Philippines: Factory gate prices post slower decline in June

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Producer prices of manufactured goods posted a smaller drop in June from the previous month due mainly to the increase in prices of computer and electronic products, the Philippine Statistics Authority (PSA) said.

The Producer Price Index (PPI) for manufacturing registered a slower decline of 0.1 percent in June from the 0.8 percent contraction in May, according to preliminary data released by the PSA yesterday.

The PPI posted a 0.5 percent growth in June 2023.

In the first semester, the PPI declined by 0.8 percent.

PPI tracks the changes in factory gate prices of goods produced by local manufacturers sold to wholesalers and consumers in the domestic market.

The PSA attributed the slower drop in PPI in June primarily to the faster increase in the computer, electronic and optical products industry division at 3.6 percent in June from 1.6 percent in May.

The computer, electronic and optical products industry division contributed 49.1 percent to the slower decline in the PPI in June.

Also cited as a main contributor to the slower decline in PPI was the acceleration in transport equipment at 2.8 percent in June from 1.6 percent in May.