Producer prices in Philippines' manufacturing sector decreased at a faster pace in December, data released by the National Statistics Office showed Tuesday.
The producer price index dropped 0.9 percent on an annual basis in December, faster than the 0.4 percent fall recorded in November, which was revised from a 0.5 percent growth.
Contributing significantly to the annual fall, prices of furniture and fixtures plunged 50.3 percent during the month, while transport equipment prices fell 23 percent. Meanwhile, prices of petroleum products increased 14.8 percent year-on-year, marking the biggest growth during the month.
On a monthly basis, output prices edged up 0.8 percent in December, recovering from the previous month's revised 1 percent decrease.
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