MANILA, Philippines — Ex-factory prices jumped at the start of the year as increases were recorded across the majority of industry groups, the Philippine Statistics Authority (PSA) said.
The latest data from PSA showed that the producer price index (PPI) for January accelerated by 4.1%, significantly faster than the 0.6% in December 2021.
During the same period last year, the index fell 5.8%.
On a monthly basis, the PPI rose again at a faster pace of 1.1% compared to 0.4% in the last month of 2021.
The PSA attributed the recovery to annual increases in the indices of 13 industry groups led by the manufacture of coke and refined petroleum products, which rose 15.6%.
Other significant increases were also noted in the manufacturing of basic metals, chemical and chemical products, rubber and plastic products, food products and textiles.
Growth was also recorded in the manufacture of beverages, non-metallic mineral products, paper and paper products, electrical equipment, furniture, clothing and leather goods.
Meanwhile, nine industry groups recorded contractions in January, with timber, bamboo, cane, rattan goods and allied products posting the largest decline at 8.4%.
Others were computer, electronic and optical products, machinery and equipment, basic pharmaceutical products, transport equipment, fabricated metal products, printing and reproduction of media and tobacco products.
The PPI for the manufacturing sector measures changes in the producer price of the main commodities produced by the sector.
One of its uses is as a deflator to derive the production volume index and the net sales volume index.
The PPI uses 2018 as the base year compared to the previously used 2000 base period.