Philippine Producer Prices Fall 0.8%

(RTTNews) - Philippine producer prices decreased for the fifth straight month in May, data from the Philippine Statistics Authority showed on Tuesday.

The producer price index dropped 0.8 percent year-on-year in May after 0.6 percent fall in April. The expected decrease was 0.4 percent.

Prices for the manufacture of metal products, except machinery and equipment, declined 5.0 percent from last year, and those for wood, bamboo, cane, rattan articles, and related products slid by 3.4 percent.

Data showed that the annual price growth for the manufacture of computer, electronic, and optical products decelerated to 1.9 percent from 4.0 percent.

On a monthly basis, producer prices moved up 0.2 percent in May, reversing a 0.3 percent fall in the previous month.