Factory gate prices continue to drop in March
MANILA, Philippines — Factory gate prices continued to drop in March as declines were seen in 15 major industry groups, the Philippine Statistics Authority (PSA) said yesterday.
The Producer Price Index (PPI) for manufacturing decelerated to 5.4 percent in March, a faster decline compared with 4.8 percent in February and a reversal of a growth of 4.8 percent in March 2019.
PSA attributed the decline in the PPI to contraction in 15 major industry groups, with double-digit slide in the indexes of leather products, transport equipment, wood and wood products, as well as fabricated metal products.
Growth, meanwhile, was seen in the indexes of the following industry groups: tobacco products, beverages, furniture and fixtures, food manufacturing, and printing.
Month-on-month, the PPI registered a 0.2 percent decline in March, after a 0.2 percent growth in the previous month. In March 2019, the PPI grew by 0.5 percent.
Eleven of the 20 major industry groups posted negative monthly growth rates in March 2020, led by petroleum products with a monthly rate of negative 6.5 percent.
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