Producer prices up 3.6% in March
Credit to Author: ANNA LEAH E. GONZALES| Date: Tue, 30 Apr 2019 16:19:52 +0000
The Producer Price Index (PPI) for the manufacturing sector increased to 3.6 percent in March, the Philippine Statistics Authority (PSA) reported on Tuesday.
PSA said the PPI last month was higher compared to the 2.6 percent in February and the negative 0.6 percent in the same month last year.
“The upturn can be attributed to the increases of 13 major industry groups with furniture and fixtures posting a double-digit increment of 55 percent,” the PSA said.
Other industry groups which posted increase were transport equipment (3.5 percent); petroleum products (4.8 percent); non-metallic mineral products (9.1 percent); rubber and plastic products (5.6 percent); tobacco products (5.2 percent); electrical machinery (1.2 percent); beverages (2.6 percent); paper and paper products (4.8 percent); fabricated metal products (3.6 percent); textiles (3.1 percent); printing (2.3 percent); and leather products (2.2 percent).
The PPI measures the average change in price of goods and services sold by manufacturers and producers in the wholesale market during a given period.It is generated through the results of the Producer Price Survey (PPS) conducted nationwide. The PPS gathers monthly producer prices of selected products of establishments included in the market basket.
Used for a variety of different purposes, there is a general public interest in knowing the extent to which the prices of goods and services have risen.
Many countries adjust levels of wages, pensions, and payments in long term contracts in proportion to changes in relevant prices.
Month-on-month, the PPI was also up by 0.02 percent from negative 0.9 percent in February 2019 and March 2018, the PSA said.
“Ten major industry groups pulled-up the monthly PPI which was led by leather products with a growth rate of 8.4 percent,” it said.
Also up were include transport equipment, petroleum products, non-metallic mineral products, furniture and fixtures, rubber and plastic products, tobacco products, electrical machinery, beverages, paper and paper products, fabricated metal products, textiles, printing, and leather products.
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