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Manila Bulletin devider Business devider Factory gate prices rise at slower pace in Aug.

Factory gate prices rise at slower pace in Aug.

Published Sep 29, 2023 07:19 am

At A Glance

  • The Philippine Statistics Authority (PSA) said the manufacturing producer price index (PPI) grew 0.5 percent in August.<br>The producer price index for manufacturing increased from the 0.06 percent posted in July. It was still lower than the year-earlier growth rate of 7.4 percent last year.<br>The manufacture of computer, electronic, and optical products contributed 36.8 percent to the higher annual PPI growth, which also has the second-highest weight in the computation of the PPI.<br>There was a 0.3-percent rise in the month-on-month manufacturing PPI, up to 0.2 percent in July 2023 and -0.2 percent a year ago.

Factory gate prices increased at a much slower pace in August this year, the Philippine Statistics Authority (PSA) reported on Friday, Sept. 29.

The PSA said in a report that growth in the producer price index for manufacturing increased by 0.5 percent in August from 7.4 percent in the same month last year.

Month-on-month, the figure inched up from the 0.06 percent posted in July.

The manufacture of computer, electronic, and optical products contributed 36.8 percent to the higher annual PPI growth, the PSA said. Out of 22 manufacturing divisions, this has the second-highest weight in the computation of the PPI.

“The increase in the annual growth rate of PPI in August 2023 was primarily brought about by the faster annual increase in manufacture of computer, electronic and optical products industry division at 2.5 percent in August 2023 from 1.2 percent in July 2023” the statistics agency stated.

The other main contributors to the higher annual growth of PPI in August were manufacture of food products (2.6 percent from 2.0 percent) and coke and refined petroleum products (-5.9 percent from -7.0 percent.)

Of the 19 industry divisions, eight experienced yearly growth in the month, while 11 saw yearly drops in activity during the period. The fastest yearly decline was observed in the manufacture of chemical and chemical products at -6.3 percent.

In August of this year, there was a 0.3-percent rise in the month-on-month manufacturing PPI, following a rate of 0.2 percent in July 2023. In comparison, July 2022 saw a monthly drop of -0.2 percent.

The leading factor behind the monthly increase in PPI during the period was the production of coke and refined petroleum products, which saw a 1.3 percent growth in the period, compared to the -0.2 percent decline in July 2023.

Completing the top three contributors driving the monthly rise in the manufacturing PPI were the manufacturing and repair and installation of machinery and equipment (0.9 percent from -0.8 percent) and manufacture of tobacco products (2.0 percent from -0.01 percent).

“These three industry divisions contributed 80.2 percent to the higher month-on-month increase of PPI for manufacturing in August 2023,” the PSA noted.

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

Related Tags

Philippine Statistics Authority PSA
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