Retail prices rise at slowest pace in 19 months

MANILA, Philippines — Retail price growth in Metro Manila in October posted its slowest growth rate in 19 months as food registered slower price increases, according to the Philippine Statistics Authority (PSA).

Data from the PSA showed the growth in the General Retail Price Index (GRPI) in the National Capital Region (NCR) slowed to 3.4 percent in October from 3.6 percent in September.

The October GRPI result is the lowest since the 2.7 percent growth in March last year.

This is also lower than the six percent growth in October last year.

“The primary driver of the slower year-on-year increase of GRPI in NCR was the slower annual increase recorded in the heavily-weighted food index,” the PSA said.

In particular, the food commodity group posted a 5.4-percent growth in October, down from 6.2 percent in September.

The PSA said that crude materials, inedible except fuels index also posted a slower growth at 3.5 percent in October from 3.6 percent in the previous month.

Five commodity groups retained their previous month’s annual growth rates in October. These are beverages and tobacco (five percent), chemicals, including animal and vegetable oils and fats at (2.8 percent), manufactured goods classified chiefly by materials (2.1 percent), machinery and transport equipment (1.3 percent) and miscellaneous manufactured articles (1.7 percent).

Meanwhile, the mineral fuels, lubricants and related materials commodity group registered a slower decline of 0.8 percent in October from the 1.9-percent contraction in September.

From January to October, the average GRPI growth was at 4.9 percent.

The GRPI measures changes in prices at which retailers sell their goods to consumers relative to a base year.

The index is used to monitor the economic situation of retail trade and in forecasting business in the sector.