The producer price index (PPI) for the manufacturing sector in the Philippines registered a faster annual increment of 0.6 per cent in December last year compared with the 0.2-per cent annual increase in November. In December 2022, the PPI posted an annual increment of 5.4 per cent.

The PPI for manufacturing registered a faster MoM decrease of 0.21 per cent in December from a 0.16-per cent MoM decline in November. In December 2022, the PPI also posted a MoM decrease of 0.7 per cent.

Coke and refined petroleum products sector was the main contributor to the faster decline in the MoM rate of PPI for the manufacturing sector. The PPI for coke and refined petroleum products declined at 4.1 per cent in December compared to a 5.9-per cent annual decline in November.

The PPI for textile manufacturing saw a year-on-year (YoY) decline of 0.4 per cent in December, while the month-on-month (MoM) growth rate was nil. The PPI for apparel manufacturing saw a YoY decline of 1.8 per cent and a MoM rise of 0.3 per cent in December.

The PPI for manufacturing of footwear and leather products witnessed a YoY rise of 2.7 per cent in the month.

The annual average growth rate of PPI last year in the country was 1.5 per cent. This was slower compared with the annual average increase of 6.5 per cent in 2022. In 2021, the annual average drop of PPI was 1.8 per cent.

This slowdown was mainly attributed by the annual average decline in the manufacture of coke and refined petroleum products at 3.6 per cent from an annual average increment of 16.8 per cent in 2022.

Fibre2Fashion News Desk (DS)

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