The Philippine producer price index (PPI) for manufacturing saw a faster year-on-year (YoY) decline of 1 per cent in August this year from a YoY drop of 0.4 per cent in July 2024. This brings the average annual growth rate of PPI from January to August this year to minus 0.8 per cent.
In August 2023, manufacturing PPI in the country posted an annual increment of 0.5 per cent.
Among the 22 industrial sub-sectors in manufacturing, manufacture of coke and refined petroleum products; computer, electronic and optical products; and transport equipment were the main contributors to the faster YoY decline in PPI in August.
Of the remaining 19, eight exhibited annual decreases during the period, while 11 saw annual increases, a release from the Philippines Statistics Authority said.
The PPI for readymade garments (RMG) rose by 0.8 per cent YoY in August compared to a 1.7-per cent YoY rise in July.
Month on month (MoM), the PPI for manufacturing in the country posted a decrease of 0.2 per cent in August from a 0.0004 per cent increase in July this year. The PPI had posted a 0.5 per cent monthly increase in August 2023.
Three sub-sectors—transport equipment, food products and basic metals—contributed 53 per cent to the downtrend in the MoM growth rate of PPI for manufacturing in August.
Of the remaining 19, eleven registered monthly decreases, six exhibited MoM increases and two recorded no change during the period.
The PPI for RMG rose by 0.2 per cent MoM in August compared to a 0.2-per cent MoM drop in July.
