Business and Economy
Retail prices in NCR fall for seventh straight month
The annual increase of the General Retail Price Index (GRPI) in the National Capital Region (NCR) slowed down to 3.2 percent in September 2017 from previous month’s 3.3 percent and August 2016’s 3 percent.(Pixabay photo)
MANILA— Retail prices in Metro Manila declined for the seventh straight month in September due mainly to slower gain of heavily-weighted food index, the Philippine Statistics Authority (PSA) said Thursday.
The annual increase of the General Retail Price Index (GRPI) in the National Capital Region (NCR) slowed down to 3.2 percent in September 2017 from previous month’s 3.3 percent and August 2016’s 3 percent.
The PSA attributed the decline to the annual gain of food index, which was slower at 5.4 percent; machinery and transport equipment index, 0.5 percent; and miscellaneous manufactured articles index, 0.6 percent.
It said higher annual increments, however, were observed in the indices of beverages and tobacco at 4.7 percent; crude materials, inedible except fuels, 3.4 percent; and manufactured goods classified chiefly by materials, 1.4 percent.
On a monthly basis, the GRPI in NCR went up by 0.6 percent in September from 0.3 percent registered the previous month.
The PSA noted food index picked up by 1.3 percent due to higher prices of beef, milk, rice, loaf bread, fruits, vegetables, raw peanuts, powdered tonic drink, coffee, cooking oil and fish sauce.
Price hikes in petroleum products such as gasoline, liquefied petroleum gasoline, diesel, kerosene and engine oil resulted to a 2.5-percent increase in its group’s index for mineral fuels, lubricants and related materials.
The index of beverages and tobacco rose by 0.1 percent during the month, with price increments noted in selected liquors and wines, softdrinks and cigarettes.
The PSA further reported the index of manufactured goods classified chiefly by materials moved up at a slower pace of 0.1 percent.
Higher prices of lawanit(coconut husk wall paneling), bond paper, folder, pad paper, textile yarn fabrics, hollow blocks, steel bars, G.I. pipes and common wire nails were tempered by the declines in the prices of lumber and aluminum foil.
