Economy

China’s factory-gate deflation eases on recovering economy

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China’s producer prices continued to fall in July, but the decline has kept narrowing as economic activities recovered amid effective epidemic control in the country, official data showed Monday.


The Producer Price Index (PPI), which measures costs for goods at the factory gate, fell to 2.4 per cent year on year in July, according to the National Bureau of Statistics (NBS).

The reading narrowed from the three per cent drop in June and 3.7per cent fall in May.

Month on month, overall producer prices gained 0.4 per cent as industrial production continued to pick up and market demand gradually warmed, the NBS said, adding rising international commodities prices also played a role.

Due to rebounding global crude oil prices, prices in the sectors of oil and natural gas extraction surged 12 per cent last month from June, while those for the processing of oil, coal and other fuel went up 3.4 per cent.

During the January-July period, factory-gate prices were down two per cent on average compared with the same period last year.

The PPI data came along with the release of the consumer price index (CPI), which showed consumer inflation quickening to 2.7 per cent in July on higher food prices.

Edited By: Joseph Edeh/Tajudeen Atitebi (NAN)

 

 

 

 

 

 

 

 

 

 

https://nnn.ng/chinas-factory-gate-deflation-eases-on-recovering-economy/

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