The general retail price index (GRPI) in the National Capital Region (NCR) showed a year-on-year growth of 3.6 percent in September.
The food index, which heavily influences the GRPI, increased by 6.2 percent in September compared to 6.9 percent in August.
Other commodity groups, including crude materials, chemicals, manufactured goods, machinery, and miscellaneous manufactured articles, also experienced lower annual increases in September.
The September inflation report by the Philippine Statistics Authority (PSA) showed a faster pace of consumer price increases in Metro Manila at 6.1 percent.
The uptrend in inflation in the NCR was mainly driven by higher annual increments in transportation (2.6 percent), housing, water, electricity, gas, and other fuels (5.6 percent), and restaurants and accommodation services (8.1 percent) in September compared to the previous month.
NCR retail price growth eases to 3.6% in Sept.
At a glance
The pace of price increases at retail stores in Metro Manila slowed in September, the Philippine Statistics Authority (PSA) reported.
Prices in the National Capital Region (NCR), as measured by the general retail price index (GRPI), increased by 3.6 percent year-on-year, down from 3.9 percent in August and 5.9 percent compared to the previous year.
According to the PSA, this is the lowest reading since May 2022, when the GRPI was at 4.1 percent.
The primary contributor to the deceleration was the slower increase recorded in the heavily-weighted food index, which grew by 6.2 percent from 6.9 percent in August 2023.
Additionally, lower mark-ups were observed in several other commodity groups during the same period.
The crude materials, inedible except fuels index rose 3.6 percent, down from 3.8 percent. The chemicals, including animal and vegetable oils and fats index increased by 2.8 percent, compared to 3.1 percent in the previous month.
The manufactured goods classified chiefly by materials index rose 2.1 percent, down from 2.3 percent.
The machinery and transport equipment index saw a growth of 1.3 percent, lower than 1.4 percent.
Lastly, the miscellaneous manufactured articles index increased by 1.7 percent, compared to 1.8 percent in the previous month.
The GRPI is a metric that measures the fluctuations in prices at which retailers sell their goods to consumers or end-users, relative to a specified base year. It is widely utilized as a deflator in the National Accounts for analyzing the retail trade sector.
Moreover, the GRPI plays a crucial role in forecasting business trends within the retail trade industry.
The latest GRPI reading, however, contradicted the September inflation report by the PSA, which showed a faster rate of consumer price increases in Metro Manila.
Inflation in Metro Manila rose to 6.1 percent from 5.9 percent the previous month.
The increase was mainly driven by higher annual increments in transportation (2.6 percent), housing, water, electricity, gas, and other fuels (5.6 percent), and restaurants and accommodation services (8.1 percent) in September 2023 compared to the previous month.