PRICE GROWTH of wholesale goods slowed further to a five-year low of 2.5% in 2024 due to a slowdown in food price growth, the Philippines Statistics Authority (PSA) reported on Tuesday.
The general wholesale price index (GWPI) eased from the 4.9% increase in 2023, the PSA said, citing preliminary data.
The 2024 reading matched the 2020 rate. Last year’s growth was also the weakest since the 1.6% reported in 2019.
The PSA said growth in the food index was drastically lower at 3.4% following a 9.2% reading in 2023.
The food index accounts for 36.8% of the wholesale basket of goods.
Other indices posting slower price growth were beverages and tobacco (3.1% in 2024 from 6.6% in 2023), manufactured goods classified chiefly by materials (1.6% from 5%), machinery and transport equipment (0.6% from 1.2%), and miscellaneous manufactured articles (1% from 3.8%).
In December, bulk price growth picked up to 2.7% year on year from 2.3% in November. The December 2023 reading had been 4.3%.
The category posting stronger price growth month on month was chemicals including animal and vegetable oils and fats at 8.7% in December 2024 from 6.6% in November, the PSA said.
In December, GWPI growth in Luzon was 2.8%, against 2.4% in the previous month. The December 2023 reading had been 4.2%. In 2024, Luzon GWPI growth averaged 2.4%, the lowest since the 1.6% posted in 2019.
GWPI growth rates in the Visayas for December slowed to 1.7% from 2% in November. The December reading was the weakest since the 1.4% posted in November 2021 but was down from the 5.7% reading from December 2023.
Bulk price growth in the Visayas grew 4.1% in 2024, the lowest since the 0.4% logged in 2021.
Mindanao GWPI growth in December was 1.1%, up from the 0.7% reading in November but down from the 3.5% posted in December 2023.
Mindanao bulk price growth in 2024 averaged 1.7%, the lowest since the 1.6% recorded in 2020. — Pierce Oel A. Montalvo
