NextGen Day

The Philippine Statistics Authority (PSA) reported that the producer price index (PPI) for manufacturing further slowed to 2.0 percent in May from 2.3 percent in April.

According to information made public by the PSA on Friday, the PPI was 7.2% in May of the previous year.

The PSA stated that the slower annual increase in the production of food items industrial division, which fell to 3.7 percent in May 2023 from 4.7 percent in April 2023, was the cause of the slower PPI annual growth rate in May 2023 compared to April 2023.

Manufacturing of coke (coal-derived fuel) and refined petroleum products experienced a faster annual decline of -4.2 percent from -2.4 percent in the previous month, and manufacturing of transport equipment experienced an annual decline of -2.7 percent from -2.1 percent in April 2023, where additional factors in the PPI’s deceleration during the month.

The manufacturing PPI rose by 0.4 percent month over month, quicker than the 0.2 percent growth in April of this year.

The PPI grew by 0.7 percent in May of last year.

“The monthly increase in manufacturing of computer, electronic, and optical products at 2.4 percent during the period from 0.1 percent in April 2023,” according to the PSA, was the biggest contributor to the manufacturing PPI’s month-over-month increase in May 2023.

The manufacture of food items, which increased by 0.1 percent from a monthly fall of -0.1 percent in April 2023, and the manufacture of transport equipment, which increased by 0.3 percent from a decrease of -0.1 percent the previous month, were further factors to the monthly improvement in the PPI for manufacturing.

The Producer Price Index (PPI) is produced using the nationally-representative Producer Price Survey findings.

The study collects monthly producer prices for particular items in the market basket.

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