Wholesale price growth slows to 4.4% in September: Philippines

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The growth in the wholesale prices of goods eased in September as food prices picked up at a slower pace, the Philippine Statistics Authority said.

Data released by the PSA yesterday showed the increase in the General Wholesale Price Index (GWPI) at the national level slowed to 4.4 percent in September from five percent in the previous month.

The September GWPI growth rate is also lower than the 8.2 percent uptick in the same month last year.

'The lower annual growth of GWPI in the country were primarily brought about by the downtrends in the indexes of the heavily weighted food at 7.3 percent in September 2023 from 7.9 percent in the previous month, and chemicals, including animal and vegetable oils and fats at 1.3 percent during the month from 3.4 percent in August 2023,' the PSA said.

It also said other commodity groups posted slower upticks in September, such as beverages and tobacco; manufactured goods classified chiefly by materials; machinery and transport equipment; and miscellaneous manufactured articles.

In the January to September period, the average GWPI growth was at 5.1 percent.

In Luzon, the GWPI also posted a slower growth rate of 4.6 percent in September from five percent in August.

'The downtrend of the GWPI in Luzon was primarily caused by the slower annual increases recorded in the indexes of chemicals including animal and vegetable oils and fats at 1.8 percent in September 2023 from four percent in the previous month, and food at 7.3 percent during the month from 7.9 percent in August 2023,' the PSA said.

Meanwhile, the GWPI growth in the Visayas was at a faster 4.6 percent in September from 4.2 percent in August.

'The higher annual growth of food index at 9.1 percent in September 2023 from 8.3 percent in the previous month primarily caused the uptrend in the annual rate of GWPI in Visayas,' the PSA said.

In Mindanao, the GWPI growth rate was at 3.2 percent in September, slower than the previous month's 3.4 percent.

'The lower annual growth of GWPI in Mindanao was primarily brought about by the slower annual increment in food at 5.8 percent in September 2023 from 6.7 percent in August 2023,' the PSA said.