December 30, 2021 | 12:00am
MANILA, Philippines — Factory gate prices picked up pace for the second straight month in November due to faster increases in majority of industry groups, the Philippine Statistics Authority (PSA) said.
Latest PSA data showed the Producer Price Index (PPI) for November went up by 0.9 percent, a further increase from the 0.6 percent hike in October.
Same period last year, the index slipped by 4.6 percent.
The PSA attributed the upturn to the annual increases in the indexes of 14 industry groups led by the manufacture of coke and refined petroleum products, which went up by 20.9 percent.
Other significant increments were also noted in the manufacture of basic metals, chemical and chemical products, rubber and plastic products, electrical equipment, and textiles.
Meanwhile, eight industry groups registered contractions in November, with wood, bamboo, cane, rattan articles and related products posting the biggest decline at 14.4 percent.
Others were computer, electronic and optical products, machinery and equipment, fabricated metal products, printing and reproduction of media, and non-metallic mineral products, among others.
The PPI for manufacturing measures the changes in the producer price of key commodities produced by the sector. One of its uses is as a deflator to derive the Volume of Production Index and Volume of Net Sales Index.
