BEIJING, Jan. 12 -- China's producer price index (PPI), which measures costs for goods at the factory gate, went down 2.7 percent year on year in December, the National Bureau of Statistics said Friday.

The decrease narrowed from a 3-percent decline in November. On a monthly basis, the December PPI edged down 0.3 percent, the data showed.

On a yearly basis, the PPI in 2023 went down 3 percent from 2022.

"Due to factors such as the fall in international oil prices and weak market demand for some industrial products, the nation's PPI on a monthly basis decreased in December, but the PPI decline narrowed in December year on year," said NBS statistician Dong Lijuan.

Prices of means of production fell 0.3 percent month on month, contributing 0.22 percentage points to the overall decline in monthly PPI for December, NBS data showed.

In terms of producer prices for major industries, prices for the oil and gas extraction industry went down 6.6 percent month on month in December, prices for the non-ferrous metal ores mining industry went up 0.1 percent, and prices for the ferrous metal ores mining industry went up 3.2 percent month on month, the data showed.

Meanwhile, the December PPI for the prices of the textile, clothing, and apparel industries edged down 0.1 percent month on month, while that for the agricultural and sideline food processing industry went down 0.7 percent. The manufacturing prices of the vehicles went up 0.2 percent month on month, according to the NBS.