June 28, 2024 - The latest data released by the Philippine Statistics Authority reveals that the General Wholesale Price Index (GWPI) for May 2024 showed a moderated annual increase compared to previous months, reflecting a broader trend of deceleration across various commodity groups.
At the national level, the GWPI rose by 2.3 percent year-on-year in May 2024, down from 2.6 percent in April 2024 and significantly lower than the 5.0 percent recorded in May 2023. This slowdown was largely influenced by subdued annual increases in miscellaneous manufactured articles, which saw its growth rate drop to 0.3 percent from 2.0 percent in April 2024.
Among the major commodity groups, notable decreases in annual growth rates were observed in beverages and tobacco (3.1 percent from 4.4 percent), crude materials except fuels (4.2 percent from 8.4 percent), and manufactured goods classified by materials (1.1 percent from 1.6 percent). Conversely, mineral fuels, lubricants, and related materials posted a higher annual increase of 6.5 percent in May 2024, up from 4.8 percent in April 2024.
Regional Trends
Luzon, the largest economic region, also experienced a slowdown with its GWPI annual growth rate decreasing to 2.2 percent in May 2024 from 2.4 percent in April 2024. This decline was influenced by weaker performances in miscellaneous manufactured articles and several other commodity groups.
Visayas saw its GWPI annual growth rate ease to 5.6 percent in May 2024 from 6.7 percent in April 2024, mainly due to slower increases in food and mineral fuels indices, though beverages and tobacco showed a slight improvement.
In Mindanao, the annual GWPI growth rate rose to 1.9 percent in May 2024 from 1.1 percent in April 2024, driven by higher increases in food and beverages and tobacco indices.
Outlook
Economists suggest that the deceleration in GWPI reflects broader economic adjustments, including global commodity price fluctuations and domestic supply dynamics. While certain sectors such as mineral fuels showed resilience, the overall trend indicates cautious optimism amidst economic adjustments.
The Philippine Statistics Authority continues to monitor these trends closely, providing essential data for policymakers and businesses to navigate current economic conditions.
For more detailed information, refer to the full report available on the Philippine Statistics Authority's website.
See more at the General Wholesale Price Index Main page.
| Attachment | Size |
|---|---|
 Statistical Tables | 117.62 KB |
 Special Release | 645.87 KB |
| GWPI Weights | 12.48 KB |
| PSA BOARD RESO 14 S 2019 | 1.2 MB |
Source: Philippine Statistics Authority, Survey of Wholesale Prices of Commodities for the Generation of GWPI