MANILA, Philippines—The decline in factory-gate prices continued to wane, settling at 0.9 percent year on year in March amid a double-digit surge in prices of petroleum products, according to the National Statistics Office.
NSO data showed that prices of manufactured items have been on a decline for 23 straight months, mainly due to the continuing double-digit decrease in prices of furniture and fixtures.
Results from the NSO’s latest monthly survey of factory-gate prices—covering 20 selected groups of manufactured goods included in the producer price index (PPI)—showed that prices in seven other groups shrank, 10 others gained and one showed no price change.
Showing single-digit drops were prices of electrical machinery, non-electrical machinery, beverages, miscellaneous manufactures, chemicals, paper and paper products, and footwear and wearing apparel.
On the other hand, single-digit gains were observed in food manufacturing, rubber and plastic products, fabricated metal products, tobacco, textiles, transport equipment, wood and wood products, leather, non-metallic minerals and basic metals.
There was no change in prices of publishing and printing for the second month in a row.
On a month-on-month basis, the PPI was almost unchanged.
Showing losses compared with February prices were non-electrical machinery, furniture and fixtures, miscellaneous manufactures, transport equipment, fabricated metals and textiles.
In the fourth quarter of 2010, the industry sector—including manufacturing—was cited as the main driver of economic growth, which was recorded at 7.1 percent.