Retail price index slightly up in July due to costlier fuels

INQUIRER FILE PHOTO

Retail prices of general goods in Metro Manila rose at a slightly quicker pace in July, the fastest seen in two months, due to costlier fuels and lubricants, the Philippine Statistics Authority (PSA) said on Monday.

According to preliminary data from the PSA, the general retail price index (GRPI) in the National Capital Region (NCR) increased by 1.9 percent year on year in July from 1.8 percent in the previous month. However, it is still slower compared with the 3.9-percent hike last year.

For the first seven months, retail prices increased by an average of 2.1 percent, slower compared with the 5.3- percent upswing last year.

“The primary contributor to the uptrend in the annual rate of GRPI in NCR was the higher annual increase observed in the index of mineral fuels, lubricants and related materials at 7.4 percent in July 2024 from 5.7 percent in the previous month,” the statement said.

READ: Retail prices in NCR grew slower in June — PSA

Price hikes of other commodities such as crude materials, inedible except fuels also quickened to 1.1 percent from 0.8 percent in the previous month. This was followed by chemicals, including animal and vegetable oils and farts, increasing by 2.2 percent from 2 percent; and manufactured goods, classified chiefly by materials, by 1.2 percent from 1.1 percent.

On the other hand, prices of beverages and tobacco increased at a slower pace of 2.4 percent in July from 2.6 percent and machinery and transport equipment, 0.3 percent from 0.4 percent.

Meanwhile, the food and miscellaneous manufactured articles retained their previous month’s increases of 2.4 percent and 1.5 percent, respectively.

The index monitors the state of retail trade. It also functions as a deflator in national accounts, specifically within the retail sector, and is used for forecasting purposes.