Retail prices in NCR grew slower in June — PSA

INQUIRER FILE PHOTO

The growth of retail prices in Metro Manila was slower in June, preliminary data from Philippine Statistics Authority (PSA) showed on Thursday.

The PSA said the general retail price index (GRPI) grew that month by 1.8 percent year-on-year, shedding momentum from the 2 percent posted in May.

This was also lower compared to 4.4 percent growth in June 2023.

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For the first semester, the increase in retail prices across the National Capital Region averaged 2.1 percent.

“The primary contributor to the deceleration of the annual growth rate of GRPI in NCR was the slower annual increase recorded in the index of machinery and transport equipment at 0.4 percent in June from 0.6 percent in the previous month,” the PSA said in a statement.

The growth of food prices eased to 2.4 percent in June from 2.5 percent in the same month last year. This was also followed by beverages and tobacco (2.6 percent from 3 percent), mineral fuels, lubricants and related materials (5.7 percent from 6.1 percent), chemicals, including animal and vegetable oils and fats (2 percent from 2.2 percent), and manufactured goods classified chiefly by materials (1.1 percent from 1.3 percent).

On the other hand, the growth of prices of crude materials, inedible except fuels, rose up to 0.8 percent in June from 0.6 percent, and miscellaneous manufactured articles to 1.5 percent from 1.2 percent.