NCR retail prices rise at slowest pace in nearly 2 years

MANILA, Philippines — Retail prices of goods in Metro Manila in January posted its lowest growth rate in nearly two years due mainly to slower food price hikes, according to the Philippine Statistics Authority (PSA). 

Data released by the PSA yesterday showed the General Retail Price Index (GRPI) in the National Capital Region (NCR) slowed down to 2.5 percent in January this year from 2.9 percent in the previous month and the 6.3 percent uptick in January 2023. 

The GRPI growth posted in January is the slowest rate of increase seen since the 2.2 percent in February 2022. GRPI measures the changes in retail prices relative to a base year.

Aside from being used to monitor the economic situation of retail trade, the index also serves as a basis in forecasting business in the sector.

“The primary driver of the slower annual increase of GRPI in NCR was the slower annual increment recorded in the heavily weighted food index at 3.7 percent during the month from 4.4 percent in December 2023,” the PSA said. 

Also contributing to lower GRPI growth was the machinery and transport equipment commodity group, which registered a 1.1 percent increase in January from the previous month’s 1.3 percent. 

In addition, growth in the crude materials, inedible except fuels commodity group slowed to 1.9 percent in January 2024 from 2.5 percent in December 2023.