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Manufacturing PPI growth slows to 2.3% in April

PRICE GROWTH in manufactured products slowed to 2.3% in April, the Philippine Statistics Authority (PSA) said.

Citing preliminary data, the PSA said the producer price index (PPI) for manufacturing declined from the 2.5% posted in March. The year-earlier growth rate had been 6.3%.

The April reading was the lowest since the 0.36% increase in December 2021.

The price index for food products rose 4.4%, lower than the 5.5% in the preceding month.

“The manufacture of food products accounted for 44.6% of the slowdown in the PPI growth for manufacturing in April 2023,” the PSA said.

Other factors in slowing price growth were chemicals and chemical products. The sub-index for this category fell 1.7%, deepening the 0.05% contraction from the preceding month.

Basic metal prices also contracted 4.9% during the month.

The categories reporting higher price growth were led by furniture with 5.9%, exceeding the previous record of 5.6%.

Beverage price growth was 5.5%, as was the rate for leather and related products, including footwear. — Sheldeen Joy Talavera

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