Retail price growth in NCR picks up in December

MANILA, Philippines — Retail price growth of goods in Metro Manila rose in December 2024 from the previous month due mainly to the slower decline in fuel prices, according to the Philippine Statistics Authority.

Data released by the PSA showed that the General Retail Price Index (GRPI) growth in the National Capital Region (NCR) increased to 1.5 percent in December last year from the previous month’s 1.4 percent.

The December 2024, GRPI growth, however, is slower compared to the 2.9 percent uptick in the same month in 2023.

The GRPI tracks changes in prices at which retailers sell their goods to consumers relative to a base year.

It is used in monitoring retail trade and in forecasting business in the sector.

“The primary contributor to the uptrend in the annual growth rate of GRPI in NCR was the slower annual decrease registered in the index of mineral fuels, lubricants and related materials at 0.3 percent in December 2024 from three percent annual decline in the previous month,” the PSA said.

Two commodity groups also contributed to the uptrend in GRPI as these registered higher increases in December from the previous month.

In particular, beverages and tobacco posted a 3.9-percent increase in December from 3.6 percent in November.

Manufactured goods classified chiefly by materials saw a 1.5 percent uptick in December from 1.3 percent in the previous month.

On the other hand, slower increases were observed in the following commodity groups in December from the previous month: food (1.9 percent from two percent); crude materials, inedible except fuels (0.7 percent from 1.1 percent); machinery and transport equipment (0.2 percent from 0.3 percent); and miscellaneous manufactured articles (1.4 percent from 1.5 percent)

Meanwhile, the chemicals sector, including animal and vegetable oils and fats, retained its previous month’s growth rate of 2.5 percent in December.

Average GRPI growth in NCR slowed to 1.8 percent last year from 4.5 percent in 2023, driven primarily by food prices.

“The primary contributor to the downtrend in the annual average growth rate of GRPI was the slower annual average increase recorded in the index of food at 2.4 percent in 2024 from 8.2 percent in the previous year,” the PSA said.

In addition, six commodity groups had slower average growth rates last year compared to 2023. These are: beverages and tobacco (3.5 percent from 5.9 percent); crude materials, inedible except fuels (one percent from 4.8 percent); chemicals, including animal and vegetable oils and fats (2.4 percent from 3.2 percent); manufactured goods classified chiefly by materials (1.3 percent from 2.7 percent); machinery and transport equipment (0.5 percent from 1.4 percent); and miscellaneous manufactured articles (1.4 percent from 1.7 percent).

Meanwhile, mineral fuels, lubricants and related materials recorded an average increase of 0.4 percent in 2024 from the 4.5 percent average decline in 2023.