Connect with us

Hi, what are you looking for?

Economy

Wholesale price growth picks up in February

WHOLESALE PRICE growth in general goods picked up on a year-on-year basis in February, according to the Philippine Statistics Authority.

The general wholesale price index (GWPI) rose 2.4% from a year earlier in February, up from the growth rate of 2.1% in January. The corresponding growth rate in February 2020 was 2.7%.

The GWPI’s performance in February was driven by mineral fuels, lubricants and related materials (13.6% growth in February, against minus 3.6% in January); chemicals including animal and vegetable oils and fats (5% from 4.1%); miscellaneous manufactured articles (0.7% from 0.1%); and manufactured goods classified chiefly by materials (0.5% from 0.3%).

Price growth slowed in crude materials, inedible except fuels (36.9% from 42.4%); beverages and tobacco (6% from 6.4%); and food (2.2% from 2.7%).

Price growth in machinery transport and equipment remained unchanged at 0.5%.

The growth of wholesale prices varied by major island group. In February, the GWPI in Luzon and Mindanao accelerated to 2.8% and 4.5%, respectively, from 2.3% and 2.8%. On the other hand, the GWPI in the Visayas posted a 1.2% decline, unchanged from January.

In the two months to February, the GWPI grew 2.3%, averaging 2.6% in Luzon and 3.7% in Mindanao, and minus 1.2% in the Visayas.

“The GWPI likely tracked the pickup in CPI (consumer price index) inflation with commodity prices on the uptrend in the first quarter of the year,” ING Bank NV Manila Senior Economist Nicholas Antonio T. Mapa said in an e-mail, adding rising fuel costs linked to the year-on-year increase in crude oil “will likely have pushed up costs.”

The economist expects the increase in wholesale prices to continue “at least in the near term.”

Consumer price inflation was 4.5% in March, exceeding the central bank’s 2-4% target band for 2021 and its forecast of 4.2%. — Lourdes O. Pilar

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

Leading digital solutions platform Globe was recently recognized by the ASEAN Innovative Business Platform (AIBP) for being a trailblazer on environmental, social, and governance...

Economy

  Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their...

Economy

NEW TAXES may have to be introduced to fund the incoming Marcos administration’s priority projects, but the timing would have to be carefully considered,...

Economy

By Revin Mikhael D. Ochave, Reporter AS FERDINAND R. MARCOS, JR. is poised to assume office on June 30, business groups are hoping the...

Economy

THE PHILIPPINES may find it more costly to service its foreign debts, as the peso slumped to its weakest value against the US dollar...

Economy

By Arjay L. Balinbin, Senior Reporter SPECTRUM USER FEES (SUF), which telecommunications companies described as excessive, are unlikely to be lowered under the Marcos...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.