Producer prices in the Philippines declined 0.6 percent year-on-year in October 2018, after an upwardly revised 0.2 percent rise in a month earlier. Cost continued to decrease for non-metallic mineral products (-10.3 pct vs -11.3 pct in September); chemical products (-1.8 pct vs -1.6 pct); rubber & plastics (-3.7 pct vs -3.2 pct); furniture & fixtures (-8.2 pct vs -6.6 pct); wood & wood products (-3.1 pct vs -3.2 pct) and leather (-5 pct vs -3 pct). At the same time, prices rose less for petroleum products (18 pct vs 19.6 pct); electrical machinery (7.2 pct vs 9 pct); tobacco (18.2 pct vs 51.8 pct); basic metals (4.8 pct vs 7 pct); miscellaneous manufactures (8.8 pct vs 9 pct) and paper & paper products (2.9 pct vs 4.3 pct). Meantime, cost increased faster for textiles (5.8 pct vs 4.2 pct) and footwear (1.6 pct vs 1.1 pct), while rebounded for transport equipment (0.1 pct vs -1 pct). On a monthly basis, producer prices dropped 0.3 percent, following a 0.7 percent rise in September. Producer Prices Change in Philippines averaged 2.69 percent from 1999 until 2018, reaching an all time high of 17.50 percent in January of 2001 and a record low of -10 percent in March of 2013.
Producer Prices Change in Philippines is expected to be 1.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Producer Prices Change in Philippines to stand at 0.80 in 12 months time. In the long-term, the Philippines Producer Prices Change is projected to trend around 0.30 percent in 2020, according to our econometric models.