GENERAL RETAIL PRICE INDEX IN THE NATIONAL CAPITAL REGION
Year-on-Year and Month-on-Month Growth Rates
|All Items||December 2017||November 2017||December 2016||Year-to-date|
The annual growth of the General Retail Price Index (GRPI) in the National Capital Region (NCR) continued to move at a faster pace at 2.5 percent in December 2017. Its annual rate in the previous month was pegged at 2.4 percent and in December 2016, 4.3 percent. Higher annual increases were recorded in the indices of food at 3.1 percent; beverages and tobacco, 5.0 percent; and machinery and transport equipment, 0.6 percent. Meanwhile, the annual growth of crude materials, inedible except fuels index decelerated to 2.3 percent; mineral fuels, lubricants and related materials index, 11.0 percent; and chemicals, including animal and vegetable oil and fats, 1.6 percent. The annual change of manufactured goods classified chiefly by materials index remained at 1.8 percent and miscellaneous manufactured articles index, 0.7 percent (see Table 2).
The annual average rate of GRPI for all items for the year 2017 rose by 3.5 percent. In 2016, its annual average growth was registered at 2.3 percent. From a negative annual average change posted in the previous year, the index of mineral fuels, lubricants and related materials went up by 11.1 percent in 2017. Similarly, higher annual average increments were observed in the indices of the following commodity groups:
- Food (6.0%);
- Beverages and Tobacco (4.8%);
- Crude Materials, Inedible Except Fuels (2.1%);
- Chemicals, Including Animal and Vegetable Oils and Fats (1.5%);
- Manufactured Goods Classified Chiefly by Materials (1.5%);
- Machinery and Transport Equipment (0.6%); and
- Miscellaneous Manufactured Articles (0.8%) (see Table 2).
By Commodity Group, Month-on-Month
On a monthly basis, the GRPI in NCR went up by 0.6 percent in December. In the previous month, its growth was registered at 0.1 percent.
From a decrease in the previous month, the heavily-weighted food index accelerated by 1.4 percent in December. This was due to higher prices of chicken, fresh eggs, beef, canned meat, milk, butter, ice cream, fresh fish, shrimps, prawns, canned fish, dried fish, rice, corn, flour, fresh miki, fresh fruits, common beans, fruits and vegetable sauces, raw peanuts, powdered tonic drink, cooking oil, margarine and fish sauce.
The index of beverages and tobacco rose by 0.4 percent during the month. Price increments were noted in selected liquors and wines, softdrinks and cigarettes.
Price hikes in gasoline, LPG, diesel and kerosene raised the index of mineral fuels, lubricants and related materials by 0.7 percent.
A 0.1 percent increase in manufactured goods classified chiefly by materials index was brought about by higher prices in selected construction materials such as lumber, steel bars, corrugated G.I. sheets, G.I. pipes, common wire and finishing nails.
The miscellaneous manufactured articles index likewise exhibited zero growth during the month. This was effected by the different price movements observed among the clothing and footwear items.
Similarly, the indices of crude materials, inedible except fuels and machinery and transport posted zero growth during the period.