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Philippines: Factory prices up in February
MANILA, Philippines — Factory gate prices picked up faster in February, as increments were recorded in majority of the industry groups, the Philippine Statistics Authority (PSA) said.
Latest data from PSA showed the Producer Price Index (PPI) for February accelerated to 4.4 percent, faster than the four percent in January.
In the same month last year, the index slipped to 5.6 percent.
On a month-on-month basis, the PPI still went up at 0.7 percent, but this is slower than the 1.2 percent increment at the start of the year.
The PSA attributed the upturn to the annual increases in the indexes of 17 industry groups, led by the manufacture of coke and refined petroleum products which went up to 14.9 percent.
Other significant increments were also noted in the manufacture of basic metals, chemical and chemical products, food products, textiles, and rubber and plastic products.
Growth was likewise recorded in the manufacture of beverages, non-metallic mineral products, paper and paper products, electrical equipment, fabricated metal products, transport equipment, tobacco products, wearing apparel, furniture, leather products, and basic pharmaceutical products.
Meanwhile, five industry groups registered contractions in February, with wood, bamboo, cane, rattan articles and related products posting the biggest decline at 6.3 percent.
Others were computer, electronic and optical products, machinery and equipment, and printing and reproduction of media.
The PPI for manufacturing measures the changes in the producer price of key commodities produced by the sector.
One of its uses is as a deflator to derive the Volume of Production Index and Volume of Net Sales Index.
The PPI has been using 2018 as a base year from the previously used 2000 base period.
Source: https://www.philstar.com/business/2022/03/31/2171058/factory-prices-february