PSA: Producer price index declined in August

 

MANILA, Philippines — The producer price index (PPI) for manufacturing declined again in August this year, faster than it did in July, the Philippine Statistics Authority (PSA) said.

The latest PSA data released on Tuesday showed a -1.0 percent drop in August, compared to -0.4 percent in July and -0.2 percent in June.

The report attributed 34.0 percent of the decline to the manufacture of coke and refined petroleum products, which saw its annual growth rate decrease from -1.1 percent in July to -3.4 percent in August.

The manufacture of computer, electronic, and optical products also saw a decline in growth from 1.8 percent in July to 0.8 percent in August.

Likewise, the manufacture of transport equipment’s growth rate decreased from 2.6 percent to 1.7 percent.

When taken month-on-month, the latest reading showed the PPI for manufacturing drop from 0.0004 percent in July to -0.2 percent in August.

 To get the PPI, the PSA keeps track of the producer prices of industry products by a sample in the manufacturing sector.