Wholesale prices last year went up slightly by 1.6 percent as three major commodity groups increased prices, according to the Philippine Statistics Authority (PSA) through the date released by the National Statistics Office (NSO).
Based on the annual General Wholesale Price Index (GWPI), wholesale prices for 2013 were up by 1.3 percent from 1.1 percent of the previous year.
The PSA is a consolidated state-run statistical authority from previous bodies such as the NSO and the National Statistical Coordination Board.
The three commodity groups that saw a hike in wholesale prices were food (2.9 percent); beverages and tobacco (22.5 percent); and chemicals including animal and vegetable oils and fats (0.3 percent).
“However, declines were noted in the annual average rates of crude materials, inedible except fuels index at -6.4 percent from -21.8 percent and mineral fuels, lubricants and related materials index, -1.4 percent from 1.9 percent,” the PSA said.
Wrapping up for 2013, the GWPI in December was also up by 5.3 percent, because of price increases in all commodity groups.
“On an annual basis, the GWPI in the country went up 5.3 percent in December from 4.1 percent in November as the indices of all the commodity groups posted higher annual gains, except miscellaneous manufactured goods articles index which retained its December growth of 1.4 percent,” the PSA said.
Wholesale and retail price indices issued by the NSO are the determinants of inflation rates in the country.
Earlier, NSO data showed that the inflation rate for December 2013 hit 4.1 percent, which was the highest in two years mainly because of the increase in prices in areas struck by Super Typhoon Yolanda.
The Bangko Sentral ng Pilipinas said that whole year 2013 inflation will still be at government’s target range of 3 percent to 5 percent, while it lowered 2014 inflation targets to 4.3 percent from 4.5 percent, and 2015 to 3.3 percent.