NCR retail price growth cools to 5-year low

Retail price growth of general goods in the National Capital Region (NCR) grew to its slowest pace in almost five years in April, the Philippine Statistics Authority (PSA), said in a report.

Citing preliminary data, the PSA said that Metro Manila’s price growth slowed further by 0.9% year on year in April from the 1.1% posted in December as measured by the general retail price index (GRPI).

April’s retail price growth was also significantly lower than the year-earlier rate of 2.1% and marked its weakest pace in almost five years (59 months) or since the 0.6% posted in May 2020.

In the first four months of 2025, GRPI averaged 1.2% from the same period last year, slower than the 2.1% growth in the January to April period in 2024.

“The primary driver to the slower year-on-year growth rate of GRPI in the NCR was the faster annual decline in the index of mineral fuels, lubricants and related materials at 4.7% in April 2025 from a 2.6% annual drop in the previous month,” the PSA said.

This commodity group accounted for 4.17% of the GRPI growth.

The heavily weighted food index, which accounted for 37.5% of the overall index, likewise saw a slower annual growth rate of 1.2% in April compared with the 1.4% posted in March.

Deceleration was also seen in the indices of beverages and tobacco (3.3% in April from 3.6% in March), chemicals, including animal and vegetable oils and fats (1.9% from 2.1%), and miscellaneous manufactured articles (0.9% from 1.1%).

Meanwhile, growth rates steadied in machinery and transport equipment (0.2%) and crude materials, inedible, except fuels (0.6%).

The PSA uses the GRPI as a deflator in the National Accounts, particularly in the retail trade sector, and serves as a basis for forecasting. — Matthew Miguel L. Castillo