Retail prices rise in Metro Manila at start of Q3

By Cai U. Ordinario, BusinessMirror

Posted at Aug 30 2014 10:53 AM | Updated as of Aug 30 2014 06:53 PM

MANILA – Retail prices went up in Metro Manila, or the National Capital Region (NCR), at the start of the third quarter, according to data released by the Philippine Statistics Authority (PSA).

Based on the latest report from the PSA, there was a 3.2-percent increase in the General Retail Price Index (GRPI) in the NCR.

Retail prices of food increased the fastest at 5.8 percent, followed by chemicals, including animal and vegetable oils and fats, with an increase of 2.4 percent.

On a month-on-month basis, the GRPI in the NCR remained at 0.5 percent in July. Foor retail prices, however, posted the highest growth at 0.9 percent.

“Price hikes in foodstuffs, such as chicken, selected fish species, dairy products, eggs, rice, sugar, cooking oil, whole-corn grain and animal feeds, resulted to a 0.9-percent growth in its group’s index,” the PSA said.

The data also showed that some commodities posted lower annual growth, particularly in beverages and tobacco, which eased to 3.1 percent, followed by crude materials, inedible except fuels index, at 1.4 percent.

Further, the indices of manufactured goods classified chiefly by materials and miscellaneous manufactured articles correspondingly grew at their last month’s rates of 2.1 percent and 1.6 percent, respectively.

On a monthly basis, the mineral fuels, lubricants and related materials eased by 0.1 percent on the back of cuts in the price of liquefied petroleum gas, diesel fuel and kerosene.

“The monthly growth of manufactured goods classified chiefly by materials index eased to 0.2 percent. Higher prices of textile mill products and sand paper were tempered by the reduction in the prices of construction materials, such as cement, steel bars, corrugated GI [galvanized iron] sheets and nails,” the PSA also said.

“Prices of firewood, charcoal, gravel and sand generally remained stable during the month. Thus, the group’s index of crude materials, inedible except fuels, had a zero growth,” it added.

The GRPI is a statistical measure of the changes in the prices at which retailers dispose of their goods to consumers or end-users relative to a base year.

It 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 on the retail trade sector, and serve as a basis for forecasting business in the retail trade.