MANILA, Philippines — Ex-factory prices rose at a faster pace in June, with year-on-year increases seen across nearly all industry groups, according to the Philippine Statistics Authority.
PSA data showed the producer price index posted an annual growth rate of 7.2% in June, faster than May’s 7%. In June of last year, the PPI fell by 1.4%.
“The year-over-year increase in the PPI in June 2022 can be attributed to annual expansions in the indices of 21 industrial divisions,” the PSA said.
Coke and refined petroleum product manufacturing posted the strongest annual growth among the industry’s 21 divisions, at 22.1%.
The other industry divisions with positive growth rates in June this year were food products; base metals; computer, electronic and optical products; chemical and chemical products; beverages; transportation equipment; non-metallic mineral products; transportation equipment; rubber and plastic products; paper and paper products; clothing as well as machinery and equipment, except electrical.
Other sectors reserving improvements include electrical equipment, tobacco products, fabricated metal products except machinery and equipment, furniture, other manufacturing, repair and installation of machinery and equipment , textiles, basic pharmaceutical products and preparations, leather and related products, including footwear, and the printing and reproduction of recorded media.
In contrast, only wooden, bamboo, cane, rattan and related products recorded an annual decline of 3.4% in June.
On a month-to-month basis, the PPI rose 0.9% in June, faster than the 0.5% increase in May.
The PPI measures changes in the producer price of major commodities in the manufacturing sector.
The index is based on the results of the nationwide Producer Price Survey, which collects monthly producer prices of selected products in the PPI consumer basket from the sample.
The PPI serves in particular as a deflator to derive the production volume index and the net sales volume index.