The producer price index (PPI) for manufacturing sustained its decline in April, albeit at a slower pace in March, data from the Philippine Statistics Authority (PSA) showed.
The decline in the producer price index for manufacturing in April, though slower than in March, could have significant implications for consumers. Higher producer prices may lead to increased retail prices, while lower producer prices could translate into potential savings for consumers.
"The slower negative annual growth rate of PPI in April 2024 compared to the annual growth in March 2024 was primarily due to the faster increase in the annual growth rate of manufacture of computer, electronic and optical products industry division at 3.9 percent in April 2024 from 1.7 percent increase in March 2024," the PSA said.
The PSA said other contributors to the slower annual decrease of PPI were the acceleration in the annual rate of manufacture of transport equipment, which increased 1.4% from a 0.7% annual increase in the previous month, and the slower decline in the annual rate of manufacture of basic metals, which declined 2.7% in April 2024 from a 3.1% decline in March.
The PPI for manufacturing increased by 0.4% in April from a 0.2% increment in March 2024.
The PPI also posted a 0.1% monthly increase in April 2023. The top contributor to the uptrend in the monthly rate of PPI in April 2024 was the manufacture of computer, electronic and optical products with a monthly increase of 2% from a 0. % mark-up in the previous month.
The PPI is generated from the results of the Producer Price Survey, which is conducted nationwide.
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 domestic market consumers.
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