PRODUCERS PRICE INDEX. A worker checks the standard size of fish at the Mega Prime Foods, Inc. (MPFI) manufacturing plant in Sto. Tomas, Batangas on March 1, 2023. The Philippine Statistics Authority (PSA) said Friday (June 30, 2023) that the slowdown in the annual increase in manufacture of food products industry division is among the factors for the producers price index (PPI) to further slow to 2.0 percent in May from 2.3 percent in April. (PNA photo by Joey O. Razon)
MANILA – The producer price index (PPI) for manufacturing further slowed to 2.0 percent in May from 2.3 percent in April, the Philippine Statistics Authority (PSA) said.
Data released by the PSA on Friday showed that the PPI in May last year was at 7.2 percent.
"The slower annual growth rate of PPI in May 2023 from April 2023 was brought about by the slowdown in the annual increase in manufacture of food products industry division at 3.7 percent in May 2023 from 4.7 percent annual increment in April 2023," the PSA said.
Other contributors to the deceleration of the PPI during the month were the manufacture of coke (coal-derived fuel) and refined petroleum products with faster annual decline of -4.2 percent from -2.4 percent in the previous month, and manufacture of transport equipment with an annual drop of -2.7 percent from -2.1 percent in April 2023.
Month-on-month, the PPI for manufacturing increased by 0.4 percent, faster than the 0.2 percent increment recorded in April this year.
In May last year, the PPI increased by 0.7 percent.
"The month-on-month increment of PPI for manufacturing in May 2023 was mainly contributed by the monthly increase in manufacture of computer, electronic and optical products at 2.4 percent during the period from 0.1 percent in April 2023," said the PSA.
Other contributors to the monthly upturn of PPI for manufacturing were the manufacture of food products with monthly growth of 0.1 percent from -0.1 percent monthly decline in April 2023 and manufacture of transport equipment which went up by 0.3 percent from -0.1 percent in the previous month.
The PPI is generated from the results of the Producer Price Survey, which is conducted nationwide.
The survey gathers monthly producer prices of selected products included in the market basket. (PNA)
