Retail prices in Metro Manila up in January

MANILA, Philippines — Retail prices of consumer goods in Metro Manila rose at a faster pace during the start of the year, according to the Philippine Statistics Authority (PSA).

The growth of the General Retail Price Index (GRPI) in the National Capital Region (NCR) stood at 1.3 percent in January, faster than the 1.1 percent rate in December 2020.

The figure, however, was slower than the 1.7 percent expansion in January 2020.

The retail price index tracks the acceleration of the national headline inflation rate at 4.2 percent in January and the faster 4.7 percent last month.

Based on commodity groups, retail prices quickened for food at 2.5 percent. This can be traced to the higher prices of pork, chicken, fish and vegetables during the period.

The elevated prices of pork was due to low supply amid the African swine fever (ASF). Prices of other food commodities were also up in January as a result of the weather disturbances by the end of 2020.

Mark-ups were also higher in the indexes of beverages and tobacco, crude materials, inedible except fuels, chemicals, including animal and vegetable oils and fats and manufactured goods classified chiefly by materials.

Prices of machinery and transport equipment and miscellaneous manufactured articles were stable during the review period.

Decline, on the other hand, was observed in mineral fuels, lubricants and related materials.

The GRPI is an indicator used to monitor the economic situation of the retail trade sector.

It is also used as a deflator of the national accounts especially in the retail trade sector and serves as a basis of forecasting business in the retail trade.