Factory gate prices fall at softer pace

MANILA, Philippines —  Producer prices declined at a slower pace in October from the previous month due mainly to the increase in prices of computer and electronic products.

Preliminary data released by the Philippine Statistics Authority (PSA) yesterday showed the Producer Price Index (PPI) for manufacturing posted a slower decline of 0.3 percent in October  from the 1.4 percent decrease in September.

In October last year, the PPI registered a 0.6 percent drop.

As of end-October, the PPI had an average growth rate of -0.9 percent.

“The slower annual decline of PPI for the manufacturing section in October 2024 compared to its annual drop in September 2024 was primarily due to the annual increase in the growth rate of the PPI for manufacture of computer, electronic and optical products industry division,” the PSA said.

In particular, the computer, electronic and optical products industry division posted a 2.3 percent increase in October from a 1.2 percent decline in September.

Another major contributor to the slower decline of PPI in October was transport equipment, which posted  a 1.1-percent growth in October from a 0.9-percent contraction in September.

The PSA also cited the coke and refined petroleum products industry division as another main contributor to the slower fall in PPI as it posted a smaller decline of one percent during the period from 2.5 percent in September.

Of the remaining 19 industry divisions, 11 posted increases in October, while eight registered declines.