NCR retail price growth eases in May

Retail price growth of general goods in the National Capital Region (NCR) eased further in May, the Philippine Statistics Authority (PSA) said on Friday.

Citing preliminary data, the PSA said price growth in Metro Manila, as measured by the general retail price index (GRPI), edged up by 0.8%, easing down from 0.9% in April and the 2% growth posted a year earlier.

In the first five months, the GRPI averaged 1.1%, slowing down from the 2.1% posted in the same period last year.

“The downtrend was primarily driven by the slower annual increase observed in the index of food at 1% in May from 1.2% in April,” the PSA said.

Slower annual increases were noted in the indices of the following commodity groups during the month: chemicals, including animal and vegetable oils and fats (1.8% from 1.9%), manufactured goods classified chiefly by materials (0.7% from 0.8%), machinery and transport equipment (0.1% from 0.2%), and miscellaneous manufactured articles (0.8% from 0.9%).

Meanwhile, price growth in May was steady in beverages and tobacco (3.3%) and mineral fuels, lubricants and related materials (-4.7%).

The only commodity that picked up in May was crude materials, inedible except fuels to 0.8% from 0.6%.

The GRPI is based on 2012 constant prices.

The PSA uses the GRPI as a deflator in the National Accounts, particularly in the retail trade sector, and serves as a basis for forecasting. — Lourdes O. Pilar