The month-on-month growth rate of the General Retail Price Index (GRPI) in the National Capital Region (NCR) eased to 0.7 percent in July from 2.9 percent in June as the heavily weighted food index declined by -0.4 percent from 1.9 percent. In addition, slower price gains were noted in mineral fuels, lubricants and related materials at 8.5 percent in July from 11.4 percent in June; manufactured goods classified chiefly by materials, 0.7 percent from 4.8 percent; and miscellaneous manufactured articles, 0.1 percent from 0.3 percent. The price movement of machinery and transport equipment index remained at 0.2 percent while the rest of the commodity groups posted higher monthly growth rates.
The fish scare brought about by the MV Princess of the Star tragedy resulted to low consumer demand for selected fish species. Prices of corn and fresh vegetables were also pegged lower during the month in review. Meanwhile, price increases were noticed in liquor, wines, softdrinks, cigarettes, gravel, sand, gasoline, kerosene, LPG and paints.
On an annual basis, the growth rate of the GRPI in NCR further picked up to 14.0 percent in July from 13.6 percent in June as all the commodity groups registered higher annual growth rates except for the food index whose annual growth rate decelerated to 12.4 percent from 13.5 percent. Price increments in the beverages and tobacco index grew to 5.7 percent in July from 5.2 percent in June; crude materials, inedible except fuels, 7.9 percent from 7.2 percent; mineral fuels, lubricants and related materials, 50.8 percent from 39.6 percent; chemicals, including animal and vegetable oils and fats, 2.9 percent from 2.8 percent; manufactured goods classified chiefly by materials, 12.0 percent from 11.5 percent; machinery and transport equipment, 1.9 percent from 1.8 percent; and miscellaneous manufactured articles, 6.1 percent from 5.8 percent.
Source: National Statistics Office
Page last revised: September 26, 2008