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China's PPI hits this year's lowest level of 1.7% in Dec

Jan. 12, 2012 (China Knowledge) - China's producer price index (PPI), an indicator of the factory-gate prices of industrial products, grew 1.7% year on year in December, slowing from a 2.7% increase in November, said the National Bureau of Statistics today.

The year-on-year growth rate for the last month was the lowest level this year. China's PPI growth has been in a downward trend since July 2011 when it hit this year's highest level of 7.5%.
The PPI last month fell 0.3% from November, reflecting a month-on-month decline for the third consecutive month.
Last month, prices of production materials edged down 0.4% month on month but rose 1.4% from a year earlier. Prices of products in the mining sector increased 9.4% year on year and 0.7% month on month. Prices of products in the raw materials industry fell 0.5% from the previous month but climbed 2.9% year on year, and prices of products in the processing industry dropped 0.5% month on month and was steady compared with a year earlier.

Prices of consumer goods fell 0.1% from the previous month but went up 2.5% compared with the corresponding period of last year. On year-on-year basis, there was a 4.3% rise in food prices, and a 3.6% increase in the price of clothing. Prices of daily consumer goods rose 2.1% year on year, but prices of consumer durables went down 0.5% year on year.

Last month, the purchase prices of industrial products fell 0.4% month on month but rose 3.5% year on year. The prices of nonferrous metal materials dropped 1.4% month on month but rose 0.6% year on year. The purchase prices of fuel and power rose 8.4% year on year and 0.6% month on month in December.

Last year, China's PPI grew 6.0% from 2010, and the purchase prices of industrial producers increased 9.1%.

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