Metro Manila prices rose faster in May–NSO

RETAIL PRICES in Metro Manila rose faster at 3.9 percent year-on-year in May, according to the National Statistics Office.

According to the NSO, it was the fastest rate of rise since January.

NSO data showed that the continued increase in the general retail price index (GRPI) for the National Capital Region was mainly due to higher upticks in half of the eight subgroups of products covered.

The general retail price index recorded changes in food, beverages and tobacco, inedible raw materials, mineral fuels and lubricants, chemicals, machinery and transport equipment, and miscellaneous manufactured articles.

The biggest increment was recorded in chemicals, which accelerated to 4.1 percent in May from 1.6 percent in April.

Also rising faster were prices of beverages and tobacco (4.2 percent from 1.9 percent), manufactured goods classified chiefly by materials (2.2 percent from 1.6 percent), and machinery and transport equipment (4.1 percent from 3.3 percent).

On the other hand, price gains went slower for mineral fuels and lubricants (16.5 percent from 18.7 percent) inedible crude materials (1.6 percent from 3.6 percent), and miscellaneous manufactured articles (3.0 percent from 3.2 percent).

Even then, prices of the heavily weighted food subgroup remained at 3.6 percent—the same level as in April.

On a monthly basis, the general retail price index in NCR slowed to 0.1 percent in May from 0.2 percent in April.

The NSO attributed the slowdown to the general downward adjustments in the prices of petroleum products, particularly gasoline, kerosene, LPG, diesel fuel and lubricating oil.

Also slowing down were the price increases in manufactured goods classified chiefly by materials (0.2 percent from 0.4 percent), as well as beverages and tobacco (zero from 0.1 percent).

Price increases in food, machinery and transport equipment, and miscellaneous manufactured items sustained their April levels of 0.3 percent, 0.2 percent and 0.1 percent, respectively.

Faster monthly price hikes were seen in inedible crude materials (0.8 percent from 0.7 percent), and chemicals (0.3 percent from 0.1 percent). –Ronnel Domingo, Philippine Daily Inquirer