China’s producer price index (PPI), which gauges factory-gate prices, was down by 5.4 per cent year on year (YoY) in June this year after the 4.6-per-cent annual contraction witnessed in May, the National Bureau of Statistics (NBS) said. The PPI fell for the ninth consecutive month, marking the steepest decline since December 2015.
The PPI fell by 0.8 per cent month on month in June after a 0.9 per cent decline in May, it said.
The country’s factory gate prices fell at the fastest pace in over seven-and-a-half years in June and missed expectations, according to media reports from China.
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The fall in factory-gate prices was affected by dropping prices in commodities like oil and coal as well as a high comparison base in the previous year, NBS statistician Dong Lijuan said.