Metro Manila retail prices rise faster in February

MANILA, Philippines — Retail prices of consumer goods in Metro Manila rose at a faster pace in February, the Philippine Statistics Authority (PSA) said.

In a report, the PSA said the General Retail Price Index (GRPI) in the National Capital Region (NCR) in February grew at 1.4 percent, faster than the 1.3 percent rate in January.

This, however, is slower than the 1.5 percent growth in February 2020.

The higher retail prices track the acceleration of the national headline inflation rate at 4.7 percent in February.

Based on commodity groups, retail prices for food slightly slowed down by 2.3 percent.

This can be traced to the temporary drop in the prices of pork and chicken as the government imposed price caps during the period. More hogs were shipped to Metro Manila which contributed to the short-term decline.

Other food commodities’ prices also went down as farms slowly recover from the effects of the typhoons at the tail end of 2020.

Mark-ups were also higher in the index of mineral fuels, lubricants and related materials.

Declines, on the other hand, were observed in crude materials, inedible except fuels, chemicals, including animal and vegetable oils and fats, manufactured goods classified chiefly by materials, and miscellaneous manufactured articles.

Prices of beverages and tobacco and machinery and transport equipment were stable during the period.

The GRPI 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 in the retail trade sector and serves as a basis of forecasting business in the retail trade.