The producer price index (PPI) for manufacturing posted an annual decline of 0.2 percent in September this year, the Philippine Statistics Authority (PSA) said. In a report released on Tuesday, the PSA said this is down from the 0.6 percent expansion in August this year and 7.7 percent in September 2022. "The decline in the annual growth rate of PPI in September 2023 was primarily attributed by the deceleration in the annual rate of manufacture of computer, electronic and optical products industry division at 0.02 percent in September 2023 from 2.8 percent in August 2023," it said. The PSA said the manufacture of computer, electronic and optical products contributed 58.4 percent to the annual decline of the PPI for manufacturing during the month. Other contributors to the decrease in the annual growth of the PPI were the manufacture of food products, which decelerated to 2.1 percent from 2.7 percent in the previous month, and the faster annual drop of manufacture of coke (solid fuel) and refined petroleum products at 6.5 percent from 5.6 percent annual decline in August 2023, it said. Month-on-month, the PPI for manufacturing posted a decline of 0.03 percent in September 2023, from a 0.4 percent monthly growth in August 2023. In September 2022, the PPI for manufacturing increased by 0.8 percent. "The monthly decrement of PPI in September 2023 was mainly contributed by the monthly decline recorded in manufacture of computer, electronic and optical products at 0.04 percent during the period from a 1.4 percent monthly increase in August 2023," the PSA said. Other contributors to the decline include the manufacture of food products with a monthly drop of 0.5 percent and the manufacture of coke and refined petroleum products with a slower monthly growth rate of 0.2 percent. The PPI is generated from the results of the Producer Price Survey, which is conducted nationwide. It measures the average change over time in the prices of products or commodities produced by domestic manufactures and sold at factory gate prices to wholesalers and/or other consumers in the domestic market.
Source: Philippines News Agency