Growth in wholesale prices picked up in September
The growth in wholesale prices of general goods revved up to a two-month high in September, driven by an uptick in prices of chemicals, including animal and vegetable oils and fats, according to the Philippine Statistics Authority (PSA).
The PSA said that the country’s general wholesale price index (GWPI) rose to 2 percent in September from the previous month’s 1.9 percent.
Price growth at the national level was the highest in two months or since 2.4 percent in July.
For the first nine months this year, the GWPI averaged at 2.5 percent, easing from the 5.1 percent seen in the same period last year.
The statistics agency attributed the uptick of the GWPI to the growth of prices of chemicals including animal and vegetable oils and fats, reaching 5.7 percent in September from 4.1 percent in the previous month.
This was followed by crude materials, inedible except fuels at 24.2 percent from 17.3 percent in August, manufactured goods classified chiefly by materials with 1.2 percent from 0.8 percent, and machinery and transport equipment at 0.8 percent in the current month from 0.4 percent.
On the other hand, a slower annual increment was observed in the sub-index of beverages and tobacco at 1.2 percent in September from 1.4 percent in August 2024.
Meanwhile, a faster annual decrease was registered in the sub-index of mineral fuels, lubricants and related materials at 9.4 percent from a 3.6-percent annual drop in the previous month.
By major island, price growth in Luzon accelerated to 2 percent in September, up from 1.8 percent in August. However, this remained slower than the 4.6 percent recorded a year earlier.
Meanwhile, Visayas and Mindanao recorded slower expansion at 2.4 percent and 1.6 percent from the previous month’s 3.1 percent and 2.4 percent, respectively.
