Retail prices in NCR rise slower in Nov — PSA

Czeriza Valencia (The Philippine Star) - January 14, 2019 - 12:00am

MANILA, Philippines — Retail prices of consumer goods in Metro Manila rose at a slower place in November as slower increases were seen in the prices of several goods such as beverages and tobacco, according to the Philippine Statistics Authority (PSA).

The General Retail Price Index (GRPI) in the National Capital Region (NCR) in November 2018 grew at 3.8 percent, slower than the four percent rate in October. This compares with the growth of 2.4 percent in November 2017.

This tracks the deceleration of the national headline inflation rate to six percent in November from a peak of 6.7 percent in September and October.

PSA said slower annual increases were observed in the indices of beverages and tobacco; mineral fuels, lubricants and related materials; and machinery and transport equipment.

Meanwhile, annual mark-ups were higher in the indices of food; crude materials, inedible except fuels; chemicals, including animal and vegetable oils and fats; and miscellaneous manufactured articles.

Month-on-month, the GRPI sustained its decline in November from October with faster decreases in the indices of fuels such as gasoline, diesel, LPG and kerosene.

Declines in the prices of several foods items such as chicken, rice, corn and vegetables were also seen during the month.

Slower month-on-month growth was likewise seen in the prices of alcoholic beverages, softdrinks and cigarettes.

Faster month-on-month growth, meanwhile, was seen in the indices of building materials, paper products, machinery and transport equipment, electrical components, garments and footwear, and crude materials.

The GRPI is an indicator used to monitor the economic situation of the retail trade sector.

It is also used as a deflator of the national accounts especially on the retail trade sector and serves as a basis of forecasting business in the retail trade. It uses 2000 as the base year.

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