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China's PPI hit 34 month low in Aug

Sep. 10, 2012 (China Knowledge) - China's producer price index (PPI), an indicator of the factory-gate prices of industrial products, fell 3.5% in August compared with the same month of 2011, representing the lowest level since November 2009, said the National Bureau of Statistics yesterday.
The PPI last month dropped 0.5% from July, reflecting a MoM decrease for the fourth consecutive month.

Analysts said that the enlarged decline in PPI indicated that domestic economic activities still remain weak.

Last month, prices of production materials edged down 0.7% MoM or 4.6% from a year earlier. Prices of products in the mining sector decreased 8.3% YoY or 1.5% MoM. Prices of products in the raw materials fell 0.6% from the previous month or 5.2% YoY, and prices of products in the processing industry declined 3.9% YoY or 0.7% MoM.

Prices of consumer goods remained unchanged from the previous month but went up 0.2% compared with the corresponding period of last year. On YoY basis, there was a 0.5% rise in food prices, and a 1.7% increase in the price of clothing. Prices of daily consumer goods rose 0.3% YoY, but prices of consumer durables went down 1.2% YoY.

In August, the purchase prices of industrial producers fell 4.1% YoY or 0.5% MoM. The prices of nonferrous metal materials dropped 9.9% YoY or 1.9% MoM. The purchase prices of fuel and power fell 2.6% compared with the same month of 2011 or 0.8% from July.

In the first eight months, the country's PPI dropped 1.3% YoY and the purchase prices of industrial producers fell 1.2%.

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