The General Wholesale Price Index (GWPI) rose further to 2.8% in March from 2.5% in February, the Philippines Statistics Authority (PSA) said.
In a report, the PSA said the GWPI in March of last year posted an annual rate of 2.3%.
The PSA said double-digit annual increases were noted in the raw material indices, inedible with the exception of fuels at 44.4%; and mineral fuels, lubricants and related materials at 11.9%.
Annual increases were also higher in the beverage and tobacco indices (7.4 percent); chemicals, including animal and vegetable oils and fats (5.2 percent); manufactured products classified mainly by materials (0.8%); and miscellaneous manufactured items (0.7 percent).
A slower increase, however, was recorded for the 2.4 percent diet.
According to the PSA, the GWPI in Luzon rose to 2.9% during the month, down from 2.8% in February and 2.4% in March last year.
The increase was attributed to the higher increase in raw material indices, inedible except fuels at 47.7 percent; mineral fuels, lubricants and related materials at 14.1 percent; chemicals, including 5.7% animal and vegetable oils and fats; and manufactured goods classified mainly by materials at 0.9%.
On the other hand, the annual increases slowed in the indices of food to 2.4%, and of beverages and tobacco to 7.5%. The indices of the rest of the product groups of machinery and transport equipment , and miscellaneous manufactures retained their previous monthly annual rates of 0.5% and 0.8%, respectively, âthe PSA said.
The GWPI in Visayas meanwhile stood at -0.6% against -1.2% in February and 2.4% in March last year.
The PSA said annual declines were recorded in food indices at -1.6 percent; mineral fuels, lubricants and related materials at -12.1%; and chemicals, including animal and vegetable oils and fats at -0.1 percent.
A higher annual increase of 5.7% was observed in the index of beverages and tobacco during the period, while the index of raw materials, inedible except fuels, increased to a 0.1% annual rate in March 2021.
GWPI in Mindanao stood at 4.5% from 1.5% last year.
The annual growth rate of the raw, inedible, excluding fuel index accelerated further to 45.6% during the month. In addition, the annual rate of the mineral fuels, lubricants and materials index related rose 5.0 percent, following an annual decline of -0.1 percent, “PSA said.
According to the PSA, the GWPI is designed to “measure changes in the price levels of commodities flowing to wholesale intermediaries, monitor the economic situation of the wholesale sector, serve as a deflator in national accounts, guide policy analysis and formulation; and assist in forecasting business performance.