Metro Manila retail price growth at 11-month low in May
RETAIL price growth in Metro Manila eased for a third straight month in May to its lowest level in 11 months, the Philippine Statistics Authority (PSA) said on Wednesday.
The general retail price index in the National Capital Region (NCR) rose 4.9% year on year in May, against 5.4% in April, according to preliminary PSA data. The May reading remained higher than the year-earlier 4.1%.
May marked the third straight of retreat from the 14-year peak of 6.6% in February.
It was also the lowest year on year since the 4.7% posted in June 2022.
In the five months to May, NCR average retail price growth hit 5.9%, still elevated relative to the 2.9% year-earlier average.
The PSA attributed the May slowdown to the heavily weighted food index, which eased to 10% from 10.6% in April.
The index of mineral fuels, lubricants and related materials also pulled down the May reading. It contracted 12.8% that month from an 8.4% drop in April.
Other indices which posted slower annual growth were machinery and transport equipment (1.3% in May from 1.5% in April) and beverages and tobacco (6.9% from 7%). — T.C.S. Migriño
