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Tuesday, the National Statistics Office of the Republic of Philippines announced that producer prices fell at a slower annual pace in August compared to the previous month. On a monthly basis, prices dropped in August, reversing a rise in the previous month.
The producer price index fell at an annual rate of 2.6% in August compared to the revised 3.6% drop in July.
Of the major industrial sectors, furniture & fixtures posted the biggest annual decline in producer prices, by 25.7% in August. It was followed by basic metals, which decreased 22.5%, and petroleum products, down 22.2%. Prices of rubber & plastic products and paper & paper products decreased 15.1% and 11.6%, respectively.
On the other hand, wood & wood products showed the largest annual rise in prices, up 20.8% in August. Footwear & wearing apparel prices increased 13.9%, and that of textiles rose 9.4%. Also, prices of chemical products and publishing & printing were up 6.2% and 5.9%, respectively.
Month-on-month, prices slid 0.4% compared to the revised 0.7% increase in the previous month. Six major sectors registered monthly decreases in August, led by furniture & fixtures, which decreased 16%.
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