Philippines July PPI Inflation Accelerates

(RTTNews) - Friday, the Manila-based National Statistics Office said in its preliminary report that Producer Price Index or PPI for the manufacturing sector increased 5.5% year-on-year in July, marking a faster pace than the revised 4.2% rise recorded in June. The annual growth for June was initially recorded as 3.5%.

According to the statistical agency, producer price inflation in July was largely driven by the 42.5% year-on-year surge in prices of petroleum products. Prices of basic metals climbed 19.4%, followed by an 11% rise in prices of food manufacturing. On the other hand, prices of furniture and fixtures fell 12.1%.

On a monthly basis, producer prices increased at a faster pace of 1.7% in July compared to June’s 1.4%.

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