NCR retail price growth picks up in July
RETAIL PRICE growth of general goods in Metro Manila inched up in July, the Philippine Statistics Authority (PSA) reported on Monday.
Citing preliminary data, the PSA said the general retail price index (GRPI) in the National Capital Region (NCR) grew 1.9% in July, accelerating from 1.8% in June, though weaker than the year-earlier reading of 3.9%.
In the year to date, GRPI growth averaged 2.1%.
“The primary contributor to the uptrend in the annual rate of GRPI in NCR was the higher annual increase observed in the index of mineral fuels, lubricants and related materials,” the PSA said.
“The slight pickup is consistent with overall inflation that picked up to 4.4% in July 2024, the fastest in nine months, largely after the effects of Typhoon Carina that caused disruptions in hard-hit areas, especially in Metro Manila,” Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., said in an e-mail.
Price growth accelerated in mineral fuels, lubricants and related materials (7.4% from 5.7%), crude materials, inedible expect fuels (1.1% from 0.8%), chemicals, including animal and vegetable oils and fats (2.2% from 2%), and manufactured goods classified chiefly by materials (1.2% from 1.1%).
On the other hand, commodity groups where price growth eased were beverages and tobacco (2.4% from 2.6%), and machinery and transport equipment (0.3% from 0.4%).
Growth of food and miscellaneous manufactured articles held steady at 2.4% and 1.5%, respectively. — Karis Kasarinlan Paolo D. Mendoza