NCR retail prices up 1.9% in June

MANILA, Philippines–Retail prices in Metro Manila rose by 1.9 percent in June from 1.2 percent in May, the National Statistics Office (NSO) said on Friday.

According to NSO data, the year on year growth in the general retail price index for National Capital Region quickened on the back of faster price hikes in all commodity groups except mineral fuels.

“All the commodity groups posted higher annual increments except in mineral fuels, lubricants and related materials index whose annual rate declined to -4.9 percent in June from -0.6 percent in May,” NSO said.

The rate of increase in prices of food accelerated to 0.9 percent in June from 0.7 percent in May, while the beverage and tobacco index grew 3.3 percent in June from 2.7 percent in May.

The other groups that posted growth rates were inedible crude materials, except fuels (4.2 percent from 0.7 percent); chemicals, including animal and vegetable oils and fats (2.3 percent from 2.2 percent); manufactured goods classified chiefly by materials (3.0 percent from 2.2 percent); machinery and transport equipment (3.7 percent from 1.1 percent); and miscellaneous manufactured articles (3.1 percent from 1.4 percent).

Month-on-month, the increase in retail prices in Metro Manila picked up to 0.6 percent in June after dipping by 0.1 percent in May.

Higher monthly gains were reported in the beverages and tobacco index (0.8 from 0.2 percent); crude materials (3.3 percent from 0.1 percent); and chemicals, including animal and vegetable oils and fats index (0.4 percent from 0.1 percent).

From zero growth, the index for manufactured goods classified chiefly by materials grew 0.6 percent; machinery and transport equipment index by 2.4 percent; and miscellaneous manufactured articles index by 2.0 percent.

The index for mineral fuels, lubricants and related compounds dropped by 5.5 percent from a decline of 3.6 percent in the previous period while the food index remained at 0.2 percent.

“Price add-ons were noted in foodstuff such as milk, cheese, butter, margarine, fresh fruits, sugar, cooking oil and seasonings. Likewise, prices of liquors and wines including softdrinks were pegged higher during the month,” the NSO said.

Upticks in prices were also observed in construction materials, medicines, school supplies and footwear.