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Manila Bulletin devider Business devider Producer price index for manufacturing down in Sept.

Producer price index for manufacturing down in Sept.

Published Oct 31, 2023 06:14 am

At A Glance

  • The Philippine Statistics Authority (PSA) said the manufacturing producer price index (PPI) declined 0.2 percent in September.
  • Month-on-month, the figure for manufacturing also decreased to 0.03 percent, lower than the 0.4 percent seen in August this year.
  • The manufacture of computer, electronic, and optical products contributed 58.4 percent to the lower annual PPI growth, which also has the second-highest weight in the computation of the PPI.
  • There was a 0.03-percent drop in the month-on-month manufacturing PPI, down from 0.4 percent in August 2023 and 0.8 percent a year ago.

The manufacturing producer price index (PPI) went down in September mainly due to the shrinking number of computer and electronic products that were produced, the Philippine Statistics Authority (PSA) reported.

The PSA said that the PPI for manufacturing declined by 0.2 percent in September from 7.7 percent in the same month last year.

Month-on-month, the figure for manufacturing also decreased to 0.03 percent, lower than the 0.4 percent seen in August this year.

The manufacture of computer, electronic, and optical products contributed 58.4 percent to the lower annual PPI growth, according to PSA. Among the 22 manufacturing divisions, this has the second-highest weight in the computation of the PPI.

“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,” the PSA said.

Other contributors to the lower annual growth of PPI in September were the manufacture of food products from 2.7 percent to 2.1 percent and coke and refined petroleum products from -5.6 percent to -6.5 percent.

Of the 19 industry divisions, 12 experienced yearly drops in the month, while seven saw yearly increases in activity during the period. The fastest yearly gain was observed in the manufacture of beverages at 8.6 percent.

In September of this year, there was a 0.03-percent drop in the month-on-month manufacturing PPI after acquiring a growth rate of 0.4 percent in August 2023. In contrast, July 2022 saw a monthly increase of 0.8 percent.

The monthly drop in factory gate prices can be attributed to the slow growth in the production of computer, electronic, and optical products at 0.04 percent, compared to the 1.4 percent monthly increase in August.

Completing the top three contributors that brought down the monthly rate of manufacturing PPI were the manufacture of food products (-0.5 percent from 0.1 percent) and manufacture of coke and refined (0.2 percent from 1.6 percent).

“These three industry divisions contributed 88.7 percent to the monthly decline of PPI for manufacturing in September 2023,” the PSA stated.

Moreover, ten showed monthly increases, while five demonstrated decreases compared to the previous month and four showed a month-on-month growth rate of zero percent during the period.

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