EconomyEditor's PickWholesale goods price growth eases in Oct.

January 9, 2023
PHILIPPINE STAR/ MICHAEL VARCAS

GROWTH in wholesale prices of general goods slowed in October, according to preliminary data from the Philippine Statistics Authority (PSA).

The general wholesale price index (GWPI) rose 7.6% year on year, against 8.2% growth posted in September and 3.9% a year earlier.

The October reading was the lowest since the 5.6% recorded in February 2022 and matched the 7.6% pace in August 2022.

In the year to date, the GWPI averaged 7.4%.

The GWPI tracks the wholesale trade sector and serves as a benchmark for price adjustments in business contracts and project costing.

The easing of price growth during the month was led by mineral fuels, lubricants and related materials, where prices grew 28.6%, against 38.9% in September.

This was followed by manufactured goods classified chiefly by materials with a 4.2% rise, easing from 4.3% in September, then chemicals including animal and vegetable oils and fats with a gain of 3.4% in October, compared with 5.1% in September.

Crude materials, inedible except fuels posted a decline in prices of 18.6%, accelerating from the 4.8% decline in the prior month.

“Meanwhile, a higher annual uptick was exhibited in the index of machinery and transport equipment at 1.2%,” the PSA said, after a reading of 1.1% in September.

Price growth in other commodity groups was flat.

Wholesale price growth in Luzon declined to 7.8% from 8.5% in September. A year earlier, price growth was 4.1%.

“The lower annual increment in GWPI in Luzon was largely brought about by the downtrend in mineral fuels, lubricants and related materials at 29.7% in October 2022,” the PSA said.

Price growth in the Visayas eased to 6.6% in October from 6.9% the month prior and 0.8% in October 2021.

The GWPI in Mindanao rose 4.9% from 4% in September and 4.8% in October 2021.

NOVEMBER BUILDING MATERIALS PRICE GROWTHIn a separate statement, wholesale and retail price growth in construction materials in Metro Manila slowed in November.

Preliminary results from the PSA indicated that the construction materials wholesale price index in the National Capital Region rose 10.4% in November, against the 11% reading in October and the 5.4% rise in November 2021.

Bulk building prices have risen 8.1% in the 11 months to November, against the 3% logged a year earlier.

The November reading was the lowest since the 7% reported in August 2022.

Retail price growth in construction materials in November eased to 6.2% from 6.6% in October 2022.

The November reading was the lowest since the 6.1% posted in April and matched the pace set in May 2022 of 6.2%.

In the year to date, retail building prices grew 5.8%, accelerating from 1.5% a year earlier. — Abigail Marie P. Yraola

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