Hike in wholesale prices slows

Wholesale prices of commodities in the Philippines increased at a slower pace in May from the previous month, due mainly to the decline in the prices of crude materials and chemicals, according to the National Statistics Office.

Data from the NSO showed that the general wholesale price index (GWPI) grew 0.3 percent year on year in May from 0.6 percent in April.

Dips were noted in the index of crude materials, inedible except fuels from -26.2 percent in April to -29.6 percent in May and the index of chemicals including animal and vegetable oils and fats from -5.1 percent to -5.7 percent.

Slower annual price increments were observed in food (1.8 percent from 2 percent), beverages and tobacco (2 percent from 2.5 percent), mineral fuels, lubricants and related minerals (1.2 percent from 2.1 percent), manufactured goods classified chiefly by materials (2.5 percent from 2.8 percent) and miscellaneous manufactured articles (2.0 percent from 2.2 percent).

On the other hand, the rise in the prices of machinery and transport equipment jumped to 2.1 percent in May from 0.7 percent in April.

By area, the GWPI continued to ease in Luzon at 0.2 percent in May from 0.6 percent the previous month with slower price increases reported in crude materials, inedible except fuels and chemicals including animal and vegetable oil and fats.

In Visayas, annual downtrend movement was noted in the wholesale prices of commodities at -0.5 percent in May from -0.6 percent in April on decreases in the food index; crude materials, inedible except fuels index; and miscellaneous manufactured articles index.

In Mindanao, the growth of the GWPI continued to decelerate at 1.2 percent in May from 2 in April with the downtrend attributed to the negative annual rates in the food index and the crude materials, inedible except fuels index.