MANILA, Philippines — Ex-factory prices rose faster in February, 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 February accelerated to 4.4%, faster than January’s 4%.
In the same month last year, the index slipped to 5.6%.
Month-over-month, the PPI rose another 0.7%, but that’s slower than the 1.2% increase at the start of the year.
The PSA attributed the recovery to annual increases in the indices of 17 industry groups, led by the manufacture of coker and refined petroleum products which rose to 14.9%.
Other significant increases were also noted in the manufacturing of basic metals, chemical and chemical products, food products, textiles, and rubber and plastic products.
Growth was also recorded in the manufacture of beverages, non-metallic mineral products, paper and paper products, electrical equipment, fabricated metal products, transportation equipment, tobacco products, clothing, furniture , leather products and basic pharmaceutical products.
Meanwhile, five industry groups recorded contractions in February, with timber, bamboo, cane, rattan goods and allied products posting the largest drop at 6.3%.
The others were computer, electronic and optical products, machinery and equipment, and printing and media reproduction.
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.