Factory gate prices decline in 2024

Producer prices declined in 2024 compared to the previous year, mainly due to the slower growth in food prices, according to the Philippine Statistics Authority (PSA).

- LOUELLA DESIDERIO

Preliminary data from the PSA showed that the average growth rate of the Producer Price Index (PPI) for manufacturing declined by 0.7 percent last year from a 1.4-percent increment in 2023.

PPI measures the change over time in the prices of products produced by domestic manufacturers and sold at factory gate prices to wholesalers and/or other consumers in the local market relative to a base period.

“The downtrend in the annual average year-on-year growth rate of PPI in 2024 was mainly attributed to the deceleration in the annual average growth rate of PPI of manufacture of food products at 1.1 percent from an annual average increment of three percent in 2023,” the PSA said.