RETAIL PRICE growth in Metro Manila grew at the most rapid pace in nearly two years in March, the Philippine Statistics Authority (PSA) reported Sunday.
Retail prices in the National Capital Region (NCR), as seen in the general retail price index (GRPI), rose 1.8% in March, compared with 1.4% in February and 1.1% in March 2020. The latest indicator was also the largest rise in 23 months, or since the 2.7% increase in April 2019.
The PSA attributed the March outcome to the uptrend in the GRPI in mineral fuels, lubricants and related materials, which picked up by 9% that month following successive months of year-on-year declines since March 2020.
The GRPI in chemicals, including animal and vegetable oils and fats, picked up by 0.8% from 0.02% in February. Machinery and transport logged 0.3% growth from 0.05% the previous month.
Slowdowns were noted in the price growth of crude materials, inedible except fuels (2% in March from 2.1% in February) and miscellaneous manufactured articles (0.2% from 0.3%).
Compared with the previous month, growth in retail prices remained unchanged for beverages and tobacco (6.5%); food (2.3%); and manufactured goods classified chiefly by materials (0.9%).
In an e-mail, UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion pointed to prices of fuel and other oil products, which started to increase at the beginning of this year.
Mr. Asuncion added that for April, retail prices in the NCR “may have taken a slight breather” given that month saw stricter movement restrictions.
“However, the trend may be upward as the economy strives again to reopen, with the government lifting most quarantine restrictions as case infections start to decline,” he said.
The government reimposed the enhanced community quarantine (ECQ) — the strictest lockdown setting — in Metro Manila and nearby provinces between March 29 and April 12. The region has since been placed under a looser “modified” ECQ which is due to be lifted on May 14. — Lourdes O. Pilar