The Philippine Statistics Authority (PSA) said that prices of goods in the National Capital Region (NCR) in October rose at the slowest pace since the trend started to increase in February last year.

Data released by the PSA showed that the annual rate of the general retail price index (GRPI) in NCR declined to 3.4 percent during the month from six percent in October a year ago and 3.6 percent in September this year.

The October reading was the slowest growth posted since the 2.2 percent increase in February 2022.

This brought the total average GRPI growth from January to October to 4.9 percent.

The GRPI is used to measure the changes in the prices at which retailers dispose of their goods to consumers or end-users relative to a base year.

“The primary driver of the slower year-on-year increase of GRPI in NCR was the slower annual increase recorded in the heavily-weighted food index at 5.4 percent during the month from 6.2 percent in September 2023,” PSA said.

A lower annual increase was also observed in the index of crude materials, inedible except fuels at 3.5 percent in October from 3.6 percent in the previous month.

Meanwhile, the mineral fuels, lubricants, and related materials commodity group registered a slower annual drop in October at 0.8 percent from 1.9 percent in September.

Those that retained their previous month’s annual growth rates in October are beverages and tobacco; chemicals, including animal and vegetable oils and fats; manufactured goods classified chiefly by materials; machinery and transport equipment; and miscellaneous manufactured articles.