Connect with us

Hi, what are you looking for?


NCR retail price growth slows to 6% in March

By Abigail Marie P. Yraola, Researcher

RETAIL PRICE growth of general goods in Metro Manila eased in March, the slowest in three months, the Philippine Statistics Authority (PSA) said on Friday.

According to preliminary data from the statistics agency ,the general retail price index (GRPI) in the National Capital Region (NCR) slowed to 6% last month, from the 14-year high of 6.6% in February and 2.7% a year ago.

March marked the slowest reading since December last year, hitting the same annual gain of 6%.

For the first quarter, the GRPI averaged 6.3%.

Domini S. Velasquez, chief economist at China Banking Corp., said the slowdown in the March GRPI is due to the contraction in fuel prices from last year.

“Dubai oil has gone down markedly from the height of the Ukraine war to March 2023. We might see further slowdown in chemicals and manufactured goods in the next few months as demand wanes,” she said in an e-mail.

In the last few months, she added, the uptick in food prices has likely been curbed by increased importation.

Last year, when Russia invaded Ukraine, global oil and commodity prices became unstable, pushing prices of oil above $100 per barrel amid supply concerns.

Meanwhile, soaring food prices have fueled accelerating inflation, which hit 8.7% in January but eased to 7.6% in March from 8.6% the prior month.

The PSA attributed the easing of GRPI in the country’s capital region to the year-on-year decline in mineral fuels, lubricants, and related materials index where price growth contracted to 2.9% from 7.9% in February.

Likewise, contributing to the slower growth in March is the price growth in manufactured goods classified primarily by materials which eased to 3.6% from 4.1% the prior month.

Slowdowns were also observed in the commodity groups of crude materials, inedible except fuels (6.5% in March from 7% in February), chemicals, including animal and vegetable oils and fats (3.7% from 4.1%), and miscellaneous manufactured articles (2% from 2.2%).

Meanwhile, beverages and tobacco logged higher annual gains, posting 7% in March from 6.4% the previous month.

Price growth in food and machinery and transport equipment, which stood at 11.1% and 1.6%, respectively, remains unchanged in March.

Ms. Velasquez said that slower economic growth will likely temper retail prices in the next few months.

“Seasonally, we might see an uptick towards the end of the year as the holiday approaches,” she added.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



A woman buys food items at a supermarket in Quezon City, March 4, 2022. — PHILIPPINE STAR/ MICHAEL VARCAS By Keisha B. Ta-asan, Reporter...


BW FILE PHOTO By Luisa Maria Jacinta C. Jocson, Reporter THE NATIONAL Government’s (NG) debt service bill more than doubled in March from a...


Philippine flags line the road in the City of Dasmariñas in Cavite, June 2, 2023. — PHILIPPINE STAR/EDD GUMBAN INVESTMENT APPROVALS by the Board...


Finance Secretary Benjamin E. Diokno holds a press briefing in Malacañang on May 30, 2023. — PHILIPPINE STAR/KRIZ JOHN ROSALES THE DEPARTMENT of Finance’s...


ACEN Corp. has secured approval from the government of New South Wales to increase the capacity of its battery energy storage system in Australia....


LOPEZ-LED Energy Development Corp. (EDC) is further expanding its geothermal power generation capacity in the Philippines with two prospects scheduled for drilling next year,...

You May Also Like


COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...


REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...


BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...


KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.