WHOLESALE prices of goods in Metro Manila rose by 2 percent in September, the Philippine Statistics Authority (PSA) reported, noting the general wholesale price index (GWPI) was faster than the 1.9 percent growth rate in August, but slower than the 4.4 percent in September 2023.

The PSA attributed the September 2024 price rate hike to the year-on-year increase in the index of chemicals, including animal and vegetable oils and fats — whose prices spiked to 5.7 percent from 4.1 percent in August.

Likewise, annual increases were noted in the indices of other commodity groups. Prices of crude materials, inedible except fuels surged to 24.2 percent from 17.3 percent in August; manufactured goods classified chiefly by materials at 1.2 percent from 0.8 percent; and machinery and transport equipment at 0.8 percent from 0.4 percent.

The price index of miscellaneous manufactured articles, meanwhile, slightly went up by 0.3 percent, a reversal from an annual decline of 0.2 percent.

On the other hand, slower annual increases were observed in the indices of beverages and tobacco at 1.2 percent in September from 1.4 percent a month earlier. Prices of mineral fuels, lubricants and related materials accelerated by 9.4 percent from a 3.6 percent annual drop.

The food index retained its annual rate of 3 percent. Luzon recorded a higher annual increase in September at 2.0 percent compared to 1.8 percent a month earlier. The GWPI in Visayas, meanwhile, eased to 2.4 percent from 3.1 percent, and Mindanao at 1.6 percent from 2.4 percent.

The GWPI measures 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.

The primary contributor to the uptrend in the annual rate of GWPI in Luzon was the higher annual increase in chemicals, including animal and vegetable oils and fats index, at 6.1 percent in September 2024 from 4.5 percent annual increment in August.

The PSA cited the lower annual increase of food index in Visayas and Mindanao at 5.9 percent and 2.1 percent, respectively, which affected the annual growth rate of GWPI in the regions.