PRICES of most retail goods in Metro Manila remained flat in October, according to the Philippine Statistics Authority (PSA).
PSA data showed that the General Retail Price Index (GRPI) in the National Capital Region (NCR) went up 0.5 percent in October 2015. This resulted in a year-to-date growth of 1.2 percent in 2015.
The GRPI also posted a 0.4-percent gain last month. In October 2014, the GRPI posted a growth of 2.8 percent.
PSA data showed the heavily weighted food index recorded a year-on-year growth of 2.6 percent, which is still considered one of the lowest increases in 2015.
Data showed that retail food prices peaked in February with the GRPI of the food index reaching 6.2 percent. The GRPI was at its lowest at 2 percent in August 2015.
“[On a monthly basis, the] food index moved up by 0.6 percent due to higher prices in fish, vegetables, fruits and sugar,” the PSA said.
The PSA also said the GRPI was flat due to slower growths in other indices apart from food.
The GRPI of beverages and tobacco posted slower growth at 3.5 percent with that of chemicals, including animal and vegetable oils and fats at 0.7 percent. The GRPI of miscellaneous manufactured articles was at 1.1 percent.
Moreover, negative annual rates were noted in the indices of crude materials, inedible, except fuels at -2.8 percent and mineral fuels, lubricants and related materials, -16.8 percent.
Other indices also posted negative GRPI growths such as manufactured goods classified chiefly by materials, -0.4 percent and machinery and transport equipment, -0.6 percent.
The PSA explained that the GRPI is a statistical measure of the changes in the prices at which retailers dispose of their goods to consumers or end-users relative to a base year.
It is an indicator used to monitor the economic situation of the retail trade sector. It is also used as a deflator of the National Accounts especially on the retail trade sector and serve as a basis for forecasting business in the retail trade.