THE annual growth rate of the general retail price index (GRPI) in Metro Manila slowed down to 1.2 percent in September, compared to 1.4 percent in August 2024, and 3.6 percent in September 2023, according to the Philippine Statistics Authority.
“The primary contributor to the deceleration… was the faster annual decrease recorded in the index of mineral fuels, lubricants and related materials,” the report said, noting the aforementioned price index decreased at 7.5 percent in September 2024 from 1.6 percent the previous month.
Meanwhile, slower annual increments were recorded in the index of crude materials, inedible except fuels at 1.0 percent from 1.2 percent in August.
On the other hand, there were higher annual increases in September in three commodity groups, namely: beverages and tobacco, whose prices accelerated to 3.5 percent from 2.4 percent; chemicals, including animal and vegetable oil fats, 2.4 percent from 2.2 percent; and manufactured goods classified chiefly by materials, 1.3 percent from 1.2 percent.
The indices of machinery and transport equipment, and miscellaneous manufactured articles retained their previous month’s annual rates at 0.3 percent and 1.5 percent, respectively.
The GRPI measures changes in prices at which retailers sell their goods to consumers or end-users. It is also used to monitor the economic situation of the retail trade sector.
Earlier this month, retail groups and the Department of Trade and Industry (DTI) launched the Job Blueprint, new road map intended to boost the wholesale and retail sectors. The initiative is expected to benefit over 10 million Filipinos and contribute P4.4 trillion to the national economy.
Acting Trade Secretary Cristina Roque said, “The Job Blueprint is a strategic framework to create a thriving job market, ensuring that innovation and technological advancements translate into more opportunities for every Filipino.”
The plan was crafted in partnership with the Philippine Retailers Association and the Supply Chain Management Association of the Philippines.
Details have yet to be provided, but the DTI said it will work closely with industry players and the public sector to ensure the blueprint will effectively address challenges and opportunities in the retail and wholesale trade sectors.
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