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Philippines: NCR retail price growth rises in January
MANILA, Philippines — Retail prices of goods in Metro Manila in January posted their highest increase in over 14 years due to upticks in food prices, according to the Philippine Statistics Authority (PSA).
Data released by the PSA yesterday showed the General Retail Price Index (GRPI) growth in the National Capital Region (NCR) was at 6.3 percent in January 2023, up from six percent in December 2022 and 1.9 percent in January last year.
“This is the highest recorded annual growth rate of the index since November 2008,” the PSA said.
The PSA attributed the uptrend of NCR’s GRPI mainly to the food index, which posted a higher growth of 10.5 percent in January this year from 9.9 percent in December 2022.
This was followed by manufactured goods classified chiefly by materials, which grew by 3.7 percent in January 2023 from 3.4 percent in December 2022.
Four other commodity groups registered higher growth in January 2023 from December last year.
In particular, crude materials, inedible except fuels rose by 5.9 percent in January this year from 4.7 percent in December last year.
Chemicals, including animal and vegetable oils and fats, climbed by 3.6 percent in January this year from 3.5 percent in December 2022.
Machinery and transport equipment posted 1.2 percent growth in January this year, up slightly from 1.1 percent in December 2022.
Miscellaneous manufactured articles grew by 1.7 percent from 1.5 percent in December last year.
Meanwhile, those which posted slower growth in January this year from December last year are beverages and tobacco; and mineral fuels, lubricants and related materials.
The GRPI tracks the changes in the retailer’s selling prices to consumers relative to a base year.
Source: https://www.philstar.com/business/2023/03/15/2251818/ncr-retail-price-growth-rises-january