November 6, 2022 | 00:00
MANILA, Philippines — Ex-factory prices rose at a faster pace in September compared to the previous month, with most commodity groups recording year-on-year growth.
Preliminary data from the Philippine Statistics Authority (PSA) showed that the producer price index (PPI) for the manufacturing sector posted an annual growth rate of 7.4% in September, faster than the 7.1% in August.
The latest reading is also faster than the 0.1% annual rise in September last year.
“The PPI recovery in September 2022 can be attributed to annual expansions in the indices of 19 industrial divisions,” the PSA said.
Among the 19 industrial divisions, the manufacture of coke and refined petroleum products recorded the highest annual growth rate of 15.2% in September.
Other industry divisions with positive growth rates in September are: food products; computer, electronic and optical products; beverages; transportation equipment; non-metallic mineral products; chemical and chemical products; base metals; rubber and plastic products; fabricated metal products except machinery and equipment; paper and paper products; electrical equipment; other manufacture and repair and installation of machinery and equipment; tobacco products; textiles; furniture; wear clothes ; basic pharmaceuticals and pharmaceutical preparations and leather and related products, including footwear.
Meanwhile, three industrial divisions recorded year-on-year declines such as machinery and equipment manufacturing except electrical; printing and reproduction of recorded media and manufacture of articles of wood, bamboo, cane, cane and related products.
On a month-to-month basis, the manufacturing PPI rose 0.8% in September, a reversal from August’s 0.3% decline.
The PPI measures changes in the producer price of major commodities in the manufacturing sector. The index is generated from a monthly survey of producer prices of selected products in a sample of establishments nationwide.