The producer price index for the manufacturing sector rose 0.3 percent year-over-year in November, rebounding from a 0.4 percent decline in October, the Philippine Statistics Authority said Friday.
This brought the average annual decline of the PPI from January to November 2024 to 0.8 percent. In November 2023, the PPI for the manufacturing sector dropped 0.03 percent.
“The uptrend in the annual rate of PPI for the manufacturing sector in November 2024 from its annual drop in October 2024 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 a 2.1 percent annual increase in October 2024,” the PSA said.
The manufacture of computer, electronic and optical products contributed 26.8 percent to the uptrend in the annual rate of PPI for manufacturing during the month.
Among the 22 industry divisions for manufacturing, manufacture of computer, electronic and optical products had the second-highest weight in the computation of PPI. Other main contributors to the uptrend of PPI were the acceleration in the annual growth rates of manufacture of transport equipment at 2.1 percent in November 2024 from a 0.7 percent annual increment in the previous month, and manufacture of food products at 2.4 percent during the period from a 1.7 percent annual increase in October 2024.
Data showed that of the remaining 19 industry divisions, 11 exhibited annual increases, while eight industry divisions registered annual decreases during the period.
The producer price survey (PPS) is conducted by the PSA to collect monthly producer prices of industry products produced by sample establishments in the manufacturing sector. It measures the average change over time in the prices of products or commodities produced by domestic manufacturers and sold at factory gate prices to wholesalers and/or other consumers in the domestic market relative to a base period.
