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China's producer prices down 0.8% in August

Updated: Sep 10,2019 11:28 AM    Xinhua

BEIJING — China's producer price index (PPI), which measures costs for goods at the factory gate, dropped 0.8 percent year-on-year in August, the National Bureau of Statistics (NBS) said on Sept 10.

The reading expanded from the 0.3-percent decline in July, the NBS data showed.

On a month-on-month basis, the PPI dropped 0.1 percent last month, narrowing from the 0.2-percent drop in July, according to the NBS.

In the first eight months, the PPI rose 0.1 percent year-on-year on average.

Factory prices of production materials decreased 1.3 percent year-on-year in August, expanding from the 0.7-percent decline in July.

Among major industries, prices for crude oil and natural gas extraction dropped 9.1 percent year-on-year, while non-ferrous metals mining and dressing saw producer prices rise 3.7 percent year-on-year in August.

NBS senior statistician Shen Yun said the carryover effect of last year resulted in a drop of 0.2 percentage points in the PPI decline in August, while new factors dragged down the index by 0.6 percentage points.

The data released on Sept 10 also showed China's consumer price index, a main gauge of inflation, rose 2.8 percent year-on-year in August.

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