DECEMBER 2014
Year-on-Year and Month-on-Month Growth Rates
of General Retail Price Index
| All Items | December 2014 | November 2014 | December 2013 | Year-to-date |
|---|---|---|---|---|
| Year-on-Year | 2.3 | 3.0 | 2.4 | 2.7 |
| Month-on-Month | -0.4 | 0.1 | 0.2 |
Year-on-Year
The annual growth in the General Retail Price Index (GRPI) in the National Capital Region (NCR) slowed down to 2.3 percent in December 2014. Last month, it grew by 3.0 percent and in December 2013, 2.4 percent. The slowdown resulted primarily from the annual decreases in the indices for mineral fuels, lubricants and related materials and machinery and transport equipment at -16.1 percent and -0.1 percent, respectively. Moreover, lower annual increments were posted in food index at 5.7 percent and in miscellaneous manufactured articles index, 1.8 percent. Annual increases were however, faster in the indices of beverages and tobacco and crude materials, inedible except fuels at corresponding rates of 3.6 percent and 6.2 percent. The chemicals, including animal and vegetable oils and fats and manufactured goods classified chiefly by materials indices moved at their last month’s respective rates of 2.2 percent and 2.6 percent.
The 2014 annual average growth of the GRPI for all items in NCR at 2.7 percent was the same rate posted in 2013. Compared to 2013 rates, annual average hike in food index was higher at 4.8 percent in 2014; chemicals, including animal and vegetable oils and fats index, 1.9 percent; and manufactured goods classified chiefly by materials index, 2.0 percent. Meanwhile, the annual average gain in beverages and tobacco index decelerated to 3.5 percent; crude materials, inedible except fuels index, 2.4 percent; machinery and transport equipment index, 0.7 percent; and miscellaneous manufactured articles index, 1.6 percent. That for mineral fuels, lubricants and related materials index declined by 0.5 percent.
By Commodity Group, Month-on-Month
On a monthly basis, the GRPI in NCR dropped by 0.4 percent in December from its November level.
The heavily-weighted food index decreased by 0.5 percent as prices of selected foodstuffs such as chicken, eggs, rice, and vegetables were lower during the month.
Price roll backs in gasoline, LPG, diesel fuel and kerosene pushed down the index of mineral fuels, lubricants and related materials by 6.5 percent.
PVC pipes, conduit pipes and electrical wires were quoted lower during the month. Thus, the index of machinery and transport equipment went down by 0.4 percent.
The beverages and tobacco index inched up 0.7 percent due to price increments in beer, gin, whisky and selected softdrinks.
Price add-ons in gravel and sand effected a 1.2 percent uptick in the crude materials inedible except fuels index.
A 0.1 percent growth was noted in the index of manufactured goods classified chiefly by materials. This was brought about by the upward price adjustments in plywood, sand paper, steel bars, GI pipes and nails.
Price increases in selected paints resulted to a 0.1 percent growth in chemicals, including animal and vegetable oils and fats index during the month.
No movement was seen in the index of miscellaneous manufactured articles as it exhibited a zero growth during the period.
