Year-on-Year and Month-on-Month Growth Rates
of General Retail Price Index
|All Items||February 2016||January 2016||February 2015||Year-to-date|
The year-on-year growth of the General Retail Price Index (GRPI) in the National Capital Region (NCR) slowed down to 0.6 percent in February 2016. Last month, it was pegged at 1.2 percent and in February 2015, 2.2 percent. A double-digit annual decline of 11.5 percent was in mineral fuels, lubricants and related materials index. Annual decreases were also observed in the indices of crude materials inedible, except fuels at -0.9 percent and manufactured goods classified chiefly by materials at -0.2 percent. In addition, slower annual gains were posted in the indices of food at 2.4 percent; beverages and tobacco 1.1 percent; and miscellaneous manufactured articles, 0.7 percent. A higher annual rate of 1.1 percent was, however, registered in chemicals, including animal and vegetable oils and fats index while a flat annual growth was recorded in machinery and transport equipment index (Table 2).
On a monthly basis, the GRPI in NCR dropped by 0.4 percent in February compared to a flat growth last month.
Food index went down by 1.0 percent brought about by lower prices of meat, corn, fruits and vegetables.
Price reductions in petroleum products such as gasoline, kerosene and LPG pushed down the index of mineral fuels, lubricants and related materials by 2.2 percent.
Selected liquors and cigarettes were priced higher during the month. Thus, the index for beverages and tobacco went up 0.3 percent.
The index for chemicals, including animal and vegetable oils and fats index rose 0.3 percent. This was attributed to the upward adjustments in the prices of paints, selected vitamins, cosmetics and toilet preparations.
No movement was seen in the indices of the rest of the commodity groups.