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Wholesale prices in the Philippines declined for the fifth straight month on an yearly basis in May, the National Statistical Office announced Wednesday. The fall was largely due to price reductions in crude materials, inedible except fuels and mineral fuels, lubricants & related materials. On a monthly basis, however, prices increased for the second straight month in May.
The wholesale price index declined 7.3% year-on-year in May compared to the 5.4% fall in the previous month.
Prices of mineral fuels, lubricants & related materials recorded the largest annual fall, plummeting 32.7% in May compared to the 28.9% decrease in the previous month. Prices of crude materials, inedible except fuels plunged 26.4%.
On the other hand, food prices increased 3.6% on year, and prices of manufactured goods classified chiefly by material was up 4.7% in May. Beverages & tobacco prices and miscellaneous manufactured articles prices increased 2.6% and 2.4%, respectively.
Analyzing by regions, the annual decline in wholesale prices was the most severe in Luzon, where prices fell 8.4% in May compared to the 6.4% decrease in April. Prices in Visayas fell 7.3%, while wholesale prices were up 2.1% in Mindanao.
On a monthly basis, the wholesale price index was up 1.1% in May compared to the 0.9% increase in the previous month. The monthly rise was driven by price increases in mineral fuels, lubricants & related materials, up 5.7%, and prices of crude materials, inedible except fuels, up 4%.
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