MANILA, Philippines — Wholesale prices of goods in October grew at the same pace as the previous month, according to the Philippine Statistics Authority.
PSA data showed the General Wholesale Price Index (GWPI) growth was unchanged at 4.4 percent in October from the previous month.
The GWPI growth in October, however, is lower than the 7.6 percent uptick posted in the same month last year.
From January to October, GWPI growth averaged 5.1 percent.
The PSA said three commodity groups registered higher increases in October from the previous month, such as beverages and tobacco at six percent from 5.9 percent; chemicals, including animal and vegetable oils and fats, at 1.8 percent from 1.3 percent; and machinery and transport equipment at 1.5 percent from 1.4 percent.
Meanwhile, those with slower declines in October from the previous month are crude materials, inedible except fuels (-3.5 percent from -5.3 ) and mineral fuels, lubricants and related materials (-3.7 percent from -4.7 percent).
Those which registered slower increases in October compared to September are food (seven from 7.3 percent) and manufactured goods classified chiefly by materials (4.6 percent from 4.7 percent).
Miscellaneous manufactured articles retained its September growth rate of 3.6 percent in October.
In Luzon, the GWPI growth slowed down to 4.4 percent in October from the previous month’s 4.6 percent.
“The downtrend of the GWPI in Luzon was primarily caused by the slower annual increase in the heavily weighted food index at 6.8 percent in October from 7.3 percent in September,” the PSA said.
Also contributing to the lower GWPI growth in Luzon was the manufactured goods classified chiefly by materials commodity group as it posted slower growth of 4.9 percent in October from 5.1 percent a month ago.
In the Visayas, the GWPI posted a faster growth rate of 5.3 percent in October from 4.6 percent in September.
“The higher annual growth of food index at 11.2 percent during the month from 9.1 percent in the previous month primarily caused the uptrend in the annual rate of GWPI in Visayas,” the PSA said.
In addition, it said beverages and tobacco had a higher increase of 10.6 percent in October from 10.5 percent in September.
Mindanao had a slightly higher GWPI growth rate of 3.3 percent in October from 3.2 percent in September.
“The uptrend of the GWPI in Mindanao was primarily brought about by the higher annual increment of food index at 6.6 percent in October 2023 from 5.8 percent in the previous month,” the PSA said.