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(Photo courtesy of the National Food Authority)
MANILA — Retail prices of goods in Metro Manila declined to 2.7 percent in October 2017 from 3.2 percent in the previous month, the Philippine Statistics Authority (PSA) reported.
PSA data attributed lower retail prices to the decline in annual growth of food index to 4 percent; crude materials, inedible except fuels index, 3.3 percent; mineral fuels, lubricants and related materials index, 10.7 percent; and machinery and transport equipment index, 0.3 percent.
Higher annual increments, however, were observed in the indices of manufactured goods classified chiefly by materials at 1.6 percent and miscellaneous manufactured articles at 0.7 percent.
The annual movement of chemicals, including animal and vegetable oils and fats index, remained at 1.7 percent for five consecutive months.
Beverages and tobacco index also retained its previous month’s rate of 4.7 percent.
Month-on-month, the increase in retail prices in Metro Manila also slowed down to 0.2 percent in October from 0.6 percent posted in September.
The PSA said the index of crude materials, inedible except fuels, and machinery and transport equipment both declined by 0.1 percent.
Petroleum products such as gasoline, liquefied petroleum gasoline (LPG), diesel and kerosene, and prices of gasoline oil also went down this month. (PNA)
