Cheaper oil tempered the increase in retail prices in Metro Manila, the Philippine Statistics Authority (PSA) said in its latest report.
PSA data showed that the General Retail Price Index (GRPI) in the National Capital Region (NCR) slowed down to 0.4 percent in August.
The GRPI recorded a 1-percent gain in July 2015 and in August 2014 at 3.7 percent.
“The GRPI is a statistical measure of the changes in the prices at which retailers dispose of their goods to consumers or end-users relative to a base year,” the PSA said.
Data showed that indices of mineral fuels, lubricants and related materials, and machinery and transport equipment continued to contract at 19.6 percent and 0.9 percent, respectively.
The PSA also said food items in Metro Manila were also cheaper. The food index slowed to 2 percent in August.
Other commodities that posted slowdowns were beverages and tobacco, 3.8 percent; crude materials, inedible except fuels, 2.9 percent; and manufactured goods classified chiefly by materials, 0.1 percent.
Meanwhile, the month-on-month growth of the GRPI in the NCR slowed to 0.2 percent in August from July 2015.
Price rollbacks in petroleum products, such as gasoline, liquiefied petroleum gas, diesel fuel and kerosene, pushed down the index of mineral fuels, lubricants and related materials by 3.9 percent.
“The heavily weighted food index also moved at a slower pace of 1.1 percent. Higher prices of fruits and vegetables were tempered by the price cuts in rice and selected fish species,” the PSA added. The GRPI is an indicator used to monitor the economic situation of the retail trade sector.
It is also used as a deflator of the National Accounts, especially on the retail trade sector, and serve as a basis for forecasting business in the retail trade.