The wholesale prices of goods increased at a slower pace in August from the previous month due mainly to the movement in prices of chemicals, according to the Philippine Statistics Authority.
Data released by the PSA yesterday showed the growth in the General Wholesale Price Index (GWPI) at the national level eased to 2.4 percent in August from the previous month’s 3.1 percent.
The latest GWPI growth, however, was faster than the 1.9 percent uptick in August last year.
The PSA attributed the latest GWPI growth primarily to the slower increase in prices of chemicals, including animal and vegetable oils and fats at 8.1 percent in August from 12.8 percent in July.
In addition, crude materials, inedible except fuels registered a lower increment of 40.2 percent from 90.7 percent.
Also posting slower increases in August were manufactured goods classified chiefly by materials (0.6 percent from the previous month’s 0.9 percent) and machinery and transport equipment (0.9 percent from 1.1 percent)
On the other hand, those with higher mark-ups in August were food (1.8 percent from the previous month’s 1.6 percent) as well as beverages and tobacco (4.1 percent from 3.6 percent).
Mineral fuels, lubricants and related materials registered 0.2 percent growth in August from a 2.6-percent drop in July, while miscellaneous manufactured articles retained the July growth rate of 0.4 percent in August.
Meanwhile, data also showed that wholesale prices of building materials in Metro Manila declined at a slower pace in September from the previous month.
The Construction Materials Wholesale Price Index (CMWPI) in the National Capital Region registered a 0.2-percent decline in September from 0.5 percent in August.
The PSA said the slower decline in CMWPI was primarily driven by the 0.2-percent increase in the heavily weighted index of concrete products in September from a 0.6-percent decline in the previous month.
A faster increment was also observed in tileworks at 1.6 percent from 1.5 percent and asphalt at 5.5 percent from zero growth.
Other commodity groups with slower decreases in September are cement, electrical works as well as fuels and lubricants.
On the other hand, those with slower increases include hardware, lumber G.I. sheet, doors, jambs, and steel casement and painting works.