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Monday, the National Statistics Office of the Republic of Philippines announced that producer prices fell at a faster pace in July compared to the year-ago period. On a monthly basis, prices fell decreased slightly in July, reversing a rise in the preceding month.
The producer price index fell at an annual rate of 3.9% in July compared to the revised 2.1% drop in July.
Of the major industrial sectors, petroleum products posted the biggest annual decline in producer prices, by 31% in July. It was followed by, basic metals, which decreased 14.3%, and plastic products, down 12.8%. Prices of paper & paper products, and furniture & fixtures dropped 11.9% and 11.7%, respectively.
On the other hand, wood & wood products showed the biggest annual rise in prices, up 20.8% in July. Footwear & wearing apparel prices increased 13.9%, and textiles rose 10.7%. Also, prices of chemical products and beverages were up 7.1% and 6.8%, respectively.
Month-on-month, prices slid 0.4% compared to the revised 0.7% increase in the previous month. Eight major sectors registered monthly decreases in July, led by electrical machinery, which decreased 3.5%.
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