MANILA, Philippines — Factory gate prices grew at a faster pace in December 2019 as the indexes of six major industry groups led by furniture and fixtures registered double-digit growth.
The Producer Price Index (PPI) for manufacturing rose at an annual rate of 0.8 percent in December 2019 from 0.4 percent in December and 0.2 percent in December 2018.
PSA attributed the faster growth in the PPI in December 2019 to faster growth in six major industry groups led by the 62.2 percent growth in furniture and fixtures.
Other sectors that registered faster growth in factory gate prices were: beverages, tobacco products, rubber and plastic products, non-metallic mineral products, and miscellaneous manufactures.
Slower month-on-month growth, meanwhile, was seen in the PPI in December.
Month-on-month, the PPI declined by 0.04 percent in December 2019. It also dropped at a monthly rate of 0.3 percent in November 2019 and 0.4 percent in December 2018.
The index of leather products, which declined by three percent, led the nine major industry groups that pulled down the PPI in December 2019.