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The Philippine Statistics Authority said Monday retail and wholesale prices of consumer products were on a downtrend.
It also noted slower annual increments in the indices of beverages and tobacco, 4.8 percent from 5.2 percent; crude materials, inedible except fuels, 0.7 percent from 1.9 percent; chemicals, including animal and vegetable oils and fats, 2.4 percent from 2.7 percent; manufactured goods classified chiefly by materials, 1.3 percent from 1.9 percent; machinery and transport equipment, 0.7 percent from 1.1 percent; and miscellaneous manufactured articles, 1.1 percent from 1.5 percent.
“The downtrend in the annual rate of the GWPI in the Philippines was primarily caused by the lower annual increase in manufactured goods classified chiefly by materials index at 2.2 percent in February 2024 from 4.6 percent in January 2024,” the PSA said. “Similar to the trend at the national level, the year-on-year growth rate of GWPI in Luzon slowed down to 2.6 percent in February 2024 from an annual increase of 3.4 percent in January 2024,” the PSA said.
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