Higher pump prices caused retail prices in Metro Manila to increase on an annual basis in September, according data from the Philippine Statistics Authority (PSA).
PSA data showed retail prices in the National Capital Region (NCR) increased to 3.2 percent in September, from 3 percent in the same period last year.
Data showed mineral fuels, lubricants and related materials, as well as crude materials, inedible except fuels both rose to 11 percent and 3.4 percent, from a contraction of 2.4 percent and 0.6 percent last year, respectively.
“The GRPI [General Retail Price Index] 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,” the PSA said.
Data also showed there were faster increases in beverages and tobacco at 4.7 percent, and manufactured goods classified chiefly by materials at 1.4 percent.
However, the annual increase in the food index was slower at 5.4 percent; machinery and transport equipment index, 0.5 percent; and miscellaneous manufactured articles index, 0.6 percent.
On a monthly basis, the GRPI in NCR went up by 0.6 percent in September. In the previous month, its growth was registered at 0.3 percent.
This was largely due to the food index which picked up by 1.3 percent due to higher prices of beef, milk, rice, loaf bread, fruits, vegetables, raw peanuts, powdered tonic drink, coffee, cooking oil and fish sauce.
“Price hikes in petroleum products, such as gasoline, LPG [liquefied petroleum gas], diesel, kerosene and engine oil resulted to a 2.5-percent increase in its group’s index for mineral fuels, lubricants and related materials,” the PSA said.
Also, higher prices of “sin” products, such as selected liquors, wines and cigarettes, as well as softdrinks pushed up the beverages and tobacco index to 0.1 percent.
The GRPI 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 serves as a basis of forecasting business in the retail trade.