MANILA, Philippines — Factory gate prices grew at a slower pace in May primarily due to easing prices of food manufactures, basic metals and chemical products, the Philippine Statistics Authority (PSA) said yesterday.
The Producer Price Index (PPI) for manufacturing rose at a slower pace of 2.7 percent in May from 3.6 percent in April, but this was faster than the 1.5 percent growth in May 2018.
Year-on-year, growth in the PPI was supported by price gains in the following subsectors: transport equipment, non-metallic mineral products, furniture and fixtures, rubber and basic products, tobacco products, beverages, fabricated metal products, petroleum products, machinery, paper and paper products, and printing.
Price declines, meanwhile, were seen in food manufacturing, basic metals, chemical products, miscellaneous manufactures, leather products, electrical machinery, wood and wood products, footwear and wearing apparel, and textiles.
Month-on-month, growth in the index was supported by the following manufacturing subsectors: electrical machinery, machinery except electrical petroleum products, wood and wood products, rubber and plastic products, fabricated metal products, transport equipment, miscellaneous manufactures, printing, and beverages.
Declines were seen in food manufacturing, leather products, basic metals, footwear and wearing apparel, furniture and fixtures, chemical products, non-metallic mineral products, paper and paper products, and textiles.
Factory gate prices have risen significantly since January, with the fastest growth in March this year.
The Nikkei Manufacturing Purchasing Managers’ Index for the Philippines in May reflected only a slight improvement in manufacturing conditions during the month.
This was attributed to the slight improvement in domestic and overseas demand during the reference period.