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Business

Metro Manila retail prices hit 6-month high in November

Louise Maureen Simeon - The Philippine Star
Metro Manila retail prices hit 6-month high in November
The General Retail Price Index (GRPI) in the National Capital Region (NCR) in November grew by 2.3 percent, faster than the 2.1 percent rate in October.
Philstar.com / Era Christ R. Baylon

MANILA, Philippines — Retail prices of consumer goods in Metro Manila continued to pick up, hitting a six-month high in November, the Philippine Statistics Authority (PSA) said.

The General Retail Price Index (GRPI) in the National Capital Region (NCR) in November grew by 2.3 percent, faster than the 2.1 percent rate in October.

This is also significantly faster than the growth of 1.3 percent in November 2020.

Retail prices in the capital failed to complement the easing of the national headline inflation rate to 4.2 percent in November.

The index of mineral fuels, lubricants and related materials further picked up to 25 percent from 22.1 percent the previous month amid the continued spike in global oil prices during the month.

Retail prices for food also rose to 2.1 percent from 1.9 percent.

Meat prices remain a concern even as other food commodities, particularly vegetables and fish, recorded a downtrend.

Increases were also observed in chemicals, including animal and vegetable oils and fats, manufactured goods classified chiefly by materials, machinery and transport equipment, and miscellaneous manufactured articles.

Decline, on the other hand, was noted in beverages and tobacco and crude materials, inedible except for fuels.

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 in the retail trade sector and serves as a basis of forecasting business in the retail trade.

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