THE year-on-year growth rate of wholesale prices of goods in the country increased to 2.3 percent in November 2024, the Philippine Statistics Authority (PSA) reported.
Data released last Thursday showed the general wholesale price index (GWPI) was slightly faster than the 2.1 percent in October, but slower than the 4.2 percent a year ago.
The PSA said the overall November result was due to a slower annual decline in the index of mineral fuels, lubricants and related materials at 3.5 percent from 7.7-percent in October.
Faster annual increases were noted in the indices of other commodity groups in November 2024. Prices of crude materials, inedible except fuels surged at 33.1 percent from 29.8 percent in October 2024 and chemicals, including animal vegetable oils and fats, at 6.6 percent from 6.1 percent.
Food prices, meanwhile, grew by a slower 2.7 percent from 3.1 percent.
The rest of the monitored commodity groups retained their respective October 2024 annual growth rates.
GWPI in the regions
There was a higher annual GWPI increase in Luzon at 2.4 percent in November 2024 compared to 2.3 percent a month earlier. In the Visayas, it slid to 2.0 percent from 2.1 percent while Mindanao’s dropped to 0.7 percent from 1.2 percent.
The PSA attributed the GWPI uptrend in Luzon to the slower annual drop in mineral fuels, lubricants and related materials at 3.6 percent in November 2024 from 7.9-percent annual decline in the previous month.
The statistics agency cited slower annual increases of food prices in the Visayas and Mindanao of 4.1 percent and 0.4 percent, respectively, as having affected their GWPIs.
The GWPI measures the changes in the price levels of commodities that flow into wholesale trading. Wholesale price refers to the value of goods transacted in bulk for further resale or processing.
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