Producer price index down

The increment in October 2022 PPI was attributed to the annual increases in the PPI of all eight industry groups under the manufacture of food products.

The producer price index for manufacturing grew slower in October, to 7.2 percent from 7.5 percent the previous month, data from the Philippine Statistics Authority showed.

In a report, the PSA said the PPI for manufacturing grew at an annual rate of 0.6 percent in the same month of the previous year.

“The expansion in the PPI in October 2022 can be attributed to the annual upturns in the indices of 20 industry divisions led by the manufacture of coke and refined petroleum products, which registered a two-digit annual growth of 14.5 percent,” the Statistics bureau said.

The manufacture of machinery and equipment except electrical and printing and reproduction of recorded media had annual declines of -2.9 percent and -0.1 percent, respectively.

Month-on-month, the PPI for manufacturing slightly declined in October 2022 with a 0.2 percent monthly growth rate versus the monthly increment of 0.7 percent in September 2022.

The monthly growth rates of the manufacture of beverages, leather, and related products, including footwear and textiles, are at 0.0 percent.

The PPI of ten industry divisions exhibited decrements, with the manufacture of computer, electronic and optical products posting the most significant monthly decrease at -0.3 percent.

Food manufacturing upturn

Meanwhile, the state-run Statistics bureau said the PPI for manufacturing food products further grew in October 2022.

PSA recorded an annual rate growth of 9.5 percent compared with the 8.7 percent yearly upturn observed in September 2022.

“The increment in October 2022 PPI was attributed to the annual increases in the PPI of all eight industry groups under the manufacture of food products,” PSA said.

Moreover, double-digit upturns were recorded in three industry groups, namely: processing and preserving of fish, crustaceans, and mollusks (18.1 percent), manufacture of grain mill products, starches, and starch products (17.5 percent), and manufacture of prepared animal feed (16.9 percent).

On a month-on-month basis, the PPI for manufacturing food products exhibited an upward trend, with a monthly growth rate of 1.0 percent in October 2022.

In September 2022, it decreased by -0.05 percent. All eight industry groups of food manufacturing contributed to the increase of its PPI. This was led by the processing and preserving of fruits and vegetables, posting a monthly rate of 4.4 percent.