Retail, wholesale product prices on downtrend—PSA

THE Philippine Statistics Authority (PSA) said Monday retail and wholesale prices of consumer products were on a downtrend.

Data from the PSA showed that the annual general retail price index (GRPI) in the National Capital Region (NCR) increased at a slower rate at 2.1 percent in February, from 2.5 percent in January.

It was also down from 6.6 percent registered a year ago.

“The primary contributor to the deceleration of the annual growth rate of GRPI in NCR was the slower annual increase recorded in the heavily weighted food index at 3.0 percent during the month from 3.7 percent in January 2024,” the PSA said.

It also noted slower annual increments in the indices of beverages and tobacco, 4.8 percent from 5.2 percent; crude materials, inedible except fuels, 0.7 percent from 1.9 percent; chemicals, including animal and vegetable oils and fats, 2.4 percent from 2.7 percent; manufactured goods classified chiefly by materials, 1.3 percent from 1.9 percent; machinery and transport equipment, 0.7 percent from 1.1 percent; and miscellaneous manufactured articles, 1.1 percent from 1.5 percent.

The PSA, however, observed a faster increase in the index of mineral fuels, lubricants, and related materials at 0.2 percent during the month from 1.3 percent annual drop in January 2024.

Meanwhile, the annual increase of the general wholesale price index (GWPI) also eased to 2.8 percent in February from 3.5 percent in January 2024. It was also lower than 6.8 percent in February 2023.

“The downtrend in the annual rate of the GWPI in the Philippines was primarily caused by the lower annual increase in manufactured goods classified chiefly by materials index at 2.2 percent in February 2024 from 4.6 percent in January 2024,” the PSA said.

It also saw slower annual increases in the indices of food at 3.6 percent in February 2024 from 4.5 percent in the previous month, and machinery and transport equipment at 0.8 percent in February 2024 from 1.1 percent in January 2024.

“Similar to the trend at the national level, the year-on-year growth rate of GWPI in Luzon slowed down to 2.6 percent in February 2024 from an annual increase of 3.4 percent in January 2024,” the PSA said.

The annual growth rate of GWPI in the Visayas picked up to 6.1 percent in February 2024 from 5.8 percent in January 2024.

Meanwhile, the annual rate of GWPI in Mindanao increased to 2.5 percent in February 2024 from 2.3 percent in January 2024.