Retail prices up in July

MANILA, Philippines - Metro Manila saw retail prices of goods pick up in July from a month ago as higher annual increases were seen in food, beverages and tobacco, crude materials and chemical prices, the National Statistics Office (NSO) said.

In a report posted on its website yesterday, the NSO said the year-on-year growth in the General Retail Price Index (GRPI) in the National Capital Region rose to two percent in July compared to 1.8 percent in June.

It said the July result was due to higher annual increases posted by the following indices: food (1.5 percent in July from 0.8 percent in June); beverages and tobacco (3.7 percent from 3.3 percent); crude materials, inedible except fuels (9.3 percent from 4.2 percent); and chemicals, including animal and vegetable oils and fats (2.5 percent from 2.3 percent).

The miscellaneous manufactured articles index was steady at 2.1 percent in July from the previous month.

The index of mineral fuels, lubricants and related materials, meanwhile had a negative annual rate of -6.2 percent from -4.9 percent.

On a monthly basis, the GRPI eased to 0.3 percent in July from the previous month’s 0.5 percent.

The NSO said the slower monthly rise in the GRPI was due to the declines posted by the indices of mineral fuels, lubricants and related materials, and machinery and transport equipment.

The mineral fuels, lubricants and related materials index and machinery and transport equipment index decreased two percent and -0.4 percent from last month’s -5.5 percent and 2.9 percent, respectively.

Slower monthly increments were also seen in the beverages and tobacco index (0.4 percent from 0.8 percent); and chemicals, including animal and vegetable oils and fats index (0.3 percent from 0.4 percent).

Food and crude materials had higher mark-ups, while prices of manufactured goods which are classified chiefly by materials remained the same.

The NSO noted that higher prices of food items such as chicken, beef, pork, selected fish species, sugar, fresh vegetables and selected construction materials were observed during the month.

“These were however tempered by the price rollbacks in petroleum products such as gasoline, LPG (liquefied petroleum gasoline), diesel fuel and kerosene and the price reductions in selected electric machinery apparatus,” it said further.