May producer price index hits 2.7%
Credit to Author: ANNA LEAH E. GONZALES| Date: Tue, 02 Jul 2019 16:25:36 +0000
The Producer Price Index (PPI) for the manufacturing sector eased to 2.7 percent in May from 3.6 percent in April, the Philippine Statistics Authority (PSA) said.
In a report, PSA said the May figure was the lowest recorded so far this year, yet was higher than the 1.5 percent posted in the same month last year.
Industry groups that registered increases were furniture and fixtures and non-metallic mineral products, posting 47.9 percent and 11 percent, respectively.
Other groups that increased prices were transport equipment (3.7 percent), rubber and plastic products (5.8 percent), tobacco products (5.3 percent), beverages (3.2 percent), fabricated metal products (3.7 percent), petroleum products (0.8 percent), machinery except electrical (0.8 percent), paper and paper products (1.9 percent), and printing (2.3 percent).
In contrast, leather products led the nine groups that registered annual decreases, dropping by 13.7 percent.
Month-on-month, the PPI dipped by 0.02 percent in May from 0.4 percent in April. It was also down from May 2018’s 0.8 percent.
Leather products, which went down by 13 percent, led the 10 industry groups that pulled down the index during the month.
The others are food manufacturing, basic metals, footwear and wearing apparel, furniture and fixtures, chemical products, non-metallic mineral products, paper and paper products, and textiles.
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