MANILA, Philippines—The rate of change in factory-gate prices picked up to a five-month high of 1.2 percent year-on-year growth in November, latest data from the National Statistics Office showed.
The NSO attributed the recovery mainly to double-digit increases in prices of non-electrical machinery and petroleum products, which were pegged at 28.6 percent and 18.8 percent, respectively.
Results from the NSO’s latest monthly survey of factory-gate prices—which covers 20 selected groups of manufactured goods included in the producer price index (PPI)—showed that prices in seven other groups increased, 10 groups posted price declines and one showed no price change.
Showing single-digit increases year on year in November were prices of electrical machinery, food manufacturing, basic metals, rubber and plastic products, paper and paper products, tobacco, and wood and wood products.
On the other hand, prices of furniture and fixtures continued to dip in double digits and at an even faster rate of 45.9 percent.
Prices of transport equipment and miscellaneous manufactured items also plunged by 26.9 percent and 11.7 percent, respectively.
Other price losers in November were beverages, nonmetallic mineral products, chemical products, fabricated metal products, footwear and wearing apparel, textiles and leather.
Prices of publishing and printing have remained unchanged for the 10th month in a row.
On a month-on-month basis, the PPI also increased faster at 0.8 percent from 0.7 percent in October.
Showing gains compared with October prices were non-electrical machinery, paper, basic metals, chemicals, miscellaneous manufactures, and rubber and plastic products.
Losers included transport equipment, electrical machinery, petroleum, furniture and fixtures, footwear and wearing apparel, food, nonmetallic minerals, fabricated metals, and textiles.
Unchanged during the period were prices of leather, tobacco, publishing and printing, wood and beverages.
The latest data on manufacturing output showed that the value of manufacturing output fell in October by 6 percent year on year, a reversal from a rise of 1.9 percent in September.
In October, the growth in volume of manufactures also fell by 6.3 percent, reversing from a rise of 2.5 percent in September.