The General Wholesale price index (GWPI) nationwide contracted by 1.1 percent in February, according to the latest data from the Philippine Statistics Authority (PSA).
The decline in the February GWPI, however, was smaller compared to the 4.9-percent contraction recorded a year ago, according to PSA data.
“This [February GWPI] was mainly effected by the continuous decline recorded in mineral fuels, lubricants and related materials index at -18.6 percent,” the PSA said.
Data also showed slower growth for the GWPI of food, beverages and tobacco, manufactured goods and miscellaneous manufactured articles.
The annual growth for the food index eased to 3.2 percent; beverages and tobacco index, 3.5 percent; manufactured goods classified chiefly by materials index, 0.9 percent; and miscellaneous manufactured articles index, 1.8 percent.
Meanwhile, goods that propped up the GWPI in February include crude materials, inedible except fuels; chemicals including animal and vegetable oils and fats; and machinery and transport equipment.
Data showed the indices of crude materials, inedible except fuels growth reached 11.6 percent; chemicals, including animal and vegetable oils and fats, 2.9 percent; and machinery and transport equipment, 0.2 percent.
Regionally, the GWPI contracted 1.6 percent in Luzon, but grew to 1 percent in the Visayas, and 0.4 percent in Mindanao.
On a monthly basis, PSA data showed the GWPI at the national level increased by 0.3 percent in February. The PSA said food, crude materials, inedible except fuels, chemicals including animal and vegetable oils and fats, and machinery and transport equipment posted higher growth in February.
However, the growth of the GWPI in beverages and tobacco index slowed down to 0.1 percent.
Other commodities that posted slower GWPI growth were mineral fuels, lubricants and related materials, manufactured goods classified chiefly by materials, and miscellaneous manufactured articles.
The GWPI is an indicator designed to measure the changes in the price levels of commodities that flow into the wholesale trade intermediaries.
Wholesale price refers to the price of commodity transacted in bulk for further resale or processing.
It is the actual “spot” transaction price received usually by the wholesalers, distributors or marketing agents for large lots but net of discounts, allowances and rebates. It is also the sum of the producer price, wholesale trade margin, tax mark-ups and distribution cost of the wholesaler.