2023.01.3106:41:00UTC+00Philippines Producer Price Inflation Slows To 5.1%

The Philippines' producer price inflation eased to the lowest in ten months and prices grew in 2022 after a fall in the previous year, data from the Philippine Statistics Authority showed on Tuesday.

The producer price index increased 5.1 percent year-on-year in December, following a 6.2 percent growth in November. This was the lowest rate since February, when it was 4.3 percent.

The latest inflation was mainly due to slower growth of the manufacture of computer, electronic, and optical products industry by 2.3 percent in December, after a 5.2 percent rise in the previous month.

The annual price growth for the manufacture of coke and refined petroleum products lowered by 9.2 percent, followed by a 4.2 percent rise in the manufacture of transport equipment.

Monthly producer prices fell 0.9 percent in December, the same as in the prior month.

The annual average producer prices climbed 6.4 percent in 2022 after a 1.8 percent fall in 2021.