September 29, 2024 | 12:00am
MANILA, Philippines — Bulk and retail prices of goods picked up at a slower pace in August from the previous month due mainly to the decline in fuel prices, according to the Philippine Statistics Authority (PSA).
Data released by the PSA showed that growth in the General Wholesale Price Index (GWPI) at the national level eased to 1.9 percent in August from 2.4 percent in the previous month and five percent in August last year.
“The deceleration in the annual rate of GWPI in the country was primarily caused by the year-on-year decline in the index of mineral fuels, lubricants and related materials at 3.6 percent in August 2024 from 6.6 percent annual increase in July 2024,” the PSA said.
Other commodity groups posted slower increases in August from July such as food (three percent from 3.6 percent), beverages and tobacco (1.4 percent from two percent), and manufactured goods classified chiefly by materials (0.8 percent from one percent).
Meanwhile, those with higher increments in August from July are crude materials, inedible except fuels (17.3 percent from 8.2 percent), chemicals including animal and vegetable oils and fats (4.1 percent from 3.6 percent) and machinery and transport equipment (0.4 percent from 0.3 percent).
Miscellaneous manufactured articles retained its previous month’s 0.2 percent drop in August. Average GWPI growth from January to August was at 2.5 percent.
Separate data released by the PSA showed that the growth in the General Retail Price Index (GRPI) in the National Capital Region (NCR) eased to 1.4 percent in August from 1.9 percent in July.
The GRPI growth in August is also sIower than the 3.9 percent increase in the same month last year.
“The primary contributor to the deceleration in the annual growth rate of GRPI in NCR was the annual decrease recorded in the index of mineral fuels, lubricants and related materials at 1.6 percent in August 2024 from 7.4 percent annual increase in the previous month,” the PSA said.
Food also posted a slower increase of 2.1 percent in August from 2.4 percent in July.
On the other hand, the crude materials, inedible except fuels commodity group had a slightly faster increase at 1.2 percent in August from 1.1 percent in the previous month.
Commodity groups, which retained their previous month’s growth rates in August are beverages and tobacco (2.4 percent), chemicals, including animal and vegetable oils and fats (2.2 percent), manufactured goods classified chiefly by materials (1.2 percent), machinery and transport equipment (0.3 percent) and miscellaneous manufactured articles (1.5 percent).
For the January to August period, average GRPI growth was at two percent.
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