The GRPI in NCR recorded slower year-on-year growth rates in the crude materials, inedible, except fuels and chemicals, including animal and vegetable oils and fats index as well as the heavily weighted food index, which slowed to 4.5 percent in August from 5.3 percent in July.
This slowdown was also noted on a month-on-month basis which saw the GRPI in NCR contract by 0.1 percent in August from a growth of 0.1 percent in July.
The NSO said this was largely due to the 0.1-percent contraction in the food index in August from a growth of 0.1 percent in July.
“Price reductions were noted in chicken, rice and sugar. Likewise, price cuts were observed in gasoline, diesel fuel, kerosene, cement and steel bars. Meanwhile, prices of gravel and sand were on the uptrend,” the NSO said.
On a year-on-year basis, slower growth was noted in beverages and tobacco which slowed to 3.3 percent in August from 3.4 percent in July; mineral fuels, lubricants and related materials, 17 percent from 17.8 percent; manufactured goods classified chiefly by materials, 2.3 percent from 2.4 percent; machinery and transport equipment, 2.1 percent from 2.2 percent; and miscellaneous manufactured articles, 1.5 percent from 1.6 percent.
Meanwhile, the year-on-year increase in crude materials, inedible except fuels index was higher at 0.1 percent from zero growth, while that of chemicals, including animal and vegetable oils and fats index remained at 2.4 percent.
On a monthly basis, the NSO disclosed that there was also a contraction of 0.6 percent in the mineral fuels, lubricants and related materials index, while a slower rate of increase of 0.1 percent was seen in the miscellaneous manufactured articles index.
“The same August rate of 0.1 percent was registered in indexes of beverages and tobacco and chemicals, including animal and vegetable oils and fats while no movement was seen in the indexes of manufactured goods classified chiefly by materials and machinery and transport equipment,” the NSO stated.
Earlier, the NSO reported that August headline inflation eased to 4.7 percent in August from a year-on-year 5.1-percent increase in July. The slower inflation rate was largely due to lower food prices.
This inflation figure, which is already 2006-based inflation number, is within the government’s 3-percent to 5-percent increase in inflation but was higher than the year-on-year inflation rate increase of 4 percent recorded in August 2010.
The National Economic and Development Authority said it can also be noted that the easing in inflation was observed not only in the heavily weighted food and beverage index but also in other commodities as pointed out by the slowdown in core inflation, which measures inflation without food and energy prices.
Using the 2000-based inflation, the trend in inflation also showed a slowdown both in headline inflation and core inflation. Headline inflation slowed to 4.3 percent, while core inflation slowed to 3.4 percent in August. These were slower than the 4.6-percent headline inflation rate and 3.7-percent core inflation in July.
