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Philippines: Factory gate prices fall at slower pace in July
MANILA, Philippines — Factory gate prices declined at a slower pace in July as five industry groups registered growth in selling prices, the Philippine Statistics Authority (PSA) said.
The Producers Price Index covering the manufacturing sector registered a 3.3 percent contraction in July – slower compared to the 3.9 percent drop in June.
This, however, was still a reversal of the 0.7 percent growth a year earlier.
Out of the major industry groups covered by the index, the PSA said 15 sectors registered declines in selling prices, while five registered growth in factory gate prices.
Month-on-month, the index also contracted at a slower pace of 0.1 percent coming from a contraction of 0.4 percent in June and a decline of 0.7 percent in July 2019.
In July, the industry groups that registered increases in selling prices were beverages, food manufacturing, tobacco products, furniture and fixtures.
Growth in factory gate prices were strongest for furniture and fixtures (19.4 percent) and beverages (5.1 percent).
On the other hand, declines were seen in the selling prices of the following commodity groups: transport equipment, petroleum products, basic metals, chemical products, electrical machinery, machinery except electrical, paper and paper products, non-metallic mineral products, rubber and plastic products, footwear and wearing apparel, wood and wood products, leather products, miscellaneous manufactures, printing and textiles.
Declines were steepest for paper and paper products at 10.7 percent as well as for transport equipment and petroleum products at 8.4 percent and seven percent, respectively.
July marked the second month of the loosening of community quarantine restriction in Metro Manila and other growth areas, enabling more manufacturers to increase production capacity subject to minimum public health standards.
Source: https://www.philstar.com/business/2020/09/03/2039646/factory-gate-prices-fall-slower-pace-july