Factory gate prices up in March

MANILA, Philippines — Factory gate prices rose at a faster pace in March as selling prices grew in 13 industry groups, the Philippine Statistics Authority (PSA) reported yesterday.

The Producer Price Index (PPI) for manufacturing rose at an annual rate of 3.6 percent in March 2019 from 2.6 percent in February and a 0.6 percent contraction in March 2018.

Month-on-month, the index grew faster at 0.02 percent in March from the 0.9 percent contraction in February and in March 2018.

Annual growth was seen in the following industry groups in March: transport equipment, petroleum products, non-metallic mineral products, furniture and fixtures, rubber and plastic products, tobacco products, electrical machinery, beverages, paper and paper products, fabricated metal products, textiles, printing, and leather products.

Slower growth, meanwhile, was seen in the indices of the following industries: food manufacturing, chemical products, machinery except electrical, basic metals, miscellaneous manufactures, wood and wood products, as all as footwear and wearing apparel.

Factory gate prices have risen steadily since January, although at a more gradual pace

The Nikkei Manufacturing Purchasing Managers’ Index for March showed Philippine manufacturers reporting a solid rise in output charges because of higher costs attributed to taxes and higher prices of raw materials.