Wholesale price growth of general goods hits 19-month high

Wholesale price growth of general goods hit a 19-month high in July, the Philippine Statistics Authority (PSA) said Friday.

Preliminary PSA data indicate that the general wholesale price index (GWPI) rose 2.9% year-on-year in July, accelerating from the 2.2% posted in June and the 2.7% from a year earlier.

The July figure was the highest since the 3.1% growth recorded in December 2019. It also matched the growth rate from January 2020.

In the seven months to July, the GWPI rose 2.6%, up from the year-earlier rate of 2.5%.

The acceleration in prices was attributed to stronger price growth in food (1.2% from 0.5% in June); beverages and tobacco (4.3% from 4.1%) ; mineral fuels, lubricants and related materials (18.2% from 15.9%); and manufactured goods classified chiefly by materials (3.9% from 0.8%).

Price growth decelerated in crude materials, inedible except fuels (38.5% from 39.2%); chemicals including animal and vegetable oils and fats (5.3% from 5.7%); and miscellaneous manufactured articles (0.3% from 3%).

Compared with the previous month, growth in wholesale prices of machinery transport and equipment was unchanged at 0.9%.

Wholesale prices in Luzon posted 3% growth in July, following a 2.1% expansion in June.

In the Visayas, the GWPI grew 0.6%, picking up from 0.4% the previous month.

In the year to date, the GWPI for Luzon and Mindanao rose 2.7% and 4.3%, respectively. On the other hand, wholesale prices in the Visayas declined by 0.1%. – Lourdes O. Pilar

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