The retail price rise of general merchandise in the National Capital Region (NCR) further diminished in May, according to the Philippine Statistics Authority (PSA) on Friday.
Referencing preliminary statistics, the PSA indicated that price growth in Metro Manila, as indicated by the general retail price index (GRPI), increased by 0.8%, down from 0.9% in April and the 2% rise recorded a year prior.
During the initial five months, the GRPI averaged 1.1%, decelerating from the 2.1% noted in the same timeframe last year.
“The decline was mainly influenced by the slower annual increase seen in the food index at 1% in May compared to 1.2% in April,” the PSA mentioned.
Noticeable slower annual increases were recorded in the indices of the following commodity categories during the month: chemicals, including animal and vegetable oils and fats (1.8% down from 1.9%), manufactured goods organized chiefly by materials (0.7% down from 0.8%), machinery and transport equipment (0.1% down from 0.2%), and various manufactured articles (0.8% down from 0.9%).
Conversely, price growth in May remained unchanged in beverages and tobacco (3.3%) and mineral fuels, lubricants, and related materials (-4.7%).
The sole commodity that experienced an increase in May was crude materials, inedible except fuels, which rose to 0.8% from 0.6%.
The GRPI is calculated based on 2012 constant prices.
The PSA employs the GRPI as a deflator in the National Accounts, specifically within the retail trade sector, and it acts as a foundation for projections. — Lourdes O. Pilar
