MANILA – The producer price index (PPI) for manufacturing slightly went up in November this year from an annual decline in October, the Philippine Statistics Authority (PSA) said on Friday.
In a report, the PSA said the PPI for manufacturing registered an annual increase of 0.3 percent in November, from a 0.4 percent drop in October.
The PPI in November last year, however, was still significantly higher at 6.4 percent.
"The upturn in the annual growth rate of PPI in November 2023 was primarily attributed to the annual acceleration of manufacture of computer, electronic and optical products industry division at 2.7 percent in November 2023 from 0.6 percent in October 2023," said the PSA.
Other main contributors to the uptrend in the PPI include the higher annual increase in the manufacture of food products at 1.2 percent and the slower annual decline in the manufacture of coke and refined petroleum products at 5.9 percent.
Month-on-month, the PPI for manufacturing recorded a faster drop of 0.1 percent in November 2023 from a 0.03 percent monthly decline in October 2023.
In November last year, the PPI also posted a monthly decrease of 0.7 percent.
The PSA said the top contributor to the faster monthly decline of the PPI in November 2023 was the manufacture of beverages with zero percent monthly rate during the period from a 2.3 percent month-on-month increase in the previous month.
The PPI is generated from the results of the Producer Price Survey, which is conducted nationwide.
The survey gathers monthly producer prices of selected products included in the market basket. (PNA)
