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Philippines: Metro Manila retail prices rise at fastest pace in 3 years
MANILA, Philippines — Retail prices of goods in the National Capital Region (NCR) saw their highest increase in over three years in April as food and fuel prices continued to post upticks.
According to the Philippine Statistics Authority (PSA), the General Retail Price Index (GRPI) in NCR jumped to 3.5 percent in April from 2.7 percent last March.
“This is the highest recorded annual growth rate since October 2018,” PSA said.
The GRPI’s annual growth rate in April was also faster compared to the 2.2 percent increase in the same month last year.
“The upward movement of the GRPI was primarily influenced by the higher annual growth in the food index at 3.6 percent in April 2022, from 2.5 percent in the previous month,” PSA said.
Also contributing to the GRPI’s increase were mineral fuels, lubricants and related materials, which posted an annual growth of 33.5 percent in April from the 26.4 percent in March.
Other commodity groups with higher annual increases in April compared to the previous month were beverages and tobacco (3.8 percent), chemicals, including animal and vegetable oils and fats (2.1 percent), manufactured goods classified chiefly by materials (2.6 percent), machinery and transport equipment (0.7 percent) and miscellaneous manufactured articles (0.8 percent).
On the other hand, crude materials, inedible except fuels, registered a 0.5 percent annual decrease in April.
For the January to April period, the average retail price growth in NCR was at 2.5 percent.
GRPI measures changes in prices at which goods are sold to consumers and end-users relative to a base year.
The index is used to monitor the economic situation of the retail trade sector.
It is likewise used as a deflator of the national accounts, especially on the retail trade sector, and as the basis of forecasting business in retail trade.
Source: https://www.philstar.com/business/2022/08/19/2203560/metro-manila-retail-prices-rise-fastest-pace-3-years