Wholesale prices pick up in June

MANILA, Philippines — Wholesale prices of goods rose at a faster pace in June from the previous month driven mainly by the increase in food prices, according to the Philippine Statistics Authority (PSA).

Data from the PSA showed that the General Wholesale Price Index (GWPI) at the national level posted a 2.6 percent growth in June, up from 2.3 percent in May.

The latest GWPI result, however, is lower than the four percent growth in June last year.

“The faster annual increase of GWPI in the country was primarily brought by the higher annual increase in the index of food at four percent in June 2024 from 3.6 percent in May 2024,” the PSA said.

It said other commodity groups also posted faster increases in June from the previous month such as beverages and tobacco (3.4 percent from 3.1 percent); crude materials, inedible except fuels (4.5 percent from 4.2 percent); chemicals including animal and vegetable oils and fats (2.7 percent from two percent) and manufactured goods classified chiefly by materials (1.2 percent from 1.1 percent).

Those with slower increases in June compared to the previous month are mineral fuels, lubricants and related materials (6.3 percent from 6.5 percent) and machinery and transport equipment (0.3 percent from 0.4 percent).

Miscellaneous manufactured articles, meanwhile, posted a 0.1 percent drop in June from a 0.3 percent uptick in May.

In Luzon, the GWPI registered a faster increase of 2.4 percent in June from 2.2 percent in May, but was slower compared to the 4.1 percent posted in June 2023.

The PSA attributed the uptrend in the GWPI in Luzon to the higher increase in the food index at 3.5 percent in June from the previous month’s three percent.

GWPI growth in the Visayas eased to five percent in June this year from 5.6 percent in the previous month, but was faster than the 3.5 percent in June last year.

The PSA said the lower GWPI growth in the Visayas was primarily due to the slower increment in food prices at 11.2 percent in June from 12.4 percent in May.

As for Mindanao, the GWPI registered higher growth of 2.5 percent in June from 1.9 percent in May, but was lower than the 3.4 percent increase in June last year.

The PSA cited the food index as the main driver of the higher GWPI growth in Mindanao as the commodity group posted a 4.5 percent uptick in June from the previous month’s 2.4 percent.