Rise in Metro Manila prices sped up in May

The rate of rise in retail prices in Metro Manila quickened to 1.2 percent in May from 0.5 percent in April, according to the National Statistics Office (NSO).

The growth in the eight-group general retail price index for the National Capital Region was brought on by an increase in the prices of most crude materials to 0.7 percent in May from -21.0 percent in April.

“Slower or negative annual movements were reported in the rest of the commodity groups,” the NSO said.

The price hikes for food and miscellaneous manufactured articles remained at the previous month’s levels of 0.7 percent and 1.4 percent, respectively.

Month on month, the increase in retail prices in Metro Manila dipped by -0.1 percent in May from 0.2 percent in April.

The drop was due to the continuous decline in mineral fuels, lubricants and related materials index at -3.6 percent in May from -0.7 percent in April.

Also, monthly increases in beverages and tobacco index slowed down to 0.2 percent from 0.4 percent and chemicals, including animal and vegetable oils and fats to 0.1 percent from 0.4 percent.

On a monthly basis, the change in the food index remained at 0.2 percent, while the changes in the prices of manufactured goods classified chiefly by materials, machinery and transport equipment and miscellaneous manufactured articles were zero.

“Price rollbacks were noted in gasoline, LPG, diesel fuel and kerosene,” the NSO said, adding that prices of selected electrical wires also went down during the period.