Philippine Producer Prices Drop Further In July

Producer prices in the Philippines dropped 3.9% year-on-year in July, faster than a revised 2.1% drop in the preceding month, the National Statistics Office said Monday.

On an annual basis, petroleum products posted the biggest drop in prices of 31%, while wood and its products recorded the sharpest rise in prices of 20.8%.

Month-on-month, producer prices fell 0.4% in July, reversing a revised 0.7% rise in the preceding month.