Producer price index up slightly
Credit to Author: Anna Leah E. Gonzales| Date: Sat, 28 Dec 2019 16:15:37 +0000
THE Producer Price Index (PPI) for manufacturing rose at an annual rate of 0.5 percent in November from -0.8 percent in October and 0.4 percent in the same month last year, according to the Philippine Statistics Authority (PSA).
In a report, the statistics agency attributed the growth to increases recorded by the major industry groups, with furniture and fixtures posting a double-digit increment of 68.2 percent.
Other groups that saw increases are beverages (3.5 percent), tobacco products (3.9 percent), non-metallic mineral products (3.1 percent), rubber and plastic products (2.3 percent), and miscellaneous manufactures (1.8 percent).
Month-on-month, PPI fell by 0.3 percent in November. The figure is higher than October’s -0.9 percent, but lower than 1.6 percent year-on-year.
“Twelve major industry groups posted negative growths in November 2019, led by wood and wood products, with [a] monthly growth rate of -2.1 percent,” the PSA said.
The other 11 are transport equipment (-0.7 percent), electrical machinery (-0.6 percent), machinery except electrical (-0.8 percent), chemical products (-0.6 percent), basic metals (-0.5 percent), non-metallic mineral products (-0.3 percent), footwear and wearing apparel (-0.6 percent), miscellaneous manufactures (-0.3 percent), furniture and fixtures (-0.3 percent), beverages, and paper and paper products (less than 0.05 percent).