December 30, 2021 | 00h00
MANILA, Philippines – Ex-factory prices rose for the second consecutive month in November due to faster increases in the majority of industry groups, the Philippines Statistics Authority (PSA) said.
The latest PSA data showed that the Producer Price Index (PPI) for November rose 0.9%, a further increase from the 0.6% increase in October.
During the same period last year, the index fell 4.6%.
The PSA attributed the recovery to annual increases in the indices of 14 industry groups led by the manufacturing of coke and refined petroleum products, which rose 20.9%.
Other significant increases were also noted in the manufacturing of base metals, chemicals and chemicals, rubber and plastic products, electrical equipment and textiles.
Meanwhile, eight industry groups recorded contractions in November, with wood, bamboo, cane, rattan articles and related products registering the largest drop at 14.4%.
Others were computer, electronic and optical products, machinery and equipment, fabricated metal products, media printing and reproduction, and non-metallic mineral products, among others.
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.