Philippine Producer Prices Rise 0.8%

(RTTNews) - Philippine producer prices increased for the third straight month in January, as expected, data from the Philippine Statistics Authority showed on Tuesday.

The producer price index rose 0.8 percent year-on-year in January after a 0.1 percent gain in December.

The faster increase in January was mainly due to price developments in the chemical and chemical products industry division, where prices grew 2.4 percent versus a 1.4 percent climb in November.

Similarly, the annual price growth for the manufacture of coke and refined petroleum products accelerated to 1.4 percent from 1.0 percent.

Of the remaining 19 industry divisions, 13 exhibited annual increases, while the rest of them registered annual decreases during the period, the agency said.

On a monthly basis, producer prices dropped 0.6 percent in January, following a 0.4 percent decrease in the previous month.