemicals including animal and vegetable oils and fats by 0.2 percent,” the PSA report said.

In addition, the increments in the indices of manufactured goods, classified chiefly by materials and miscellaneous manufactured articles, eased to 0.1 percent.

Machinery and transport equipment index rose 0.1 percent, while the food and beverages and tobacco indices generally remained stable as they had a zero growth.??

A series of price rollbacks in gasoline, diesel and kerosene pushed down the mineral fuels, lubricants and related material index in Luzon by 4.7 percent; Visayas and Philippines by 4.5 percent; and Mindanao by 0.9 percent.

Lower prices of copra and abaca caused a 2.1 percent decline in the crude materials, inedible except fuels index in Luzon and in Visayas, -2.6 percent. In Mindanao, prices of crude materials, inedible except fuels generally remained stable at its index had a zero growth.