Price growth in wholesale goods accelerated to a two-month high in February, driven by stronger growth within the index of chemicals including animal and vegetable oils and fats, the Philippine Statistics Authority (PSA) reported Wednesday.
Citing preliminary data, the PSA said the final wholesale price index (GWPI) rose 1.7% year-on-year in February.
This was weaker than the two.9% posted a 12 months earlier, though it accelerated from the 1.6% logged in January.
The February reading was the strongest in two months, or since December’s 1.9%.
Within the 12 months so far, the GWPI averaged 1.7%, easing from the two.9% posted in the primary two months of 2025.
Ateneo Center for Economic Research and Development Senior Research Fellow Ser Percival K. Peña-Reyes said the modest increase in GWPI growth was driven by easing inflation pressures combined with short-term supply and demand aspects.
“That it’s lower than last 12 months indicates easing inflationary pressure overall. That it has barely increased from January 2026 is probably going as a consequence of short-term aspects like fuel, food prices, or exchange rate changes,” he said via Viber.
John Paolo R. Rivera, a senior research fellow on the Philippine Institute for Development Studies, said the rise likely reflects early spillovers from rising global commodity prices, particularly fuel and raw materials, at the same time as growth stays lower year-on-year as a consequence of base effects and moderate demand.
“In brief, prices are picking up again but not yet accelerating sharply,” he said via Viber.
Inflation rose to 2.4% in February, from 2% in January and a pair of.1% a 12 months earlier. It was the strongest reading for the reason that 2.9% posted in January 2025.
The PSA noted the rise within the index of chemicals including animal and vegetable oils and fats to three.6% from 2.5% in January.
The chemicals including animal and vegetable oils and fats index accounts for 10.1% of the wholesale basket of products.
“As well as, faster annual increments were recorded within the indices of beverages and tobacco at 2.6% through the month from 2.1% in January 2026, and crude materials, inedible except fuels at 6.5% in February 2026 from 3.1% within the previous month,” the PSA said.
Also accelerating were the index of mineral fuels, lubricants and related materials, to 0.5% in February, a turnaround from the 0.4% drop in January.
The category posting weaker price growth was food, with a reading of two.5% in February from 2.7% in January, the PSA said.
Manufactured goods classified chiefly by materials also eased to 0.1% from 0.3% in January.
“The February uptick in these components reflects renewed cost pressures coming from upstream sectors, especially raw materials, fuel, and imported inputs, relatively than a surge in consumer demand,” Mr. Peña-Reyes said.
He warned that these are “early signals that would later influence retail inflation if sustained.”
“The turnaround in fuel-related items is consistent with the recent rebound in oil prices, which is starting to feed into wholesale costs,” Mr. Rivera said.
He added that the rise in crude materials points to higher prices for agricultural and industrial raw inputs.
By major island group, bulk prices within the wholesale level were mixed.
Luzon wholesale price growth was regular at 1.5%.
Meanwhile, bulk price growth within the Visayas accelerated to three.3% from the 1% a 12 months earlier and the three.2% registered in January 2026. It was the strongest reading for the reason that 5% posted in June 2024.
It also exceeded the 1.7% national average.
However, GWPI in Mindanao got here in at 2%, against 0.7% in February 2025 and a pair of.3% in January.
Despite surpassing the national average, it was the weakest reading for the reason that 1.6% posted in July 2025.
Analysts expect the upward trend to persist within the near term.
Mr. Rivera noted that wholesale prices are prone to trend “barely higher, driven mainly by elevated oil prices and transport costs,” though he expects the rise to stay gradual unless global energy prices surge further.
Mr. Peña-Reyes projected that March figures may exceed 1.7%, fueled by exchange rate fluctuations and raw material costs. — Heather Caitlin P. Mañago