Philippine producer prices fell for the eighth straight month in May, although the rate of decline slowed from the previous month, figures from the National Statistical Office showed Tuesday.
The producer price index decreased 4.4 percent year-on-year in May, slower than April’s revised 5.6 percent fall. In March, prices dropped 5.3 percent.
Prices of food manufacturing rose 0.9 percent, slower than last month’s 1.8 percent increase, and the price growth of chemical products eased to 0.6 percent from 1.3 percent.
The fall in petroleum products prices slowed to 18 percent from 21.8 percent, while prices of furniture and fixtures plunged 26.1 percent, faster than a 21.8 percent drop in April and the drop in wood and wood products prices steepened to 16.3 percent from 11.5 percent.
On a monthly basis, producer prices increased 0.3 percent in May, following a 0.6 percent decline in the previous month.
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