The annual growth rate of the General Retail Price Index (GRPI) in the National Capital Region (NCR) eased further to 1.1 percent in March 2025, down from 1.3 percent in February 2025. This marks a continued slowdown compared to the 2.1 percent year-on-year increase recorded in March 2024. (See Figure 1 and Tables A, 2, and 4)
The main contributor to the deceleration was the lower annual increase in the food index, which posted a 1.4 percent growth in March, compared to 1.6 percent in February. Additionally, the steeper annual decline in mineral fuels, lubricants, and related materials further pulled down the overall GRPI, with the index dropping 2.6 percent year-on-year, compared to the 1.3 percent decline in the previous month.
Other commodity groups also recorded slower annual growth rates in March 2025 compared to February:
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Beverages and tobacco: 3.6% (from 3.9%)
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Crude materials, inedible except fuels: 0.6% (from 0.8%)
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Chemicals, including animal and vegetable oils and fats: 2.1% (from 2.2%)
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Manufactured goods classified chiefly by materials: 1.0% (from 1.1%)
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Miscellaneous manufactured articles: 1.0% (from 1.1%)
These trends reflect moderating price pressures across several major commodity groups, contributing to the overall deceleration of the GRPI in NCR.
