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Philippines: Metro Manila retail prices ease, halt 5-month uptick
MANILA, Philippines — Retail prices of consumer goods in Metro Manila eased for the first time in five months, the Philippine Statistics Authority (PSA) said.
The General Retail Price Index (GRPI) in the National Capital Region (NCR) grew 1.8 percent in June, slower than the 2.1 percent rate in May.
It marked the first time the index slowed down after five consecutive months of acceleration or since January.
However, this is still faster than the 1.3 percent growth in June 2020.
Retail prices in the capital complemented the easing of the national headline inflation rate at 4.1 percent in June.
The index of mineral fuels, lubricants and related materials slowed down to 13.6 percent from 20.3 percent the previous month even as global oil prices remain elevated.
Retail prices for food also softened to 1.7 percent from 1.9 percent.
Lower prices of other food commodities accompanied the gradual decline in the prices of pork products as supply is boosted by more imports.
Declines were also observed in beverages and tobacco, and crude materials, inedible except fuels.
Mark-up, on the other hand, was noted in chemicals, including animal and vegetable oils and fats.
Manufactured goods classified chiefly by materials, machinery and transport equipment, and miscellaneous manufactured articles were stable during the period.
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.
Source: https://www.philstar.com/business/2021/08/19/2120939/metro-manila-retail-prices-ease-halt-5-month-uptick