THE producer price index (PPI) for manufacturing continued to expand at a faster rate in July, data from the Philippine Statistics Authority (PSA) showed.
In its monthly report, the PSA said the PPI for manufacturing went up to 7.9 percent in May from 7.5 percent in April.
In July 2021, the PPI declined by 0.7 percent.
"The increase in the PPI in July 2022 can be attributed to the annual increments in the indices of 21 industry divisions led by manufacture of coke and refined petroleum products, which registered an annual growth of 16.9 percent," PSA said.
The manufacture of wood, bamboo, cane, rattan articles and related products, meanwhile, declined by 2.4 percent.
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On a monthly basis, the PPI for manufacturing posted a slower upturn by 0.8 percent, as compared to 1.1-percent increase in June. In July last year, the PPI posted a monthly improvement of 0.5 percent.
The PSA said 15 industry divisions registered positive monthly growth rates in July 2022 led by manufacture of transport equipment, which increased by 2.7 percent.
"On the other hand, the PPI of six industry divisions exhibited monthly decreases with manufacture of coke and refined petroleum products posting the highest monthly drop of 2.2 percent. Meanwhile, the monthly growth rate of manufacture of leather and related products, including footwear, was at 0.0 percent," the agency said in its report.
The PPI for manufacturing measures the changes in the producer price of key commodities produced by the manufacturing sector.
The PSA said the PPI is generated from the results of the Producer Price Survey, which is conducted nationwide.
The survey gathers monthly producer prices of selected products included in the market basket of PPI from sample establishments.