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Business

Factory prices rise anew in May

Louise Maureen Simeon - The Philippine Star
Factory prices rise anew in May
Latest data from PSA showed that the Producer Price Index (PPI) for May accelerated 6.9 percent, faster than the 6.3 percent in April.
STAR / File

MANILA, Philippines — Factory gate prices remained in an upward trend in May, as increments have been recorded in nearly the entire majority of industry groups, the Philippine Statistics Authority (PSA) said.

Latest data from PSA showed that the Producer Price Index (PPI) for May accelerated 6.9 percent, faster than the 6.3 percent in April.

Same period last year, the index slipped three percent.

On a month-on-month basis, the PPI still went up at 0.4 percent, albeit slightly slower than the 0.6 percent increment in April.

The PSA attributed the upturn to the annual increases in the indexes of 21 industry groups, led by the manufacture of coke and refined petroleum products, which went up 20.7 percent.

Other significant increments were also noted in the manufacture of basic metals, chemical and chemical products, food products, non-metallic mineral products, and machinery and equipment.

Growth was likewise recorded in the manufacture of computer, electronic and optical products, rubber and plastic products, beverages, paper and paper products, electrical equipment, fabricated metal products, transport equipment, tobacco products, wearing apparel, furniture, leather products, basic pharmaceutical products, textiles, and printing and reproduction of media.

Meanwhile, only the manufacture of wood, bamboo, cane, rattan articles and related products registered a decline of 5.5 percent in May.

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.

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