Producer prices rise in November

MANILA, Philippines — Factory gate prices inched up in November, driven mainly by the increase in the prices of computer and electronic products, according to the Philippine Statistics Authority (PSA).

Preliminary data released by the PSA yesterday showed the Producer Price Index (PPI) for manufacturing registered a 0.3-percent growth in November 2024 after contracting by 0.4 percent in October of the same year.

In November 2023, the PPI also posted a 0.03-percent decline, bringing the nine-month average down by 0.8 percent.

“The uptrend in the annual rate of PPI for the manufacturing section in November 2024 from its annual drop a month ago was primarily due to the acceleration in the annual rate of the PPI for manufacture of computer, electronic and optical products industry division at 3.1 percent in November 2024 from the 2.1 percent annual increase in October 2024,” the PSA said.

Production of computer, electronic and optical products contributed 26.8 percent to the uptrend in the PPI in November 2024.

 Other main contributors to the uptrend of PPI for the manufacturing section were the faster growth rates posted by the production of transport equipment and food products.

The manufacture of transport equipment, in particular, registered a faster uptick of 2.1 percent in November 2024 from a 0.7-percent increase in the previous month.

Growth in the manufacture of food products was at 2.4 percent in November 2024 from the 1.7-percent increase in October of the same year.

The PSA said 11 of the remaining PRODUCER FROM B1

19 industry divisions exhibited annual increases, while eight registered decreases in November.

 Posting positive growth rates in November were basic metals; beverages; other manufacturing and repair and installation of machinery and equipment; chemical and chemical products; machinery and equipment except electrical; printing and reproduction of recorded media; tobacco products; wearing apparel; wood, bamboo, cane, rattan articles and related products; basic pharmaceutical products and pharmaceutical preparations; and leather and related products, including footwear. 

On the other hand, industry divisions that contracted in November were the other non-metallic mineral products; fabricated metal products except machinery and equipment; electrical equipment; rubber and plastic products; coke and refined petroleum products; textiles; paper and paper products; and furniture.