On a monthly basis, the General Retail Price Index (GRPI) in the National Capital Region (NCR) went down by -0.1 percent in December from zero growth in November as the heavily-weighted food index further decreased to -0.6 percent from -0.2 percent. The index of mineral fuels, lubricants and related materials also dropped by -0.7 percent from 1.5 percent. The crude materials, inedible except fuels and machinery and transport equipment indexes retained their last month's rates. The rest of the commodity groups however have higher monthly growth rates.
Price roll backs were generally noted in petroleum products such as gasoline, LPG, diesel fuel and kerosene. In addition, downward price adjustments were observed in vegetables, sugar and cooking oil.
The annual growth rate of the GRPI in NCR went up at a slower rate of 2.4 percent in December from 2.8 percent in November. The annual gain in food index decelerated to 2.4 percent in December from 3.1 percent in November; mineral fuels, lubricants and related materials index, 8.7 percent from 13.5 percent; and machinery and transport equipment index, 1.3 percent from 1.5 percent. A 0.1 percent annual hike remained in crude materials, inedible except fuels index while the rest of the commodity groups exhibited higher annual growth rates during the month in review.
The annual average growth rate of the GRPI went up to 3.7 percent in 2011 from 3.1 percent in 2010. This was due to higher annual average increments in the indices of food at 5.2 percent from 3.4 percent; beverages and tobacco, 2.8 percent from 2.1 percent; crude materials, inedible except fuels, 2.8 percent from 2.2 percent; mineral fuels, lubricants and related materials, 16.3 percent from 12.1 percent and manufactured goods classified chiefly by materials, 2.5 percent from 1.7 percent. Meanwhile, lower annual average rate was recorded in chemicals, including animal and vegetable oils and fats at 2.0 percent from 2.2 percent; machinery and transport equipment, 2.1 percent from 3.5 percent; and miscellaneous manufactured articles, 1.2 percent from 2.5 percent.
Source: National Statistics Office
Page last revised: February 2, 2012