Wholesale price growth of goods in the Philippines eased to a three-month low in May, driven by softer global oil prices, analysts say.
The Philippine Statistics Authority reported that the general wholesale price index (GWPI) at the national level grew by 2.5% in May, a slowdown from 3.5% a year earlier and 3.1% in April.
The May reading was the weakest since the 1.7% posted in February, and the GWPI growth averaged 2.4% over the five months to May, easing from 3.3% a year earlier.
The Philippine Statistics Authority attributed the downtrend in May price growth to the slowdown in price growth of mineral fuels, lubricants and related materials to 36.2% from 59.7% in April, which accounts for 3.2% of the basket of goods.
Analysts point to the decline in global fuel costs and better supply conditions as contributing factors to the moderation of input prices, reducing cost pressures at the wholesale level.
Price growth accelerated in some sectors, including the food index (4.3% in May from 3.9% in April), machinery and transport equipment (1.2% from 0.9%), and miscellaneous manufactured articles (1.3% from 0.7%).
Bulk price growth in Luzon slowed to 2.4% in May from 3.7% a year earlier and 3% in April, the weakest reading since the 1.5% logged in February.
In the Visayas, the GWPI rose 5.1% year on year, accelerating from the 1.3% growth in May 2025 but coming in just under the 5.2% posted in April 2026.
Wholesale price growth in Mindanao accelerated to 2.2% in May from 0.9% a year earlier, easing from the 2.7% in April.
Analysts expect GWPI growth to trend within the 2.5% to 3.5% range, provided production activities stabilize and weather disturbances and natural calamities do not cause drastic supply shocks.
However, risks remain from geopolitical tensions, forex rate movements, and weather-related disruptions, which could quickly push production costs higher again.
