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Philippines Producer Price Inflation Lowest In 4 Months

Philippines producer price inflation was lowest in four months in November, data from the Philippine Statistical Authority showed on Friday.

Producer price inflation was 0.3 percent year-on-year in November, same as in October. The rate was the lowest since August, when price growth was 0.2 percent.

The latest increase was driven by a 19.7 percent surge in the prices in the manufacture of tobacco products. In contrast, prices in the production of furniture and fixtures fell 7.9 percent.

On a monthly basis, producer prices fell 0.7 percent in November after a decline of 0.3 percent in October. Prices fell for a second straight month and the latest drop was the worst since July, when they fell 1 percent.

Among the components of the producer price index, the prices of petroleum products fell 4.9 percent month-on-month in November.

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