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China's PPI growth hits one-year low of 0.7%

Feb. 9, 2012 (China Knowledge) - China's producer price index (PPI), an indicator of the factory-gate prices of industrial products, grew 0.7% year on year in January, slowing from a 1.7% increase in December, said the National Bureau of Statistics today.

The year-on-year growth rate for last month was the lowest level in one 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 0.1% from December, reflecting a month-on-month decline for the fourth consecutive month.
Last month, prices of production materials edged down 0.1% month on month but rose 0.3% from a year earlier. Prices of products in the mining sector increased 6.1% year on year but dropped 0.8% month on month. Prices of products in the raw materials rose 0.2% from the previous month or 1.7% year on year, and prices of products in the processing industry dropped 0.2% month on month or 0.9% compared with a year earlier.
Prices of consumer goods fell 0.1% from the previous month but went up 2.1% compared with the corresponding period of last year. On year-on-year basis, there was a 3.5% rise in food prices, and a 3.1% increase in the price of clothing. Prices of daily consumer goods rose 1.6% year on year, but prices of consumer durables went down 0.2% year on year.

Last month, the purchase prices of industrial producers fell 1.1% month on month or 1.1% year on year. The prices of nonferrous metal materials dropped 0.8% month on month or 2.5% year on year. The purchase prices of fuel and power rose 6.6% year on year and 0.2% month on month in January.

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