By Leslie Gatpolintan/Philippine News Agency
MANILA — Factory gate prices surged in May, mainly boosted by the remarkable increase in costs of furniture and fixtures, the Philippine Statistics Authority (PSA) reported on Tuesday.
The PSA said the Producer Price Index (PPI) for manufacturing rose 2.7 percent in May 2019, faster than the 1.5-percent growth during the same period in 2018 but lower than the 3.6 percent in April 2019.
It attributed the upturn to increases of 11 major industry groups with furniture and fixtures and non-metallic mineral products posting a double-digit increment of 47.9 percent and 11 percent, respectively.
Leather products, which declined by 13.7 percent, led the nine industry groups that posted annual decreases.
Month-on-month, PPI slightly decreased by 0.02 percent in May 2019 from previous month’s 0.4-percent decline.
The PSA said leather products, which declined by 13 percent, led the 10 major industry groups that pulled down the PPI in May 2019.
Meanwhile, PPI for eight major industry groups posted increases, and two major industry groups reflected flat growth.
For the latest updates about this story, visit the Philippine News Agency website
