THE producer price index (PPI) for manufacturing fell for a third straight month in May, the Philippine Statistics Authority (PSA) reported on Wednesday.
THE producer price index for manufacturing fell for a third straight month in May , the Philippine Statistics Authority reported on Wednesday.The indicator — a measure of the average change in prices received by producers for their goods — contracted year on year by a larger 0.4 percent from -0.001 percent a month earlier. The drop, however, was smaller compared to the -0.8 percent recorded a year ago.
Of the remaining 19 industry divisions, 11 posted growth while eight contracted, the PSA said.Month on month, PPI growth contracted by a larger 0.1 percent from -0.003 percent in April. This was also a reversal from the 0.3-percent uptick seen a year earlier.The main driver of the decline was the manufacture of basic metals, which posted a 0.5 percent monthly drop, reversing from 0.5-percent growth in April.
Price Index Drop Continues In May
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