Metro Manila retail prices grow fastest in 14 years

MANILA, Philippines — Retail prices of goods in Metro Manila grew at its fastest pace in nearly 14 years in October driven by food price increases, according to the Philippine Statistics Authority (PSA).

Data from the PSA showed the annual growth rate of the General Retail Price Index in the National Capital Region (NCR) rose to six percent in October this year from 5.9 percent in September.

“This is the highest recorded annual growth rate since November 2008,” the PSA said.

The growth in NCR’s GRPI in October was also faster than the 2.1 percent uptick in the same month last year.

“The continued uptrend of the October 2022 GRPI was primarily due to the higher annual increase in the food index at 9.5 percent from 8.6 percent in September 2022,” the PSA said.

Also posting a higher annual increment was the beverages and tobacco index at seven percent from 6.9 percent.

Other commodity groups with higher annual upticks in October compared to the previous month are crude materials, inedible except fuels; chemicals, including animal and vegetable oils and fats; and miscellaneous manufactured articles.

On the other hand, the annual growth rate of the mineral fuels, lubricants and related materials index decelerated to 17.3 percent in October from the 25.5 percent uptick in September.

Those that retained their previous month’s annual growth rates in October are manufactured goods classified chiefly by materials, and machinery and transport equipment.

In the January to October period, the average growth in NCR’s GRPI was at 4.1 percent.

The GRPI measures the changes in retailers’ selling prices to consumers relative to a base year.

It serves as an indicator to monitor the economic situation of the retail trade sector.

The index is likewise used as a deflator of the national accounts on the retail trade sector, and for forecasting business.