RETAIL PRICE growth of general goods in Metro Manila eased in June to their weakest level in three years, the Philippine Statistics Authority (PSA) reported on Wednesday.
According to preliminary data from the PSA, growth in the general retail price index (GRPI) in the National Capital Region (NCR) eased to 1.8%, from 2% in May and 4.4% a year earlier. It was the weakest reading since the 1.6% posted in February 2021.
In the first half of the year, NCR retail price growth averaged 2.1%, unchanged from a year earlier.
Slower annual increases were seen in the indices for food (2.4% from 2.5%), beverages and tobacco (2.6% from 3%), mineral fuels, lubricants and related materials (5.7% from 6.1%), chemicals, including animal and vegetable oils and fats (2% from 2.2%) and manufactured goods classified chiefly by materials (1.1% from 1.3%).
Accelerating in price growth were crude materials, inedible except fuels (0.8% from 0.6%), and miscellaneous manufactured articles (1.5% from 1.2%).
Security Bank Corp. Chief economist Robert Dan J. Roces said in an e-mail that the slowdown was broad-based.
“This deceleration was primarily driven by slower price increases across several commodity groups… food, beverages and tobacco, and mineral fuels,” Mr. Roces said.
“Looking ahead to July, while the overall trend suggests potential further deceleration or stability in the GRPI, the trend will depend on various factors, including global commodity prices, exchange rates, and new economic policies or events,” added Mr. Roces. — Lourdes O. Pilar
