PSA: NCR Retail Price Growth In December Remains Steady at 6%

The Philippine Statistics Authority (PSA) said retail prices of goods in Metro Manila had a steady growth pace in December.

PSA released data showing the year-on-year growth of the General Retail Price Index (GRPI) in the National Capital Region (NCR), which remained at 6% for the third consecutive month last December.

The PSA listed three commodity groups that retained their November growth rates in December. These are chemicals, including animal and vegetable oils and fats at 3.5%; machinery and transport equipment at 1.1%; and miscellaneous manufactured articles at 1.5%.

For 2022, the average growth of GRPI in NCR was at 4.5%, 2% higher than in 2021.

Commodity groups that had higher year-on-year average growth rates in 2022 are food; crude materials, inedible except fuels; mineral fuels, lubricants, and related materials; chemicals including animal and vegetable oils and fats; manufactured goods; machinery and transport equipment; and miscellaneous manufactured articles.

Meanwhile, the annual average for beverages and tobacco eased last year from 2021.

The GRPI monitors the changes in retailer selling prices to consumers relative to a base year. As such, it is used to monitor the economic situation of the retail trade sector.

Moreover, it is used as a deflator of the national accounts on the retail trade sector, and for forecasting business.

Source: Philstar