Bulk Prices of Goods in Philippines Show Lowest Growth in Nearly Three Years
MANILA, Philippines — According to the Philippine Statistics Authority (PSA), the bulk prices of goods in the Philippines in May experienced its lowest growth in almost three years, with most commodity groups showing slower increases. Retail prices in the National Capital Region (NCR) also recorded their slowest growth in over two years.
Data from the PSA revealed that the General Wholesale Price Index (GWPI) at the national level decreased to 2.3 percent in May from 2.6 percent in the previous month and five percent in May 2023. This is the lowest GWPI growth since June 2021.
The decline in the annual rate of the GWPI was mainly due to a lower increase in the index of miscellaneous manufactured articles at 0.3 percent in May 2024, down from two percent in April 2024. Slower increases were also observed in various commodity groups in May, such as beverages and tobacco, crude materials, chemicals, manufactured goods, and machinery and transport equipment.
On the other hand, mineral fuels, lubricants, and related materials saw a higher increase in May compared to April. The growth in wholesale prices of food remained unchanged at 3.6 percent.
Additionally, the General Retail Price Index (GRPI) in NCR saw a slower growth rate of two percent in May this year, down from 2.1 percent in April and 4.9 percent in May 2023. The slower GRPI growth in NCR was primarily attributed to the slower increase in the food index.
Overall, the latest data from PSA indicates a slowdown in the growth of wholesale and retail prices in the Philippines, reflecting a more stable economic environment.
