Producer prices decline at slower pace in March

Louella Desiderio - The Philippine Star
Producer prices decline at slower pace in March
Motorists get their tanks filled at a gas station along Commonwealth Avenue on February 19, 2024.
STAR / Michael Varcas

MANILA, Philippines — Factory gate prices contracted at a slower pace in March from the previous month due mainly to the slower decline in the prices of petroleum products, according to the Philippine Statistics Authority (PSA).

Preliminary data released by the PSA showed the Producer Price Index (PPI) for manufacturing posted a slower decline of one percent in March from the 1.3-percent contraction in February.

In March last year, the PPI registered a positive growth of 2.9 percent.

The latest PPI result brought the average growth from January to March to -1.1 percent.

PPI tracks the average change in the prices of goods produced by domestic manufacturers and sold at factory gate prices to wholesalers and/or other consumers in the domestic market relative to a base period.

“The slower negative annual growth rate of PPI in March from February was primarily due to the slower decrease in the annual growth rate of manufacture of coke and refined petroleum products industry division at 0.7 percent in March from 3.1 percent decrease in February,” the PSA said.

Also cited as a main contributor to the slower contraction of PPI in March was the faster increase in computer, electronic and optical products at 2.1 percent during the period from one percent in February.

The chemical and chemical products industry division was another main contributor to the March PPI result as it contracted at a slower pace of 2.7 percent during the period from the 4.5 percent decline in February.

Aside from computer, electronic and optical products, industry divisions which posted faster growth rates in March from February are food products, leather and related products including footwear and basic pharmaceutical products and pharmaceutical preparations.

Those with slower growth rates in March from February are beverages, transport equipment and tobacco products.

Industry divisions which registered faster declines in March from February are basic metals, fabricated metal products, except machinery and equipment, machinery and equipment except electrical and furniture.

Posting slower declines in March from February are non-metallic mineral products, rubber and plastic products, other manufacturing and repair and installation of machinery and equipment, wearing apparel and textiles.

Those which retained their February growth rates in March are electrical equipment; paper and paper products; wood, bamboo, cane, rattan articles and related products and printing and reproduction of recorded media.

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