MANILA, Philippines, July 28 ----- The growth in retail prices of goods in Metro Manila continued to ease in June mainly due to slower food price increases, the Philippine Statistics Authority (PSA) said.
Data released by the PSA showed the growth of the General Retail Price Index (GRPI) in the National Capital Region slowed down further to 4.4 percent in June from 4.9 percent in May. The June GRPI growth is also slower than the 4.7 percent recorded in the same month last year. “The primary contributor to the deceleration of GRPI in NCR during the month was the slower annual increase in the heavily-weighted food index at 9.5 percent from 10 percent in May 2023,” the PSA said.
Also contributing to the slower GRPI growth was the fuels, lubricants and related materials commodity group, which exhibited a faster annual decrease of -16.1 percent in June from -12.8 percent in May. Commodity groups which posted lower hikes in June compared to May are beverages and tobacco; crude materials, inedible except fuels; manufactured goods classified chiefly by materials; and miscellaneous manufactured articles. On the other hand, those with higher increases in June compared to May are chemicals, including animal and vegetable oils and fats; and machinery and transport equipment. For the January to June period, the average GRPI growth is at 5.6 percent.
GRPI measures the changes in retailers’ selling prices to consumers or end-users relative to a base year. The index is used to monitor the economic situation of the retail trade sector. In addition, it serves as a basis in forecasting business in retail trade.
Source: philstar.com
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