NCR retail price growth slows to 2-month low in May

RETAIL PRICE GROWTH of general goods in Metro Manila grew to its slowest pace in two months in May, driven by an easing in prices of mineral fuels and lubricants, the Philippine Statistics Authority (PSA) said.

Citing preliminary data, the PSA said the general retail price index (GRPI) in the National Capital Region (NCR) rose by 4% year on year in May, faster than the 0.8% growth posted in the same month a year earlier. Month on month, growth slowed from 4.5% posted in April.

The May reading was the slowest in two months or since 3.3% logged in March.

In the January-to-May period, GRPI averaged 3.2%, more than double the 1.1% pace in the same period a year earlier.

“The downtrend in the annual growth rate of the GRPI in May 2026 was primarily brought about by the slower annual increment in the index of mineral fuels, lubricants, and related materials at 36.6% from 51.3% in the previous month,” the PSA said.

The subindex for mineral fuels, lubricants, and related materials accounted for 4.17% of the GRPI.

The heavily weighted food subindex, which accounted for 37.5% of the GRPI, likewise saw a softer rise of 3.1% in May compared with  3.2% posted in April.

On the other hand, commodity groups that posted stronger growth were beverages and tobacco (1.8% in May from 1.6% from April); chemicals, including animal and vegetable oils and fats (3% from 2.9%); manufactured goods classified chiefly by materials (1.9% from 1.8%); and machinery and transport equipment (3.3% from 2.8%).

Meanwhile, growth rates steadied in crude materials, inedible except fuels (4.6%); and miscellaneous manufactured articles (1.1%).

The GRPI is based on 2012 constant prices.

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. — Heather Caitlin P. Mañago