NSO: Commodity prices increased faster in July

The rate of rise in retail prices of commodities in Metro Manila accelerated in July as upticks were noted in crude materials, chemicals, food, beverage and tobacco, a National Statistics Office (NSO) report showed.

The eight-group general retail price index (GRPI) in the National Capital Region grew 2 percent year on year in July from the revised 1.8 percent in June, the NSO said.

The index on inedible crude materials except fuels registered the fastest rate of increase in July at 9.3 percent, from 4.2 percent the previous month.

Other groups that posted annual growth in July were food (up 1.5 percent from 0.8 percent), beverages and tobacco (up 3.7 percent from 3.3 percent) and chemicals including animal and vegetable oil and fats (up 2.5 percent from 2.3 percent).

The index on mineral fuels, lubricants and related materials still had a negative annual rate of -6.2 percent in July from -4.9 percent a month ago, while the rate of the miscellaneous manufactured articles index remained at 2.1 percent.

On the other hand, slower annual price increases in July were reported for manufactured goods classified chiefly by materials (2.9 percent from 3.1 percent) and machinery and transport equipment (3.7 percent from 4.1 percent).

Meanwhile, the gain in Metro Manila’s GRPI month on month eased to 0.3 percent in July from the revised 0.5 percent in June.

The NSO said price hikes were noted in food items such as chicken, beef, pork and selected fish varieties, sugar, fresh vegetables and selected construction materials in July.

“These were, however, tempered by the price rollbacks in petroleum products such as gasoline, LPG, diesel fuel and kerosene, and the price reductions in selected electric machinery apparatus,” the NSO explained.