Retail prices in NCR up 3.8% in Feb

MANILA, Philippines — Prices of retail goods in the National Capital Region (NCR) rose by 3.8 percent in February from 3.5 percent the previous year as most commodity groups posted higher increments, the Philippine Statistics Authority (PSA) said.

Increases were registered in a majority of the commodity groups particularly food (5 percent),  beverages and tobacco  (11.8 percent),  and mineral fuels, lubricants and related materials (12 percent).

On a month-on-month basis, the General Retail Price Index (GRPI) in NCR slowed down to 0.5 percent in February from 1.1 percent in January.

This was mainly caused by slower growth registered by a number of commodity groups, particularly the food, beverage and tobacco indices.

The food index registered a growth of 0.4 percent in February, slower than the 1.4 percent growth rate the month before.

“Higher prices were observed in chicken, milk, canned fish, rice and flour. These were, however, tempered by the decreases in the prices of other food items particularly fish, fruits, and vegetables,” the PSA said.

Similarly, the beverages and tobacco index decelerated to 2.7 percent due to slower price increases in liquor, wines, softdrinks and cigarettes.

“Uptick in the index of crude materials, inedible except fuels eased to 0.1 percent. Lower price mark-up was recorded in gravel,” the PSA reported.

The mineral fuels, lubricants and related materials index slowed down to 2.3 percent, due to lower prices of LPG. This was despite higher prices of pertroleum products such as gasoline, diesel, and engine oil during the month in review.

Upward adjustments in the prices of medicines primarily resulted to a 0.1 percent gain in chemicals, including animal and vegetables oils and fats index.

The machinery and transport equipment index also inched up by 0.4 percent in February.

“Prices of car battery, light bulbs and selected electrical wiring devices were higher during the month,” the PSA said.

Moreover, a 0.2 percent increase in miscellaneous manufactured articles index during the period was also registered, brought about by the increments in the prices of selected clothing items, sanitary fixtures and fittings.

The manufactured goods classified chiefly by materials index also rose by 0.1 percent due to higher prices of selected construction materials.