RETAIL price growth in Metro Manila was 6.3% in January, the highest reading in 14 years, the Philippine Statistics Authority said on Tuesday.
Price growth was measured by the National Capital Region general retail price index (GRPI), which accelerated from 6% recorded in December and 1.9% in January 2022.
The January indicator was the highest since the 6.8% seen in November 2008.
Security Bank Corp. Chief Economist Robert Dan J. Roces attributed the further acceleration of retail price growth to ongoing supply chain disruptions in food and growing demand, generating inflationary pressures.
“This also validates the high January CPI as food was a major contributor,” Mr. Roces said in a text message.
Headline inflation in January surged to 8.7%, the highest reading in over 14 years.
Food inflation in January was 11.2%, exceeding the 10.6% growth in December, led by vegetable prices.
Other categories posting higher price growth were manufactured goods classified chiefly by materials (3.7% in January from 3.4% in December); machinery and transport equipment (1.2% from 1.1%); miscellaneous manufactured articles (1.7% from 1.5%); chemicals, including animal and vegetable oils and fats (3.6% from 3.5%); and crude materials, inedible except fuels (5.9% from 4.7%).
Price growth in the beverages and tobacco and mineral fuels, lubricants, and related materials, meanwhile, eased to 6% from 6.7% and 11.8% from 14.3%, respectively. — Mariedel Irish U. Catilogo