Factory prices on steady drop
MANILA, Philippines — Factory gate prices declined at a steady pace in February as decrements have been recorded in the majority of industry groups, the Philippine Statistics Authority (PSA) said.
Latest data from PSA showed that the Producer Price Index (PPI) declined by 5.3 percent in February, the same contraction level in January.
However, the latest decline was much quicker than the contraction of three percent in February 2020.
The PSA attributed the decline to the negative growth rates in the indexes of 17 industry groups led by coke and refined petroleum products, which went down 26.4 percent.
The manufacture of computer, electronic and optical products also declined by nearly 15 percent. Other huge decrements were also noted in paper and paper products, furniture, and wearing apparel.
Meanwhile, only five industry groups registered growth in February with beverages posting the fastest growth at 2.8 percent. Others were basic metals, food products, chemical products, and rubber and plastic products.
The PPI for manufacturing measures the changes in the producer price of key commodities produced by the sector.
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