Increased retail prices Metro Manila slows down

The retail prices of the goods in Metro Manila increased at a slower rate in January, the Filipine Statistical Authority (PSA) reported.

The latest data showed that the general retail price index (GRPI) was 1.4 percent compared to 2.5 percent in January 2024 and 1.5 percent in December 2024.

The deceleration was attributed to the lower annual growth of the manufactured goods index mainly classified by materials to 1.1 percent last month from 1.5 percent in December 2024. This was also noted in the indications of six groups of goods during the month.

Food prices had a low rate of 1.8 from 1.9 percent; drinks and tobacco, 3.8 from 3.9 percent; Raw materials, inappropriate, except fuels, 0.6 from 0.7 percent; Chemicals, including oils and fats for animals and vegetables, 2.2 from 2.5 percent; and various manufactured articles, 1.1 from 1.4 percent. Meanwhile, the prices of the index of mineral fuels, lubricants and related materials have registered an annual increase of 0.9 percent during the month, compared to 0.3 percent in December 2024.

The PSA report mentioned that the index of the equipment and transport equipment has retained the annual rate of the previous month of 0.2 percent.

GRPI measures the changes in the prices at which retailers sell their goods or end users. It is also used to monitor the economic situation of the retail sector.

Work goals

Against the background of the projections that the contribution of the retail sector to the country’s gross domestic product (GDP) would reach 20 percent this year, the Department of Trade and Industry (DTI) is about to present its work model for the wholesale and retail industry at the middle of 2025.

The initiative, told to be the first of its kind for the GROS and retail industry, will present key employment objectives, including the increase of digital technology and potential terms, extending by 2030.

The Jobs Blueprint was first announced in December 2024 as a plan to generate quality jobs, to improve the efficiency of the supply chain and to capitalize on digital technologies to empower companies.

The secretary of the trade, Cristina Roque, said that the wholesale and retail sector is the spine of the economy, contributing with P4.4 trillion to the country’s GDP and employing over 10.3 million Philippines.

The PSA said that a total of 125,257 units in the formal sector of the economy were engaged in wholesale and retail, as well as in the repair of vehicles and motorcycles. This is an increase of 2.8 percent of the 121,880 units of 2021, according to the annual study of 2022 on the preliminary results of business and the Philippine industry.