Producer prices rose at a slightly faster pace in December compared to the previous month, mainly driven by manufacturing of computers and electronic products.
Producer price index (PPI) for the manufacturing sector recorded faster growth in December, rising 0.6% compared to November's 0.2% rise, according to provisional data released by the Philippine Statistics Authority (PSA). .
However, the PPI growth rate in December was lower than the 5.4% increase in the same month in 2022.
The PPI tracks the average change in the price of domestic manufacturers' products sold at factory prices to wholesalers and other consumers in the local market compared to a reference period.
PSA said, “The annual growth rate of PPI in December 2023 accelerated mainly due to the annual growth rate of the computer, electronic and optical products industry sector, which increased from 1.8% in November 2023 to 3.7% in December 2023. %,” he said.
Computers, electronic products, and optical products contributed 52.7% to the upward trend in PPI.
In addition, the manufacturing of coke and refined petroleum products was cited as the main reason for the upward trend in PPI, which decreased by 4.1% in December, a moderate decrease from the 5.9% decrease in November.
The main factor was that transportation equipment manufacturing also declined by 3.9% in December, slowing from the previous month's 4.7% decline.
Of the remaining 19 industry sectors, 10 had positive growth rates, while 9 had negative growth rates in December.
The following companies had positive growth rates in December: Food; Tobacco products. Metalwork products, excluding machinery and equipment. electrical equipment; related products including leather and shoes; Rubber and plastic products. Printing and reproduction of recorded media. Basic medicines and medicines. And furniture.
On the other hand, the following companies had negative growth rates in December. Machinery and equipment, excluding electricity. clothing; manufacturing and repair and installation of other machinery and equipment; Wood, bamboo, cane, rattan products and related products. Paper and paper products. Non-metallic mineral products. basic metals; and chemicals and chemical products.
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