The Philippine Statistics Authority released data on Tuesday indicating a continued decline in Philippine producer prices for the fifth consecutive month in May.
The producer price index fell by 0.8 percent year-on-year in May, following a 0.6 percent decline in April. Analysts had anticipated a decrease of 0.4 percent.
Prices for the manufacturing of metal products, excluding machinery and equipment, dropped 5.0 percent compared to last year. Additionally, prices for wood, bamboo, cane, rattan articles, and related products decreased by 3.4 percent.
The data also highlighted that the annual price growth for the manufacturing of computer, electronic, and optical products slowed to 1.9 percent from the previous 4.0 percent.
On a month-to-month basis, producer prices rose by 0.2 percent in May, reversing a 0.3 percent decline observed in the previous month.
