China's August factory gate prices slide furtherBusiness | 10 Sep 2019 1:44 pm
China's producer price index (PPI), which measures costs for goods at the factory gate, dropped by 0.8 percent year on year in August, the National Bureau of Statistics (NBS) said today.
The reading expanded from the 0.3-percent decline in July, the NBS data showed.
On a month-on-month basis, the PPI dropped by 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 inched up by 0.1 percent year on year on average.
Factory prices of production materials fell by 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 by 9.1 percent year on year, while non-ferrous metals mining and dressing saw producer prices rise by 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.